Kingspan Announces 'Solid' Six Months

Co Cavan-based construction materials provider Kingspan has announced a "solid performance" in the first half of 2013, as the company reveals a 13% increase in revenue to €858.4m (pre-acquisitions and currency, down 3%).

The group saw a rise in trading profit of 6% to €55.9m (pre-acquisitions and currency, down 6%) and a group trading margin of 6.5%; a decrease of 50bps versus the same period in 2012.

Basic EPS was up 4% to 23.0 cent, interim dividend per share rose 10% to 5.5 cent, while ROCE increased by 30 bps to 10.8%.


Insulated Panels sales were up 34% and trading profit rose 24%, with "significant contribution" from both the ThyssenKrupp Construction and Rigidal Industries LLC acquisitions.

Insulation Boards sales fell by 3% and trading profit was down 13%.

Environmental sales declined by 17%, with quarter two down 3% as the division moves towards recovery. Access Floor sales were up 1%, with stable datacentre activity internationally and improving UK office activity.

Gene Murtagh, Chief Executive of Kingspan commented: "Kingspan delivered a positive performance in the first half against a backdrop of weak European economic conditions and a tough winter across many regions. Our strategy of positioning the company at the hub of conversion to lower energy buildings continues to enable us build the business globally notwithstanding the external conditions."

(IT/JP)