Kingscourt, Ireland — Kingspan’s revenue rose 19% to EUR 1.47bn ($1.29 bn) in H1 2016, according to its mid-year financial report.
Trading profit was up 50% to EUR 167.3m, the report said, with the acquisitions - Joris Ide and Vicwest – contributing 15% to sales growth and 7% to trading profit growth in the period.
The firm’s EBITDA was reported at EUR 196.8 m, a rise of 43% on the EUR 137.9m reported in H1 2015.
Insulated panel sales grew 26% globally, with significant advances in Western Europe and North America in particular, the report added. Meanwhile, insulation board sales grew 9%, with the strongest performance in the UK, North America and the Netherlands.
"The pass through of raw material increases in quarter two and three remains the foremost challenge for the remainder of 2016," the report said.
The firm reported total investment of EUR 138m in H1 2016, comprising EUR 55m in capital expenditure and EUR 83m in acquisitions. The report said Kingspan’s roll-out of facilities continued, with the firm completing a new manufacturing line in Belgium. The report said Kingspan also made “significant headway on new/extended plants in the Nordics, UAE, Australia, North America and Mexico.”
Kingspan chief executive Gene Murtagh said the results reflect the firm’s “strongest ever six month performance, underpinned by solid organic growth and a robust contribution from the businesses acquired last year.”
“The expansion in profit margin has helped deliver a 50% increase in trading profit, and with good order intake momentum in the second quarter continuing into the current trading period, we expect a solid performance in the second half."
XE currency conversion: 22 August, 2016