Cavan, Ireland - Kingspan Group plc, a major manufacturer of polyurethane-based insulation products, has reported revenue down by 35 percent to Euro 552.5 million ($789.8 million) in the first six months of 2009 (H1), compared to the same period last year. Operating profit fell 66 percent to Euro 30.3 million and earnings (EBITDA) were down 55 percent to Euro 50.7 million, the company said 24 Aug.
Kingspan's Insulated Panels business, which accounts for 51 percent of group turnover, reported sales down by 32 percent to Euro 284 million in H1, compared to H1 2008, due to a significant fall in volumes and lower demand, resulting in reduced orders. Insulation Panels volumes fell by 39 percent in H1 whilst orders were down 43 percent, compared to the same period last year, Kingspan said.
The company's Insulation unit, which accounts for 19 percent of group turnover, reported sales down by 45 percent to Euro 106.9 million in H1, compared to the same period in 2008, with sales in insulation boards falling 31 percent.
Kingspan said that despite declining sales, "absolute demand for most product categories has stabilised over recent months and the year-on-year gap in output has been closed steadily," adding, "the project pipeline for Insulated Panels and Insulation has displayed a degree of consistency over the past nine months that should underpin a more stable performance for the remainder of the year." (RD)