Tuesday 25 April 2017

Kingspan sees sales surge to €719m since start of 2015

Kingspan chief executive Gene Murtagh
Kingspan chief executive Gene Murtagh

Irish building materials group Kingspan has seen a strong start to 2015 with total sales rising by over a quarter to nearly €720m.

In a trading update published ahead of the company’s annual general meeting later today, Kingspan said that its group sales of €719m were an improvement of 28pc compared to the same period last year while it added that group profitability had been aided by favourable exchange rates.

Net debt at 24 April was €398m, an increase of €273m from the position at the end of last year which reflects the €315m acquisition of Belgian company Joris Ide which was completed in March.

Kingspan now has €425m of committed undrawn facilities.

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