Kingscourt, Ireland – Kingspan has reported a 2% increase in revenue in the first half of 2024, rising from €4.08bn last year to €4.17bn this. EBITDA was also up 2%, from €528m in the 2023 half to €536m in this year’s first half.
However, trading profit fell by 3% in the half, from €436m to €422m. Profits after tax fell from €324m to €310m.
The company said that acquisitions contributed 7% to its sales growth, and 6% to trading profit growth. It described its overall performance as “resilient” in tough end markets, adding that a strong order intake in its insulated panels business is expected to support better trading in the second half.
Sales in the insulated panels business were down 4%, with positive volumes offset by lower pricing as it passed on reduced raw material costs. It said that its QuadCore panels now comprise about a third of its order intake value. In its insulation business, sales were up by 16%.
“Kingspan was pleased to deliver a resilient first half performance, with revenues reaching an all- time high despite some tough end markets,” said CEO Gene Murtagh. “A sluggish but improving start to the year has given way to strong order intake at mid-year and we expect full year growth to be more heavily weighted to H2. We expect to deliver a better performance in the second half with trading profit growth anticipated for the full year.”
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