Strong 2021 for Kingspan panels and boards

Kingscourt, Ireland – Sales at Kingspan, the large PU and PIR insulation manufacturer, were EUR6.5bn in 2021, up 42.0% on 2020.  

Trading profit across the business increased by 48.6% to EUR 55m in the year. 

CEO Gene Murtagh said: 'The business delivered an exceptional performance last year. Whilst dramatic input price inflation was a major feature, our cost recovery efforts helped ensure continued margin improvement. Despite a slower fourth quarter, with a large order backlog we are cautiously optimistic about the outlook for this year.'

In the company's insulated panels business, sales in 2021 were EUR4.2bn, up from EUR2.9bn the year before. Trading profit in the division rose 61.8% to EUR 19.8m. 

'Activity was particularly strong throughout the year sales volumes reached a record 80m m2,’ Murtagh said. ‘The volume of orders was up 20% and the backlog 28% longer by the end of 2021.'

The company also said it is building more greenfield facilities in France, Romania, the US, Brazil, Vietnam and Australia.

Sales in the company's insulation business sales grew 50.3% to EUR1.2bn in 2021. However, trading profit only managed a 24% increase to EUR146.7m

Sales were stronger in the first half of 2021 and grew weaker towards the end of the year as distributors started to sell more inventory which they had built up ahead of higher prices. Volumes were up 11% to 70m m2. The company added that it believes that industrial applications are a real opportunity for significant growth over the longer term.

In the company's other businesses – light & air, water & energy, and data & flooring – sales were up by 24.5%, at EUR1.bn. Trading profit rose by 15% to EUR88.3m in 2021.