Kingspan report solid prelims, dampened by currency headwinds

British insulation and building supply firm Kingspan has reported record preliminary results for the year to 31 December, with revenue up 12% to €3.1bn, profit up 33% to €340.9m, and basic EPS up 35% to 143.8 cent. 

The record results, which came despite currency headwinds, resulted in a final dividend of 23.5 cent per share, taking the total dividend for the year to 33.5 cent, a 34% increase.

The Group said acquisitions had contributed 11% to sales growth and 7% to profit growth, with the firm's overall trading margin increasing 0.18% to 11%.

Net debt increased 30% to €427.9m, giving a Net Debt / EBITDA ratio of 1.06.

Operationally, the firm reported strong performance in the UK, a recovery in Western Europe, and subdued performance in the US. 

"Insulated Panels in the UK had a strong year and the North American market cooled off somewhat towards year end. European sales were strong in the Netherlands and France, whilst more flat in Germany."

CEO of Kingspan, Gene Murtagh, said:

"2016 was another record year for Kingspan. 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."

Speaking about 2017, he said he was encouraged about the outlook for the H1, with the current order book solidly ahead of last year, low debt levels, and strong cash generation.