Kingspan 1st Half Pretax Profit Rose as Sales Increased 39% --Update
By Anthony O. Goriainoff
Kingspan Group PLC said Friday that first-half pretax profit
rose on sales and trading profit increases, and that certain
pockets of activity across the group experienced a lag in its
The Ireland-based building-and-insulation materials company said
that insulated panel sales rose 39% in the period driven by raw
material-led price growth as well as a 63% increase in the QuadCore
insulated panels' global sales volumes.
Insulation sales were up 69%, driven by inflation and
acquisitions, the company said.
Kingspan said that pretax profit was 387.6 million euros ($391
million) compared with a profit of EUR297.2 million for the first
half of 2021.
Revenue rose to EUR4.15 billion from EUR2.92 billion in the
Trading profit--one of the London-listed company's preferred
metrics, which strips out amortization of intangibles--rose 32% to
Trading margin fell 80 basis points to 10.5%, mostly due to a
lag in the recovery of raw material inflation as well as an
abnormally high margin in its insulation division in the prior
period, the company said.
The company said that it experienced a lower order intake in the
second quarter, and that global insulated panels order intake
volume for the period to 30 June was precisely 50% of the total
intake for the full year 2021.
The board declared an interim dividend of 25.6 cents a share,
compared with 19.9 cents a year earlier.
"Whilst inflationary pressures have eased in recent months, the
context of energy supply constraints over the winter months in
Europe will be something we will be closely monitoring," Chief
Executive Gene Murtagh said.
Write to Anthony O. Goriainoff at
(END) Dow Jones Newswires
August 19, 2022 05:14 ET (09:14 GMT)
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