Kingspan interim revenues reach 'all-time high' despite tough end markets 

Co Cavan-based company posted €4.1bn in revenue in the first six months of 2024

Pictured Chief Executive Officer Gene Murtagh. Photo: Sam Boal/Rollingnews.ie

Irish insulation giant Kingspan saw revenue reach an "all-time high" in the first half of this year, growing by 2% to €4.1bn despite "some tough end markets."

The group's earnings before interest, tax, depreciation and amortisation (EBITDA) also rose by 2% in the six months to €536m, however, its trading profit dropped by 3% to €422m. 

The Co Cavan-based company's group trading margin of 10.1% marked a decrease of 60 basis points compared to the same period last year. 

Kingspan's acquisitions contributed 7% to sales growth and 6% to trading profit growth in the period, with its interim dividend of 26.3 cents per share "in line" with its interim payment in 2023.

The company invested more than €714m of capital during the first six months of the year on several capacity expansions around the world and nine acquisitions, the largest one being the €412m spent on acquiring a 51% stake in Steico.

“Kingspan was pleased to deliver a resilient first half performance, with revenues reaching an all-time high despite some tough end markets," said the company's chief executive Gene Murtagh.

"A sluggish but improving start to the year has given way to strong order intake at mid-year and we expect full-year growth to be more heavily weighted to H2.’’

Mr Murtagh added that Kingspan expects to deliver a better performance in the second half of this year, given the company's strong order book, continuing advances in US and emerging markets, growing contributions from acquisitions like Steico and from its rich innovation pipeline.

The company sales volumes were “sluggish” in the early months but picked up in the later part of the first half. 

It said the Americas performed well as penetration of its technology continues to increase, while Europe was more mixed with France and Belgium delivering solid activity despite a relatively weaker market in Germany, the Nordics and Britain. 

Kingspan said it expects to deliver a better performance in the second half of 2024 “with trading profit growth anticipated for the full year.”