Construction

Kingspan sees trading profit up 19% in H1 2012

Irish firm also acquired Thyssenkrupp Construction and UAE’s Ridigal Industries

Kingspan, the Irish insulation and building envelope firm, has presented its half-yearly financial report for the period to 30 June 2012.

Among the highlights of the financial results was that revenue increased by 3% to $939,327,480, which is a decrease of 1% on a constant current basis.

However, trading profit was up 19% to $65,358,540, an increase of 14% on a constant currency basis. The company said that margin was prioritised over volume, resulting in the group trading margin of 7%, an increase of 100bps versus the same period in 2011.

“The trading environment across many of our geographies continues to be very uncertain, which is having a moderating impact, albeit with Kingspan continuing to outperform the general markets in which we operate,” said Gene Murtagh, chief executive of Kingspan.

Furthermore, the company managed to successfully refinance a five year, $372,060,000 syndicated bank facility in April 2012, extending the weighted average maturity of the Group’s debt facilities to 5.3 years.

In August, an agreement was reached to acquire the businesses of Thyssenkrupp Construction in Europe and, separately, Ridigal Industries in the UAE. The combined revenue in 2011 was approximately $421,668,000.

Insulated panels divisional sales also went up 3%, while trading profit went up 25%, reflecting a higher specification sales mix and penetration growth in developing markets.

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