Record year for Kingspan
Kingspan, manufacturer of building panels, has reported annual revenue of more than €3bn for the first time ever.
Kingspan’s revenue for the year ended 31st December 2016 was up 12% to €3.1bn and profit after tax was €255.2, a 34% increase.
Operating profit, before amortisation of intangibles, was up 33% to €340.9m.
Sales and order intake in the UK were described as strong and, despite the EU referendum, got stronger in the second half. However, Kingspan is an increasingly global business and during 2016 it further built its position in North America, established a manufacturing presence in Mexico, and started construction of new facilities in Australia, the UAE and Finland.
Chief executive 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. We are encouraged about the outlook for the first half of 2017, with the current order book solidly ahead of the same point last year. With low debt levels and strong cash generation we retain the flexibility to invest in new opportunities as they present themselves."
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This article was published on 17 Feb 2017 (last updated on 17 Feb 2017).