Firm sees income top €4bn for first time
Products giant Kingspan posted a record revenue in the first half, with income topping €4bn for the first time.
The Irish firm said turnover in the six months to June was up 42% to €4.2bn (£3.6bn) with the firm admitting the first half of this year was a “period of remarkable contrast”. Pre-tax profit during the period increased 30% to €388m (£329m).
It added: “Kingspan’s exposure to high growth end markets and applications and a concerted worldwide move towards a more energy conscious future built environment all played a role in driving this outcome. Extraordinary levels of price inflation also had a meaningful influence as we passed on an unprecedented level of raw material increases received during 2021.”
Revenue from its biggest business, insulated panels, was up 39% to €2.7bn (£2.3bn) helped by buoyant workloads in the US where it opened a new production facility in Pennsylvania this May.
Net debt increased by €450.5m (£382m) to €1.2bn (£1bn) after the firm spent €351m (£298m) on acquisitions during the period. It also racked up a €16.1m (£14m) cost on getting rid of its operations in Russia.
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