Kingspan eyeing more European and North American acquisitions

Kingspan is eyeing more European and north American acquisitions as it seeks further growth on the back of a year of record revenues.

The Co Cavan-based international specialist building materials group yesterday beat its own and analysts estimates by reporting a 33% rise in trading profit, for 2016, to €340.9m and revenue growth of 12% to €3.1bn. Management had eyed revenues of around €3bn and a 30% rise in profit.

On an operational basis, the core business of insulated panels drove growth as expected, with a 17% rise in turnover to €2.1bn and a 38% increase in trading profit to €228m. Growth was also evident in the access floors, insulation boards and environmental areas.