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Kingspan Insulated Panels
PRODUCT GROUPS: Insulated Roof &
Wall Panel Systems, Architectural Façade Systems, Architectural Roofing,
Controlled Environments, Daylighting and Fabrications
·
Revenue up 12% to €2.2bn, (pre-currency, up 11%).
·
Trading profit up 18% to €230.4m, (pre-currency, up
17%).
·
Group trading margin of 10.3%, an increase of 60bps
versus the same period in 2018.
·
Acquisitions contributed 8% to sales growth and 8% to
trading profit growth in the period.
·
Net debt of €734.3m (H1 2018: €739.4m). Net debt to
EBITDA of 1.31x (H1 2018: 1.59x).
·
Basic EPS up 16% to 93.8 cent (H1 2018: 80.7 cent).
·
Strong free cashflow of €80.6m (H1 2018: €38.4m).
·
Interim dividend per share up 8% to 13.0 cent (H1 2018:
12.0 cent).
·
ROCE of 17.1% (H1 2018: 15.6%).
·
Insulated Panels sales growth of 14%. Solid performance
in the UK, strong performance in the Americas and Ireland with Mainland Europe performing well overall. Subdued activity in the Middle East.
·
Insulation Boards sales growth of 5%. Strong volume
growth offsetting the impact of reduced selling prices due to lower raw
material costs. Robust Kooltherm® activity
in key markets as well as share gain from traditional materials.
·
Light & Air sales growth of 11% boosted by a strong
performance in the US. Industry leading facility opened in Lyon in France to
serve the wider region.
·
Water & Energy sales growth of 7% reflecting an
acquisition in the Nordic region in the second half of 2018. Softer rainwater
harvesting activity in Australia.
·
Data & Flooring sales growth of 17% with strong data
centre activity.
·
All acquisitions made in previous year performing to
plan.
·
Organic capacity expansion underway. Notable projects
include new Insulated Panel plants under construction in California and Brazil
as well as a Kooltherm® facility in Sweden.
|
H1 ’19 |
H1 ’18 |
% change |
Revenue €m |
2,243.1 |
2,009.9 |
+12% |
Trading Profit* €m |
230.4 |
195.3 |
+18% |
Trading Margin** |
10.3% |
9.7% |
+60bps |
EPS (cent per share) |
93.8 |
80.7 |
+16% |
*Operating profit before amortisation of intangibles
** Operating profit before amortisation of intangibles divided by total revenue
Gene Murtagh, Chief Executive of Kingspan commented:
“We have delivered a record first half with revenue growth in all our business
units and a strong trading profit performance. We continue to expand our
global production footprint with new facilities under construction in the US,
Brazil and Sweden. The near-term outlook is solid although the political
uncertainty in the UK, weakness in sterling, and weaker German economy are
amongst risks we are monitoring closely.
Alongside today’s results, we are also announcing a series of sustainability
targets under our Planet Passionate Programme, which builds on the Net Zero
Energy journey we started in 2011. Seismic transformations are required to
address the growing issue of climate change, and we are committed to delivering
on the challenging targets we have set ourselves.”