Great news from an Irish company with an international reach. Irish insulation specialist Kingspan has returned record results for the first half of 2015 after two successful acquisitions of European rival Joris Ide and Canadian Operator Vicwest. Chief Executive Gene Murtagh said the acquisitions helped boost profits in its key insulation panels and boards divisions.
Revenues at the insulation and construction materials manufacturer rose 39 per cent to €1.2 billion in the first half of the year and the company expects further profit growth in the second half of the year. Mr Murtagh said the acquisitions were responsible for half its profit growth, although the group took them over just two to three months before the period’s end. On that basis, he said Kingspan expects that the “full impact” of both deals on profit growth will be stronger in the second half of the year.
Trading profit for the first 6 months of the year rose 61 per cent to €111.7 million from €69 million during the same period in 2014. Operating surplus grew at a similar rate, to €108 million from €67 million.
Profits in its insulated panels business rose 61 per cent to €70.3 million over the period, while they increased by 60 per cent to €28.3 million in the insulation boards division.