Kingspan, the Dublin-listed provider of insulation solutions, saw its sales rise by 10 per cent in 2013, up to € 1.79 billion, as the group benefited from "significant contributions" from its recent acquisitions.
Earnings, (EBITDA)grew by 10 per cent up €162.9 millionin the year to December 31st 2013, and the group reported a 19 per cent boost in its profit after tax, which jumped up to €89.2 million. Earnings per share advanced by 18 per cent to 51.7 cent, and net debt fell back from €165.5 million to 107.6 million.The group said that sales in the early part of 2014 are “encouraging albeit against a weak comparative period”.
Gene Murtagh, chief executive of Kingspan, noted that the group "saw an improved momentum during 2013, despite various demanding market conditions, which has helped to deliver a strong operational performance including increased profitability, a higher return on capital and an improved dividend".
Looking ahead, Mr Murtagh said that the group remains focused on its core strategy of “delivering innovation, prudent management and a widening global footprint that leaves the company well positioned to take advantage of any recovery that may take place in individual markets.”
The group's insulated panels division saw its sales rise by 23 per cent up to €1 billion, and trading profit up 23 per cent, with "significant contributions" from the ThyssenKrupp Construction and Rigidal Industries acquisitions.
Insulation boards saw sales fall by 3 per cent, down to €455. 4 million, although the group noted that sales improved in the UK in the second half and markets stabilised in continental Europe.
Improving UK office activity and resilient data centre related construction led to a positive year for the group’s access floors division, with sales in line with previous year, advancing by 5 per cent.
Trading in the group’s environmental division proved tough however, with sales down 12 per cent to €144.7 million, “in a year of tight markets and internal consolidation”.
Kingspan will pay a final dividend for the year of 8.5 cent, bringing its total dividend for 2013 up by 14 per cent to 14.0 cent.
