Marketing

Profits at insulation specialist Kingspan rise 12% to €500m


Profits at insulation specialist Kingspan rose 12 per cent to almost €500 million last year, figures released on Friday show.

Kingspan said that revenues grew 7 per cent in 2019 to €4.7 billion from €4.4 billion the previous year.

Trading profit increased 12.1 per cent to €497.1 million last year from €445.2 million in 2018, the company confirmed.

Earnings per share increased 11 per cent to 204.6 cent from 184 cent, Kingspan’s annual results show.

The group plans to pay shareholders a final dividend of 33.5 cent a-share, bringing the final payout for the year to 46.5 cent, 10.7 per cent more than its 2018 dividend.

Kingspan cut net debt to €633 million from €728 million.

The Cavan-based group has operations in Europe, the Americas and Asia. It makes and sells insulation, flooring products and other building materials.

Chief executive, Gene Murtagh, said 2019 was another solid year of growth “ending a decade during which the company’s revenue increased fourfold and trading profit increased sevenfold”.

Mr Murtagh warned that uncertainty in its markets led to slow start to this year but added that it would continue to invest in innovation to ensure that its products differentiate the company from its rivals.



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