Kingspan Group 2019 Pretax Profit Rose on Higher Sales

Date : 02/21/2020 @ 8:09AM
Source : Dow Jones News

Kingspan Group 2019 Pretax Profit Rose on Higher Sales

By Matteo Castia

 

Kingspan Group PLC said Friday that pretax profit rose for 2019 on increased revenue and volumes.

The building-insulation-solutions group made a pretax profit of 454.4 million euros ($490.6 million) for the year, compared with EUR404.9 million in 2018.

Revenue rose 7% year-on-year to EUR4.66 billion, it said.

Trading profit--one of the company's preferred metrics which strips out exceptional and other one-off items--grew to EUR497.1 million, up from EUR445.2 million a year earlier.

Kingspan also said that 2020 has seen a "slow start" due to economic uncertainties. Still, long-term growth remains supported by investment in innovation and expansion in several markets, it added.

"We continue to focus on acquisition opportunities, and have a healthy pipeline of targets under consideration," Chief Executive Gene M. Murtagh said.

The board declared a final dividend of 33.5 European cents, giving a total dividend for the year up 11% at 46.5 European cents.

 

Write to Matteo Castia at matteo.castia@dowjones.com

 

(END) Dow Jones Newswires

February 21, 2020 02:54 ET (07:54 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.


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