Ireland: Kingspan says that it saw ‘dramatic’ price inflation from its key raw materials in 2021. To compensate it passed on around Euro700m in cost increases to the market. The group’s revenue grew by 42% year-on-year to Euro6.50bn in 2021 from Euro4.58bn in 2020. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 42% to Euro893m from Euro630m. Turnover from the group’s insulated panels business represented 65% of total revenue at Euro4.23bn and its insulation boards business represented 18% at Euro1.18bn. The insulation producer noted particular positive markets in the Americas, France and the UK.
“The business delivered an exceptional performance last year, with our growing sales to customers in the technology, online distribution, and automotive sectors instrumental in the results. Whilst dramatic input price inflation was a major feature, our cost recovery efforts helped ensure continued margin improvement,” said Gene M Murtagh, the chief executive officer of Kingspan.
