Turnover marginally down and profit slightly up at Irish firm
Income at products giant Kingspan once again topped 鈧�4bn in the first half, despite a slight decline on last year鈥檚 record interims.
The Irish firm said turnover in the six months to June was down 2% to 鈧�4.1bn (拢3.5bn) compared with the first half of 2022. Pre-tax profit was marginally up (1%) to 鈧�393m (拢336m) from 鈧�388m (拢331m).
Its interim statement said the US market had performed 鈥渆xceptionally well鈥� and that insulated panels continued to deliver growth.
鈥淓urope has been more mixed with predominately weaker newbuild activity and refurbishment suffering somewhat due to the current interest rate environment,鈥� it said.
Chief executive Gene Murtagh said the firm was pleased with the results given the 鈥渢esting environment鈥� of high interest rates and 鈥渁 degree of price deflation鈥�.
鈥淭his year the harsh reality of climate change has become an everyday reality for many, intensifying the urgency to deliver meaningful and increasingly smart decarbonisation solutions,鈥� he continued, explaining Kingspan鈥檚 aim to drive sustainable building envelope solutions.
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鈥淪ince period end, we agreed to acquire 51% of Steico, the world leader in wood-based insulation, adding to a growing bio-based portfolio including hemp and wood-wool acoustic insulation.
鈥淎long with our portfolio of LEC (lower embodied carbon) products, the first of which launched this year, we are now firmly established as a leader in the growing market for lower embodied carbon construction products.鈥�
The firm said its acquisition of Steico cost an initial 鈧�251m (拢214m), which came after the end of the six months to June, during which Kingspan invested 鈧�271m (拢231m) in acquisitions and capex overall.
Murtagh said he anticipated an increasingly stable supply chain and pricing environment through the rest of the year.
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