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Kingspan profits jump amid record first-half revenue

By BFN News | 08:58 AM | Friday 24 August, 2018


Insulation and building solutions company Kingspan said Friday its 'record' first-performance was helped by improved momentum in the second quarter after a prolonged winter hampered progress earlier in the year. For the six months to 30 June, profit before tax rose 8.8% to €177.6m, revenue rose 15% to €2.0bn, but margins fell 50 basis points to 9.7% from a year earlier. The fall in margins was partly driven by the initial dilutive effect of recent acquisitions and an element of lag in the recovery of raw material increases, the company said. Interim dividend a share rose 9% to 12.0 cents, up from 11 cents. 'We delivered a record performance in the first half of the year, with revenue over €2bn for the first time,' said Gene Murtagh, Chief Executive of Kingspan. 'This momentum has continued into the second half in a number of key markets, and underpins our encouraging outlook for the rest of the year. Kingspan's geographical footprint continues to expand, with development activity in Latin America, Southern Europe and India opening up exciting growth opportunities.' At 8:58am: (LON:KGP) Kingspan Group PLC share price was +2.69p at 42.07p Story provided by StockMarketWire.com

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