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Kingspan Group PLC

Kingspan enjoys record first half despite concerns over UK and German economies

"Climate Change evidence is now undeniable and at Kingspan we are intensifying our efforts to play our part in delivering against the Sustainable Development Goals."

Builders working on a new building
The Insulated Panels business saw particularly strong outcomes in France and Spain

Building insulation specialist Kingspan PLC (LON:KGP) had a record first-half this year with revenue growth in all of its business units.

Trading was generally positive across most of Continental Europe, except for Germany, which was a little weaker, the Irish building materials company revealed.

The UK performed robustly for Kingspan although weakness can be expected in the near-term, it warned, while activity in the Americas was encouraging.

Revenue in the first six months of the year rose to €2.24bn from €2.01bn the year before.

Profit before tax rose to €208.9mln from the previous year’s €177.6mln,

The interim dividend was increased by 8% to 13 cents from 12 cents the year before.

Net debt remained steady at €734.3mln, versus €739.4mln the year before while the ratio of net debt to underlying earnings (EBITDA) eased to 1.31:1 from 1.59:1.

“We continue to expand our global production footprint with new facilities under construction in the US, Brazil and Sweden. The near-term outlook is solid although the political uncertainty in the UK, weakness in sterling, and weaker German economy are amongst risks we are monitoring closely,” said Gene Murtagh, the chief executive officer of Kingspan.

“Alongside today's results, we are also announcing a series of sustainability targets under our Planet Passionate Programme, which builds on the Net Zero Energy journey we started in 2011. Seismic transformations are required to address the growing issue of climate change, and we are committed to delivering on the challenging targets we have set ourselves,” he added.

Shares in Kingspan were up 1.9% at 44.36p.

 

Quick facts: Kingspan Group PLC

Price: €44.38

Market: LSE
Market Cap: €8.03 billion
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