Kingspan Group PLC (LSE:KGP) said it delivered a “record” trading performance in the first half after its turnover grew 42% to €4.2bn.
The manufacturer, which faced a sell-off of its shares last year after it was discovered that its insulation products were used in Grenfell Tower, said its trading interim profit rose by nearly a third to €434.2mln.
It delivered 170.6 cents of earnings per share in the first six months of 2022, a 29% increase on the same period of last year.
Yet there are signs that the good times may not last for the insulator as order intake for its global insulated panels halved in the first six months of the year.
The company said it has faced “untypical ups and downs in order placement” in the past two years, partly due to raw material pricing.
Kingspan’s chief executive Gene Murtagh said: "Despite a challenging trading environment Kingspan delivered record half-year results, with revenues over €4bn for the first time. We have been able to navigate large input cost increases with only modest margin impact.”
He added that “whilst inflationary pressures have eased in recent months, the context of energy supply constraints over the winter months in Europe will be something we will be closely monitoring".