Kingscourt, Ireland – Polyurethane insulation panel maker Kingspan’s global sales were EUR1.89bn ($2.1bn) in 2014, 6% higher than 2013.
The company’s EBITDA (earnings before interest, tax, depreciation and amortisation) was reported at EUR189.3m, 16% higher than 2013. Trading profits were also up 21% (EUR148.5m), according to the firm’s latest financial report.
The company saw a rise in insulated panels sales and trading profits - 7% and 18% respectively - reflecting strong margin improvement, said the report. Chief executive Gene Murtagh praised the segment’s “double-digit growth in UK and North American businesses” and said Australasian markets had improved.
In insulation boards, sales rose 8% and trading profit rose 35% “owing to robust performance in both the UK and Benelux markets,” said the report.
Murtagh added: "With conditions in our core markets improving, the company "will focus on integrating its 2014 acquisitions [Pactiv] and Joris Ide and Vicwest when those deals are completed."
The company also bought out Recticel's 50% stake in their jointly established business Kingspan Tarec Industrial Insulation (KTII) for EUR8.5m, as previously reported at utech-polyurethane.com.
XE Currency conversion: 23 Feb, 2015
