“As flagged in our most recent trading update underlying sales in the early part of 2020 are behind prior year”, the insulation maker said, however, it added that despite the poor start it was hoping for “an improved second quarter” as its order placement recovered.
Kingspan added that the “understandable ratcheting in recent months of the climate debate” chimed well with its own energy efficiency solutions, which it said positioned the company “well for the years ahead”.
For the year ended 31 December, the company reported a trading profit of €497.1mln, up 10% year-on-year, while revenues rose 7% to €4.7bn.
Kingspan’s chief executive, Gene Murtagh, said the company’s performance in the year was helped by “increased penetration” of its QuadCore and Kooltherm insulation products as well as a “structural shift in building techniques and materials”.
The company also announced a final dividend for the year of €0.335 per share, taking the total payout 10.7% higher to €0.465.
The shares were up 0.4% at €63.70 in mid-morning trading on Friday.
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