Kingscourt, Republic of Ireland — Kingspan, which makes polyurethane insulation, reported sales up 10% to €1.79bn and trading profit up 14% for 2013. The comparisons are with 2012, the company said
The company said that insulated panels sales were up 23% and trading profit up 23%, in comparison with 2012. There were significant contributions from purchases of ThyssenKrupp Construction and Rigidal Industries, Kingspan said. The firm added that underlying sales ignoring currency effects and the effect of acquisitions were up 2% compared with 2012.
Kingspan said that there was solid performance in insulation boards although sales were down 3% with improvement in the UK in terms of the company’s inquiry bank during the second half of 2012. Markets stabilised in Continental Europe over the year, the company said.
Chief executive Gene Murtagh said: “There was improved momentum during 2013, despite demanding market conditions, which has helped to deliver a strong operational performance including increased profitability, a higher return on capital and an improved dividend."