Ireland: Kingspan has announced that its profit rose by 24% year-on-year to Euro69m in the first half of 2014 as revenues rose by 4% to Euro890m. The company said that the improvement came due to rising sales of its key products, despite conditions remaining tough in the European construction sector.
"Kingspan has delivered strong growth in profitability, notwithstanding a tougher EU construction sector in the second quarter and a global economic recovery that remains weak. Our order book carried good momentum into the second half of the year, driven by continued growth in the demand for low energy buildings," said Gene Murtagh, Chief Executive of Kingspan.
Insulated panel sales were up by 9% and trading profit was up by 30%, reflecting what the company called 'continuing penetration gains, a positive business mix and some improvement in end markets in certain regions". Insulation board sales were up 1% and trading profit was up by 32%, with a good performance in the UK in particular.
