Kingspan provides a record €2 billion in sales despite ‘sluggish’ start

  • Kingspan provides a record €2 billion in sales despite ‘sluggish’ start
    Independent.t. E.
    Kingspan has the record in the first half in the six months to 30 June, with revenue exceeding 2 billion euros for the first time.
    https://www.independent.ie/business/irish/kingspan-delivers-record-2bn-in-sales-despite-sluggish-start-37247308.html
    https://www.independent.ie/business/article36828594.ece/b8869/AUTOCROP/h342/2018-04-21_bus_40288240_I1.JPG

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Kingspan has the record in the first half in the six months to 30 June, with revenue exceeding 2 billion euros for the first time.

In Cavan-based insulation manufacturer reported a 10pc increase in trading profit of $ 195.3 m in the six month period, despite the “sluggish start” this year due to prolonged winter weather conditions.

The performance was above expectations, analysts at Davy revenue forecasting and trade net profit 9pc and 4pc respectively.

During the six – month period of the acquisition, which amounted to €265 million over the period – 15pcs contribution to sales growth and 12 per trade, profit growth, according to a trading update from the group.

However, the trading margin of the group by 9.7 PC was a decline of 50 basis points compared to the same period in 2017.

“We set a record performance in the first half of this year, with revenue of more than € 2 billion for the first time,” Gene Gennady, General Director of the company Kingspan said.

“The performance helped to improve the dynamics in the second quarter after a weak start of the year due to prolonged winter weather conditions. This momentum continued in the second half in a number of key markets, and determines our prospects for the rest of the year.”

To 30 June 2018, the group’s net debt increased significantly to €739.4 m from €440.3 m to 30 June 2017.

Kingspan said sandwich panels sales growth of 14pc hole saw with a “tangible” improvement in most key markets in the second quarter after a weak start.

In the UK, the company reported a solid overall performance. The company is Quad-core increased by 76pc, and now 6pcs global insulation sales.

The company recorded sales growth of insulation boards of 15pcs, he says, is reflected, mainly, for the recovery of inflation on pricing.

Meanwhile his lungs and sales of EUR 128.6 m, was 57pc (up to 11pc pre-currency and acquisitions).

Kingspan described its performance in Continental Europe as “good”, offsetting softer activity in the United States.

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