Thursday 19 July 2018

Kingspan posts 61pc increase in trading profit in first half

Kingspan chief executive Gene Murtagh
Kingspan chief executive Gene Murtagh
Gavin McLoughlin

Gavin McLoughlin

Building materials company Kingspan posted a 61pc increase in trading profit in the first six months of the year, earning €111.7m.

Revenue jumped 39pc to €1.24bn.

Recent acquisitions contributed 26pc to sales growth and 31pc to trading profit growth in the period, the company said.

Chief executive Gene Murtagh said the results were underpinned by "solid organic growth".

“Kingspan has had an exceptionally strong start to the year...good progress has also been made with the integration of the Joris Ide and Vicwest businesses acquired during the period, both of which contribute significantly to the global evolution of Kingspan. With reduced levels of economic uncertainty in Continental Europe, and improving levels of building activity in the UK and US, we are optimistic about the outlook for the full year," he said.

The company said sales volumes in Ireland are ahead of last year as the economy recovers.

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