Irish construction-materials supplier reaps rewards of European expansion
Irish construction materials supplier Kingspan saw revenue increase 30% to €1.55bn according to preliminary results for 2011 out today.
The firm, which specialises in high-performance insulation and sustainability solutions reported a trading profit of €95.7m, a 33% increase on 2010.
Excluding acquisitions - primarily the CIE insulation business - revenue was up 14% and trading profit 22%.
Gene Murtagh, chief executive of Kingspan said 2011 had seen a strong performance helped by significant sales growth and stable margins.
“Although the international economic outlook remains uncertain, the group continues to expand its global presence in markets which are driven by conversion to high performance insulation products and an increasing desire for lower energy living standards,” he said.
Kingspan said the acquisition and integration of CIE had significantly the group’s presence in mainland Europe.
It said divisional revenues for insulation boards had grown by 85% to €460m, factoring out the acquisition of CIE the figure was 9%.