Kingscourt, Ireland -- Polyurethane insulated panel maker Kingspan has announced revenue of EUR889.3m ($1.17bn) for the first half of 2014 – up 4% on the same period in 2013.
The company’s trading profit for the period up to 30 June 2014 was up 24% to €69.2m, the company said in its latest financial report. EBITDA (earnings before interest, tax and depreciation and amortisation) were reported as EUR88.9m, a 17% increase on the same period in 2013.
In the company’s insulated panels segment, sales rose by 9% and trading profit rose by 30%, which the company said reflected its “continuing penetration gains and a positive business mix.”
Insulation boards sales were up 1% and trading profit up 32% “with a good performance in the UK in particular,” the report said.
Kingspan chief executive Gene Murtagh said: “Kingspan has delivered strong growth in profitability, notwithstanding a tougher EU construction sector in the second quarter, and a global economic recovery that remains weak.
“Our order book carried good momentum into the second half of the year, driven by continued growth in the demand for low energy buildings.”
The company’s outlook, according to the report, reflects a slowdown in building activity following what Kingspan called “positive momentum” earlier in 2014.
“Less positive has been the activity in some continental European markets, which could impact the topline growth of the group, although margins can still be expected to improve.
“Overall, Kingspan remains well poised to advance in a medium to longer term environment that is likely to experience improvements in both building activity and methods, sustained by the drive towards achieving a more energy efficient living and working environment,” it went on.
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