Cavan, Ireland - Revenue at Kingspan was up 32 percent in the first half of 2011 to Euro 736 million ($1061 million), the Irish insulation company said in its half-year report published 22 Aug.
Kingspan said excluding the acquisition of CRH Insulation Europe (CIE), revenues increased by 16 percent. Operating profit was up 26 percent to Euro 41.7 million in the first half of 2010.
In the insulated panels segment, Kingspan reported turnover of Euro 350.4 million, up 22 percent year-on-year. Trading profit was Euro 21.7 million, up 58 percent, with a trading margin of 6.2 percent compared to 4.8 percent in the first half of 2010. There was growth across all regions, Kingspan said.
In insulated boards, Kingspan posted turnover of Euro 222.6 million, soaring by 86 percent from the first half of 2010. Trading profit was Euro 14.5 million, up 36 percent from previous year and the operating margin was 6.5 percent. The segment benefited from the purchase and integration of CIE, which contributed Euro 85.7 million to sales. There was growth in all regions except for Ireland where sales volumes fell by 16 percent.
Kingspan said growth eased during the second quarter and is likely to ease further in the second half of 2011. However, a strong order book "should result in continuing momentum," Kingspan said, although at a lower level than in the first half of the year.