Materials firm breaks 鈧�2bn turnover barrier for first time in a first half

Kingspan

Insulation specialist Kingspan has warned the UK鈥檚 Brexit negotiations could hit jobs when they come to a head next March.

The firm, which is based in Ireland, said it was 鈥渃onceivable that activity in the UK could ease in the run up to the crunch point of EU negotiations鈥�.

But the company said work in the UK, which accounts for around 25% of its turnover, said workloads here were 鈥減articularly robust given the ongoing uncertainty surrounding withdrawal from the EU鈥�.

It added, however, that 鈥減roject postponements have been a feature of the trading environment over the last year or so鈥� and said: 鈥淭he wider market continues to be understandably tough and we would anticipate no change in this respect until clarity emerges from the ongoing negotiations with the EU.鈥�

Chief executive Gene Murtagh said of trading in the first half of this year: 鈥淧erformance was helped by improved momentum in the second quarter after a sluggish start to the year due to prolonged winter weather conditions.鈥�

In the six months to June, Kingspan saw revenue jump 15% to just over 鈧�2bn (拢1.8bn), a record, with pre-tax profit up 9% to 鈧�177.6m (拢160m).

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