Kingspan, Ireland-based producer of high performance building panels, had revenues of €736m in the six months to 30 June 2011. Part of this was due to the acquisition of CRH Insulation Europe (CIE), but even excluding this, revenues were still up 16%.
Operating profit was up 26% to €41.7m and profit after tax was up €37% to 29.2m.
Sales of insulated panels grew across all regions. In the UK sales volume of insulated panels grew by 16%, or by 27% in value, driven by retail and refurbishment activity as well as continually improving insulation standards.
Kingspan expects panel sales to refurbishment projects to increase further as demand builds for its Powerpanel product, an integrated insulated panel and solar energy generation solution. Sales of this new product began in the second quarter, during which orders were received for what will be some of the largest on-roof photovoltaic installations in the UK.
Sales of insulation boards were up 86%, thanks to the acquisition of CIE. Excluding CIE, theyt were up 14%
UK sales of insulation boards in the UK, including the Kooltherm range, grew 34% by volume (37% in value), with 28% (22% in value) of this due to the impact of the CIE acquisition.
CEO Gene Murtagh said: "Kingspan has had a good first half in 2011 with strong organic growth complementing our recent acquisition which will bring even greater balance to our mix of geographies and products. Kingspan continues to outperform both the market and the general macro environment with our range of high performance solutions although we remain very mindful in the period ahead of renewed global uncertainties and their possible impacts."