Friday 2 December 2016

Kingspan sales soar to €2.27bn

Published 14/11/2016 | 08:25

Kingspan CEO Gene Murtagh
Kingspan CEO Gene Murtagh

Sales at Irish insulation firm Kingspan have soared by 13pc in the first nine months of the year, rising to €2.27bn.

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Before currency translations the firm's sales had increased by 17pc in value, however the weak sterling has curtailed their value.

In the three months to the end of September revenue was up 5pc with underlying sales rising 4pc in the quarter.

Income from its insulated panel business reported the biggest increase for far this year up 17pc with the UK and mainland Europe both trading positively.

Insulation board sales were up 6pc with the group's new energy efficient arm set to hit annualised sales of around €190m.

Net debt at the end of September was €466m, up €52m on the same point last year, driven largely in part by a cumulative acquisition spend of 196m year on year.

"As anticipated, we are going through a period of mild raw material cost inflation and the related recovery effort is underway.

"The weakening of GBP Sterling against the Euro, in particular since mid-year, is impacting the translation of the Group’s sterling denominated earnings," the company said in a statement.

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