Kingspan releases 2017 interim results
Insulation and building envelope solutions company Kingspan has issued its half-yearly financial report for the six month period ended 30 June 2017.
Revenue at the firm is up 19% to €1.75 billion, while trading profit is up 6% to €177.8 million. Acquisitions contributed 10% to sales growth and 6% to trading profit growth in the period. Group trading margin came in at 10.2%, a decrease of 120bps versus the same period in 2016. The results also showed that net debt of €440.3m (H1 2016: €348.1m).
Operational Highlights:
- Insulated Panel sales growth of 17% with a continuing improvement in Western Europe, solid activity in the UK and tougher, although resilient, performances in North America and Eastern Europe.
- Insulation Board sales growth of 8% with ongoing advancement of Kooltherm® in all key markets.
- Light & Air sales of €81.7m making a strong start in its maiden results period.
- Environmental continues to progress positively overall. Access Floors is ahead in the UK, albeit with a softer pipeline towards year end, with subdued activity in North America.
- The pass through of significant and ongoing raw material increases was a key trading theme in the period.
Commenting on the results, Gene Murtagh, Chief Executive of Kingspan said: “The first six months of 2017 were strong for Kingspan. We expect end market activity to be broadly positive for the remainder of the year and at current exchange rates to deliver a full-year result at least in line with consensus. Whilst margins contracted somewhat, we anticipate further recovery of input increases in the second half. Our balance sheet is strong and ready to support our development agenda as the opportunities unfold.”
