Revenues fall at Kingspan in “testing” environment

Kingscourt, Ireland – Insulation specialist Kingspan has reported a fall in revenue in the first half of 2023. At €4.08bn, it represents a 2% decline on the €4.18bn achieved in the first half of 2022, with underlying revenue down by 8%.

While trading profit of €436m was flat, the underlying profit was down 3%. EBITDA was up from €512m in the 2022 half to €528m this half, a 3% increase.

Sales in the insulated panels business were down by 10%, reflecting sluggish volumes in central and eastern Europe, although activity was stronger in France and the US, the company said. However, insulation sales were down by 5%, in the light of weak residential markets.

“We are pleased with a strong first half performance in a testing environment,” said CEO Gene Murtagh. “As we look to the remainder of the year, we expect continuing strategic momentum supported by a strong development pipeline, an increasingly stable supply chain and pricing environment, and the tail winds of a global decarbonisation drive.”