Friday 23 June 2017

Kingspan profits soar 79pc with record revenue of €2.77bn

Kingspan's CEO Gene Murtagh.
Kingspan's CEO Gene Murtagh.
Michael Cogley

Michael Cogley

Kingspan, an insulation and building envelope solutions firm, reported revenue growth of 47pc last year as profits in the company soared to €190m.

Profits after tax at Kingspan grew by 79pc, up to €190.6m while earnings per shares rose to 106.7c, up 70pc.

Revenue in the firm hit a record level of €2.77bn.

Speaking about the firm's annual financial results, chief executive, Gene Murtagh, expressed his delight.

“We are delighted to report a record performance for the group in 2015 and a strong start to 2016. The two major acquisitions completed last year have performed ahead of our expectations, with Joris Ide and Vicwest significantly expanding our presence in Continental Europe and North America respectively.

"Our confidence in the long-term prospects of the business, supported by our conservative balance sheet, has underpinned a decision to increase the total dividend for the year by 54%," Mr Murtagh said.

The firm's EBITDA jumped by 67pc up to €316.4m.

The company reported strong performance in the larger core markets of the UK and US, with a relatively stable European performance.

Meanwhile insulated panels in the UK had its strongest year since 2007, and the North American market continued on its path of penetration growth. European sales were largely flat.

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