Kingspan has €500m to fund acquisitions

Kingspan has up to €500m available to spend on acquisitions and maintains it has the appetite for several deals.

Speaking after the company’s AGM in Dublin, yesterday, chief executive Gene Murtagh said that management has held discussions with four or five potential acquisition targets, and wants to grow its presence in places like Brazil, North America and mainland Europe.

While nothing is thought to be imminent, the company has previously talked of the intention to make further large-scale buys this year.

The Cavan-based specialist building materials group — which focuses mainly on building insulation products — told shareholders that a good start to the year and a strong backlog of orders point to the business performing strongly for the first half of 2014.

For the four months to the end of April, the company reported an annualised sales increase of 8% to €561m (up 9% when measured in constant exchange rates).

The main insulated panels division saw revenues rise by 14% in the period, with milder weather conditions and increased market activity boosting the unit in all geographical areas.

Sales growth of 3% was evident in the insulated board division, while access floor revenues were down by 9% on the same period last year.