Kingspan sales up 10%

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Kingspan sales up 10%

Kingspan, the Irish manufacturer of building panels, saw its sales up 10% to ,1.79bn for the year ended 31 December 2013.

Trading profit was up 14% to €122.8m and pre-tax profit was up 13% to €102.0m

Just over €1bn on the sales revenue came from insulated panels, a rise of 23% on 2012. This was helped by the acquisition of Germany’s ThyssenKrupp Construction in late 2012. Insulated Panels sales revenue in the UK grew by a modest 1%, having been behind in the early part of the year owing to the difficult winter.

Group sales revenue from insulation boards, the company’s other major product sector, was down 3% to €455.4, with a 1% fall in the UK.

Chief executive Gene Murtagh said: "Kingspan saw an improved momentum during 2013, despite various demanding market conditions, which has helped to deliver a strong operational performance including increased profitability, a higher return on capital and an improved dividend.

“With some tentative signs of improved economic stability and sentiment, Kingspan remains focused on its core strategy of delivering innovation, prudent management and a widening global footprint that leaves the company well positioned to take advantage of any recovery that may take place in individual markets."

Net debt fell during the year from €165.5 to €107.6


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