Insulation industry news from Global Insulation

Belgium: Etex's sales were Euro3.74bn in 2022, up by 25% year-on-year from 2021 levels. The group's insulation sales were Euro312m, 8.3% of the group total for the year. Its recurring earnings before interest, taxation, depreciation and amortisation (REBITDA) totalled Euro645m, up by 13%. During 2022, Etex reduced its absolute CO2 emissions by 20% compared with 2018 levels.

Regarding insulation sales, the producer said "The early months of 2022 saw very strong volumes, followed by modest drops. Insulation’s results were impacted by issues surrounding inflation, gas, power and raw materials but the energy savings aspect of insulation made glass wool and extruded polystyrene (XPS) insulation even more attractive than previous years.

Etex expanded its insulation business during the year through its acquisition of Spain-based URSA.

Ireland: Kingspan's consolidated sales rose by 28% year-on-year to Euro8.3bn in 2022 from Euro6.5bn in 2021. The group's profit after tax also rose, by 8% to Euro616m from Euro571m. Its turnover from insulation sales rose by 40% to Euro1.66bn, while its turnover from insulated panels sales rose by 23% to Euro5.18bn. Panel volumes were reportedly 'more challenged' during the second half of the year.

CEO Gene Murtagh said “The 2022 outturn was very satisfactory in the context of accumulating uncertainty over the course of a bumpy year, which saw a strong first half performance giving way to a more subdued environment in the second half." He added "Given the powerful combination of our global scale, the diversity of our end markets, our ability to grow organically and through acquisition, alongside our strong innovation pipeline and an ongoing societal drive for energy efficiency, we believe Kingspan is very well placed for continuing progress for the benefit of all stakeholders."

Ireland: Kingspan says that it expects to record a profit of Euro415m in the first half of 2022, up by 26% year-on-year from Euro329m in the first half of 2021. The company noted that its global backlog of insulated panels orders fell by 2% year-on-year in volume on 31 May 2022, having previously been up by 19% year-on-year on 31 March 2022. It said that order volumes nonetheless remained above 2019 levels.

Netherlands: Nine-month restated sales for Recitel fell by 7.3% year-on-year to Euro924m in September 2019 compared to Euro997m in the corresponding period of 2018. Despite ‘double-digit’ volume growth, insulation sales over the period fell by 4.5% to Euro193m from Euro202m due to pricing issues stemming from the loss of market share to fibre insulation as a lingering after-effect of the isocyanate shortage of 2017. The company noted the ‘ramping-up’ of production at its new plant in Finland, with all products now certified for sale in the Nordic countries. Recticel CEO Olivier Chapelle noted the continued substantial decrease in debt as a positive in the period.