Firm sees income top 鈧�4bn for first time
Products giant Kingspan posted a record revenue in the first half, with income topping 鈧�4bn for the first time.
The Irish firm said turnover in the six months to June was up 42% to 鈧�4.2bn (拢3.6bn) with the firm admitting the first half of this year was a 鈥減eriod of remarkable contrast鈥�. Pre-tax profit during the period increased 30% to 鈧�388m (拢329m).
It added: 鈥淜ingspan鈥檚 exposure to high growth end markets and applications and a concerted worldwide move towards a more energy conscious future built environment all played a role in driving this outcome. Extraordinary levels of price inflation also had a meaningful influence as we passed on an unprecedented level of raw material increases received during 2021.鈥�
Revenue from its biggest business, insulated panels, was up 39% to 鈧�2.7bn (拢2.3bn) helped by buoyant workloads in the US where it opened a new production facility in Pennsylvania this May.
Net debt increased by 鈧�450.5m (拢382m) to 鈧�1.2bn (拢1bn) after the firm spent 鈧�351m (拢298m) on acquisitions during the period. It also racked up a 鈧�16.1m (拢14m) cost on getting rid of its operations in Russia.
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