Business Irish

Sunday 22 October 2017

Kingspan posts 21pc increase in trading profit, with revenue up 6pc

Kingspan's CEO Gene Murtagh.
Kingspan's CEO Gene Murtagh.
Kingspan
Gavin McLoughlin

Gavin McLoughlin

Building materials company Kingspan posted a 21pc increase in trading profit in 2014, with revenue at the company up 6pc.

The jump was spurred by increased sales of the company’s insulated panels and insulation boards.

Kingspan said it saw strong margin improvements in the insulated panels business.

“We are very pleased to report another strong year of profit growth at Kingspan, helped particularly by double-digit growth in our UK and North American businesses. Conditions in our core markets are improving, and our activity pipeline starting the new year is encouraging,” Kingspan chief executive Gene Murtagh said.

“We are delivering on our strategic goal of broadening our geographic base through acquisitions, and will focus intensively this year on the integration of the companies acquired in 2014 and the Joris Ide and Vicwest businesses when those deals are completed,” he added.

Davy analysts said the results were better than expected, while Goodbody analysts upgraded their forecasts for Kingspan’s earnings-per-share in the current year.

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