Insulation and construction materials specialist reports 10% rise in sales in Ireland
Revenues at insulation and construction materials manufacturer Kingspan rose 47 per cent to €2.77 billion for the year ended 31 December 2015.
Trading profit for the year rose 72 per cent to €256 million, with acquisitions contributing 35 per cent to trading profit growth in the year.
The full year dividend per share increased 54 per cent year-on-year to 25 cent.
The company said 2015 was a record year for Kingspan in revenue, trading profit and investment in strategic platforms for the future. The insulated panels division in the UK had its strongest year since 2007.
Kingspan said sales volume in Ireland grew by just over 10 per cent in 2015, reflecting a continuation of the recovery in the local economy, and an indication of the growing investment in industry by both indigenous and international enterprises.
Kingspan chief executive, Gene Murtagh, said the two major acquisitions completed last year have performed ahead of the company’s expectations, with Joris Ide and Vicwest significantly expanding Kingspan’s presence in Continental Europe and North America respectively.
Belgium based manufacturer Joris Ide and Canadian based manufacturer Vicwest were acquired for a combined consideration of €459 million.
“Our confidence in the long-term prospects of the business, supported by our conservative balance sheet, has underpinned a decision to increase the total dividend for the year by 54 per cent,” Mr Murtagh said.
Year-end net debt was €328 million, compared to €124.4 million reported in 2014.
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