Ireland: Kingspan, the insulation and building energy specialists, has reported a 19% increase in trading profits for the first half of 2012. The company made Euro52.7m in 2012 compared to Euro44.2m in the same period in 2011. Revenue remained stable rising by 3%, to Euro757m from Euro736m, but this represented a decrease of 1% on a constant currency basis. Earnings before interest, tax and amortisation rose by 13% to Euro71.9m from Euro63.5m.
By segment both the group's insulated panels and insulation boards businesses revenues remained stable at Euro361.1m and Euro232.1m respectively for the first half of 2012. By region the company's Irish revenue fell by 9.4%, to Euro32.8m from Euro36.2m. Revenue in the UK and the rest of Europe remained stable at Euro303.9m and Euro259.7m respectively despite volumes falling. Revenue in the Americas increased by 10.7% to Euro110.7m and in Australasia it increased by 52% to Euro50.3m.
In its business review the company explained that western Europe was 'hamstrung' by an unusually weak construction environment in the Netherlands, owing in the main to sentiment driven weakness in the residential sector. Germany performed well, as did the core central European markets but sales declined in Russia and Turkey.
"The trading environment across many of our geographies continues to be very uncertain, which is having a moderating impact, albeit with Kingspan continuing to outperform the general markets in which we operate," said chief executive of Kingspan, Gene Murtagh.
