International building materials company Kingspan has posted better than expected financial results for the first six months of the year.
Revenue was up 13% to €858.4 million (£735 million) and trading profits increased 6% to €55.9 million (£47.9 million). Shares in the insulation giant rose by more than 6% on the Irish Stock Exchange on Monday in response to the news.
Their business selling insulated panels such as the ones installed at Branksome Business Park in Poole (pictured) performed well helped significantly by the recent purchase of ThyssenKrupp Construction and Rigidal Industries, seeing sales jump 34% and trading profits up 24%.
The picture was less rosy in their environmental division – which deals with energy and carbon management and providing businesses with renewable energy sources – with a 17% slump in sales. Kingspan said this should move towards a recovery with sales down by only 3% in the second quarter of the year.
Insulated boards didn’t do brilliantly either with sales falling 3% and trading profits 13% with the firm pleased with the division for its “strong performance” in the UK.
Gene Murtagh, chief executive of the firm said: “Kingspan delivered a positive performance in the first half against a backdrop of weak European economic conditions and a tough winter across many regions. Our strategy of positioning the company at the hub of conversion to lower energy buildings continues to enable us build the business globally notwithstanding the external conditions.”