Cavan-based insulation giant Kingspan made a €341m profit last year as its revenue jumped 12pc to €3.1bn, the company reported this morning. The profit was 33pc higher than in 2015
Kingspan, whose chief executive is Gene Murtagh, said that it had experienced a strong performance in the UK last year, despite June’s Brexit vote, and that “clear recovery” is evident across much of western Europe. It added that business was “more subdued” in the United States during the second half of 2016.
Mr Murtagh said 2016 had been another “record year” for the group.
“Through our organic initiatives and acquisition strategy we are developing a truly global business well placed to capitalise on the transition towards a lower energy future,” he said.
“We are encouraged about the outlook for the first half of 2017, with the current order book solidly ahead of the same point last year. With low debt levels and strong cash generation we retain the flexibility to invest in new opportunities as they present themselves,” Mr Murtagh added.
In its insulated panels business, revenue was up 17pc at €2.07bn, with organic revenue rising 5pc. The unit made a €228m profit, 38pc higher than in 2015.
Kingspan’s insulated boards division reported revenues of €688m, which was 4pc higher on 2015. Organic revenue was 7pc higher. Profits at the unit rose 28pc to €78.5m.
Davy Stockbrokers analyst Flor O’Donoghue said this morning that Kingspan faces “near-term challenges” – notable the need to manage rising raw material costs. However, he said he remains “very optimistic” about Kingspan’s prospects.
“These include a vastly extended operating footprint in recent years; the ability to disrupt in newer markets and gain share; a track record in innovation and product development; and what remains a very healthy financial position,” he said.
Article Source: http://tinyurl.com/kbwqb42
- Dublin pips Paris to become dearest city in Eurozone
- Why you should work for a startup over a corporate
- Monday 25 June 2018 ‘I gave up my job and life savings to start my Irish clothing brand’ – Gym+Coffee CEO and co-founder Niall Horgan
- New MSD drug plant in Dublin gets nod
- The Big Tech Show: Why are we freaking out about Amazon jobs?
- 21 Belvedere Place, Dublin 1
- +353 1 855 4188
- +353 1 836 6550
- 26 Jun 2018Dublin pips Paris to become dearest city in Eurozone
- 26 Jun 2018Why you should work for a startup over a corporate
- 25 Jun 2018Monday 25 June 2018 ‘I gave up my job and life savings to start my Irish clothing brand’ – Gym+Coffee CEO and co-founder Niall Horgan
- 22 Jun 2018New MSD drug plant in Dublin gets nod
- 22 Jun 2018The Big Tech Show: Why are we freaking out about Amazon jobs?