Cavan, Republic of Ireland - Insulation and building products group Kingspan had revenue in 2011 of Euro 1550 million ($2081 million), an increase of 14 percent over 2010, excluding acquisitions.
Trading profit at the Irish group was up 33 percent at Euro 95.7 million, an increase of 24 percent excluding acquisitions.
"Kingspan delivered a strong performance last year helped by significant sales growth and stable margins," commented Gene Murtagh, chief executive.
Murtagh noted that the international economic outlook "remains uncertain," but said Kingpspan "continues to expand its global presence in markets which are driven by conversion to high-performance insulation products and an increasing desire for lower energy living standards."
Kingspan had strong free cashflow of Euro 76.9 million, and net debt of Euro 170.1 million (2010: Euro 120.8 million), reflecting acquisitions of Euro 107.0 million.
Operational highlights for the year included acquisition and integration of the CIE insulation business, which the group said significantly strengthened its presence in mainland Europe.
Revenue for Kingspan's Insulation Boards division grew by 85 percent to Euro 460 million (up 9 percent, excluding the acquisition).
In Insulated Panels, Kingspan saw strong volume growth across most regions, demonstrating continued growth in penetration, with revenue up 19 percent to Euro 758 million.