Healthy sales growth reported by Kingspan

Kingscourt, Ireland – Sales at Kingspan, the Irish-based manufacturer of PU and PIR insulation products, reported strong growth in sales in 2022. Overall sales of €8341m represent a 28% increase over the previous year. Profits were up 10%, from €755m to €833m. Its EBITDA hit €1bn for the first time.

Sales in its largest business unit, insulated panels, were up 23% to €5182m, with trading profit up 5.6% to €549m. In its insulation business, sales were €1658m, up 40% from 2021, with profits rising 13% to €165m.

The company said that the sales increase in the insulated panels unit was driven by growth in raw material prices, alongside a 46% increase in the global sales volume of its QuadCore panels. Inflation and acquisitions were the main driver in the insulation business, with technical insulation now making up about a third of the division’s revenue.

“The 2022 outturn was very satisfactory in the context of accumulating uncertainty over the course of a bumpy year that saw a strong first half performance giving way to a more subdued environment in the second half of the year,” said CEO Gene Murtagh.

“Notwithstanding ongoing challenges in the global economy, we expect to see a continuation of the structural drive in favour of more sustainable buildings over the longer term.”