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Kingspan H1 revenues, trading profit rise amid construction recovery
20th Aug 2021 08:20
(Sharecast News) - Irish building materials group Kingspan reported a jump in first-half trading profit and revenue on Friday amid a recovery in the construction sector.
In the six months to the end of June, trading profit rose 64% to €329m, with revenue up 41% at €2.9bn. Pre-tax profit came in at €297.2m, up from €177.5m in the first half of 2020.
Basic earnings per share were 65.9% higher at 132.4 cents and the company declared an interim dividend of 19.9 cents, having not paid one in the first half of last year.
The group trading margin came in at 11.3%, up 160 basis points versus the same period a year ago.
The insulated panels divisions was the best performer, with sales up 44% to €1.9bn and trading profit 81% higher at €223.6m, This was "driven by strong momentum generally in construction activity, raw material led price growth further enhanced by strong demand in high growth sectors," Kingspan said.
Chief executive Gene Murtagh said: "Growth in the first half of the year has been remarkably strong with revenue and trading profit at record levels driven by high levels of demand and a global recovery in the construction sector.
"Despite inflation in our input costs, effective price management has helped increase trading margins, with a stand out performance in our largest division - insulated panels."
In the six months to the end of June, trading profit rose 64% to €329m, with revenue up 41% at €2.9bn. Pre-tax profit came in at €297.2m, up from €177.5m in the first half of 2020.
Basic earnings per share were 65.9% higher at 132.4 cents and the company declared an interim dividend of 19.9 cents, having not paid one in the first half of last year.
The group trading margin came in at 11.3%, up 160 basis points versus the same period a year ago.
The insulated panels divisions was the best performer, with sales up 44% to €1.9bn and trading profit 81% higher at €223.6m, This was "driven by strong momentum generally in construction activity, raw material led price growth further enhanced by strong demand in high growth sectors," Kingspan said.
Chief executive Gene Murtagh said: "Growth in the first half of the year has been remarkably strong with revenue and trading profit at record levels driven by high levels of demand and a global recovery in the construction sector.
"Despite inflation in our input costs, effective price management has helped increase trading margins, with a stand out performance in our largest division - insulated panels."