Kingspan posts 'record performance' as annual revenue climbs to €8.6bn

Irish building materials provider posted an earnings before interest, taxation, depreciation and amortisation (Ebitda) of €1.14bn

Kingspan CEO Gene Murtagh Photo: Sam Boal/Rollingnews.ie

Irish building materials giant Kingspan has welcomed a "record performance" for 2024 despite what it called a tough environment, posting an earnings before interest, taxation, depreciation and amortisation (Ebitda) of €1.14bn.

Revenue at the Cavan-headquartered company rose to €8.6bn last year, which was up 6% on 2023, while the group's trading profit rose by 3% to €907m.

Throughout 2024, the company said it made “significant” growth investments in acquisitions and capital expenditure totalling €1.2bn, with acquisitions in the twelve months contributing 8% to sales growth and 5% to trading profit growth.

“Kingspan was pleased to deliver record revenue and profitability despite tough end markets and to have finished the year with good momentum and a notable bounce in the second half," said CEO Gene Murtagh.

“Despite market gyrations, we continue to invest for the longer term and deployed €1.2bn of new capital on acquisitions and development activity, including a 51% controlling stake in Steico.“

The group said insulated panels sales were “broadly in line with prior year” with a strong Americas performance offset by more subdued activity in several European markets.

Its insulation division had a “year of transition with a significant increase in category breadth and building blocks for the longer term.” 

There was a “step change” in activity in its data solutions division where sales rose by 36% reflecting increased global data demand driven by artificial intelligence applications, the company said.

In its roofing and waterproofing division, Kingspan reported a “breakthrough year”, acquiring a controlling stake in Nordic Waterproofing, as well as making its first acquisition in the US. 

The company also has two-scale organic investments underway in Oklahoma and Maryland with production planned for early 2026.

The company’s light, air and water division also welcomed a year of “consolidation and margin progress.”

"As we look to 2025, our order backlogs are healthy, and our development expenditure has sown the seeds for future growth whilst maintaining almost €2bn in operational and development headroom," Mr Murtagh continued. 

"2025 will inevitably bring challenges but we remain upbeat for the year ahead supported by structural demand for energy efficient solutions for the built environment.”