Kingspan confident for full-year after posting record first-half profits

Kingspan Chief Executive Officer, Gene Murtagh.  Picture: Leah Farrell/RollingNews.ie

Building insulation provider Kingspan has reported record profits and revenues for the first half of the year as construction activity returned in force following Covid lockdowns in key markets.

The Cavan-headquartered group has said it is confident of its financial prospects for the full year after posting what it called an “extraordinary” performance for the first six months.

Kingspan said its revenue grew by 41% - partially helped by contributions from acquisitions – to €2.9bn, in the six months to the end of June. 

Trading profit rose by 64% to €329m. 

New acquisitions contributed 8% to revenue growth and 7% to trading profit growth. Sales of Kingspan’s core product, insulated panels, surged by 44% year-on-year.

The group said it saw “unprecedented” demand and sales growth in all major markets in the first half.

“Growth in the first half of the year has been remarkably strong with revenue and trading profit at record levels, driven by high levels of demand and a global recovery in the construction sector,” said Kingspan chief executive Gene Murtagh.

“A strong pipeline of future demand means we are positive about the outlook for the second half of the year,” he said.

Mr Murtagh said Kingspan will also benefit from a continuing move towards decarbonisation and growing environmental awareness in the construction sector worldwide.