Kingscourt, Ireland -- The Kingspan Group has experienced a strong start to 2015, with sales of EUR719m ($818) in the first four months of 2015- a 28% increase on the same period 2014, the company announced on 11 May 2015.
The company said the increase in sales revenue, pre-currency adjustments was 19% higher than the first four months of 2014 and 3% higher pre-currency and acquisitions.
In a statement the Kingspan said: “The positive trading pattern seen in the second half of 2014, particularly in our key UK and North American markets” had continued.
The statement said: “The UK is trading well, Germany is solid and Eastern Europe remains relatively subdued. The Benelux region is demonstrating some level of positivity, albeit from a low base.
"North American sales have been strong in 2015, driven by the ongoing trend of penetration growth," the statement said.
The Gulf Cooperation Countries (GCC region), which includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE, “are trading well" although Australia has been "relatively flat year-on-year," Kingspan added.
The release also said Kingspan's March 2015 Joris Ide acquisition integration was “proceeding well and to plan.”
Insulated panel sales revenues rose 28% (up 19% pre-currency and up 3% pre-currency and acquisitions) in the first four months of 2015 compared to the first four months of 2014 “with most key markets recording growth, reflecting both penetration gains and, in some instances, increased market activity.”
Insulation board sales were 40% higher than the first four months of 2014 (+29% pre-currency, +5% pre-currency and acquisitions) “reflecting a strong UK performance, solid activity in mainland Europe and an encouraging start by the US and GCC region businesses acquired late last year.”
Access Floors sales rose 19% ( up 1% pre-currency) in the first four months of 2015 compared to the first four months of 2014 adding that UK sales had been “sluggish mainly due to project timing” but the US had seen a “good start to the year.”
Environmental sales revenues were 9% up in the first four months of 2015 compared to the first four months 2014 (flat pre-currency), said the polyurethane insulation panel maker.
Kingspan added: "Net debt at 24 April was €398m, an increase of €273m from the position at last year end reflecting the acquisition of Joris Ide which was completed in March. The Group’s funding position is robust with €425m of committed undrawn facilities."
Currency translation: 7 May 2015. (Eur1=$1.137) Xe.com