Kingspan revenues surge to over €4bn 

Gene Murtagh, Chief Executive of Kingspan said the company was making "significant progress executing on our strategy of developing a new business division focussed on roofing and waterproofing solutions". Picture: Sam Boal/Rollingnews.ie.

Irish insulation firm Kingspan posted a 42% increase in revenues as they surpassed €4bn for the first time, despite a challenging economic environment. 

The group reported revenues of €4.2bn for the six-month period ending 30 June, up 42% from the same period last year.

Kingspan posted earnings before interest, taxes, depreciation, and amortisation or Ebitda of €512.2m, an increase of 30%.

The firm also recorded higher-than-expected trading profits of €434.2m, up by 32% compared to the same period in 2021.

In June, the company stated that it estimated that it would record trading profit for the first half of 2022 of around €415m.

Earlier this year, the firm said it had seen a deterioration in the market over May and June as orders fell significantly.

The Irish firm reported that acquisitions contributed 12% to sales growth during the period. Kingspan invested a total of €522m in acquisitions, purchase of a minority interest and capex during the first half of the year.

Kingspan also posted a rise in debt during the period, with debt increasing from €601.7m in the first half of 2021 to €1.2bn during the first half of this year.

The firm stated that despite the tough economic environment and soaring levels of inflation it was able to withstand significant increases in input with only "modest" impact.

Gene Murtagh, Chief Executive of Kingspan said the company was making "significant progress executing on our strategy of developing a new business division focussed on roofing and waterproofing solutions".

Mr Murtagh added: "We also continue our organic expansion plans, with the intention to build 25 new production lines in the next 5 years, including our plans to invest €200m in a new Building Technology Campus in Ukraine."

The firm announced the appointment of Senan Murphy as a non-executive director. Mr Murphy will take up the position from 1 October, he previously held the role of group finance director and was an executive director of CRH plc.

The Irish firm operates 129 manufacturing sites in over 70 countries across the world.