Monday 18 December 2017

Gore's firm beefs up its Kingspan stake beyond 13pc

John Mulligan

Former US Vice President Al Gore's private equity firm, Generation Asset Management, has continued to beef up its stake in Cavan-based insulation-maker Kingspan.

A new stock exchange filing has indicated that Mr Gore's firm has boosted its stake in the business beyond 13pc.

The holding is currently valued at just over €130m. The private equity outfit now controls nearly 21.7 million shares in Kingspan, compared to its previous holding of just under 20 million. Mr Gore is a co-founder of Generation Asset Management.

Kingpsan said at its annual general meeting in May that it perceives reasons for "measured optimism" during the remainder of the year, but that it still expected operating profits to fall by about 10pc to €27.3m in the first half of the current financial year. The company's turnover fell 33pc last year to €1.12bn, while operating profit tumbled 60pc to €62.7m.

Kingspan chief executive Eugene Murtagh said that orders from the UK -- Kingspan's most important market, where it generates about 45pc of revenue, were up 23pc, while in western Europe they were 16pc higher. In eastern Europe orders were up 21pc and, in the US, they were 41pc higher off a low base.

In 2007, Kingspan's revenue peaked at €1.86bn, operating income at €236.7m and earnings per share at 110.5 cent. Goodbody Stockbrokers believes earnings per share will rise to 38 cent in 2011 and return to peak levels by 2015-2016.

Generation Asset Management operates as part of Generation Investment Management and is based in London.

Irish Independent

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