Kingspan shakes off Grenfell share slump as profits reach record levels

Sales of Kingspan’s core product, insulated panels, surged by 44% year-on-year, as construction activity returned in force following Covid lockdowns in key markets

Kingspan CEO Gene Murtagh said the building insulation group had a strong pipeline of demand and was positive about its prospects for the remainder of the year.

Kingspan shares rose on the back of the building insulation provider reporting record first-half profits and revenues, with the stock now well recovered from the slump it suffered after the Grenfell Tower inquiry last year.

The Cavan-headquartered group said its revenue grew by 41% 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.