Firm sees income top β¬4bn for first time
Products giant Kingspan posted a record revenue in the first half, with income topping β¬4bn for the first time.
The Irish firm said turnover in the six months to June was up 42% to β¬4.2bn (Β£3.6bn) with the firm admitting the first half of this year was a βperiod of remarkable contrastβ. Pre-tax profit during the period increased 30% to β¬388m (Β£329m).
It added: βKingspanβs 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.β
Revenue from its biggest business, insulated panels, was up 39% to β¬2.7bn (Β£2.3bn) helped by buoyant workloads in the US where it opened a new production facility in Pennsylvania this May.
Net debt increased by β¬450.5m (Β£382m) to β¬1.2bn (Β£1bn) after the firm spent β¬351m (Β£298m) on acquisitions during the period. It also racked up a β¬16.1m (Β£14m) cost on getting rid of its operations in Russia.
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