In the first half of 2023, trading profit for Kingspan increased to €435.5m, a slight improvement from the €434.2m reported during the same period last year.
The group’s profit before tax rose to €324m, up from €319.9m in the comparable period in 2022.
According to a trading update from the group, revenues declined by 2% to €4.1bn.
The company reported that activity in the Americas region outpaced activity in Europe.
While insulated panels sales declined by 10%, with demand slowing in Central and Eastern Europe, they remained stronger in France and the US.
Insulation sales saw a 5% decline in the first half, primarily due to a weak residential market. However, the group’s technical insulation division experienced growth driven by demand for district heating.
Despite a challenging environment, the Cavan-headquartered company reported continued growth in new orders over the past few months.
CEO Gene Murtagh stated that performance outcomes varied based on product and market, influenced by higher interest rates and price deflation.
During the first half of 2023, the group invested €271m in acquisitions and capital expenditure.
Mr. Murtagh added that they recently agreed to acquire a 51% stake in Steico, the world leader in wood-based insulation. This acquisition expands their bio-based portfolio, which already includes hemp and wood-wool acoustic insulation.
Kingspan has also announced its exit from the London Stock Exchange. The group stated that its listing has been cancelled following majority shareholder support at an extraordinary general meeting.
The company plans to maintain its Dublin listing as its share trading on the London exchange was deemed insignificant.
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