Trading profits at Kingspan – The Irish based global leader in high performance insulation and building envelope solutions – rose by 6% to €55.9m in the six months to the end of June.
But group trading margins of 6.5% were down 50bps on last time. Trading profits pre-acquisitions and currency were down 6%. Revenues rose 13% to €858.4m, (pre-acquisitions and currency, down 3%).
Chief executive Gene Murtagh said: “Kingspan delivered a positive performance in the first half against a backdrop of weak European economic conditions and a tough winter across many regions. Our strategy of positioning the company at the hub of conversion to lower energy buildings continues to enable us build the business globally notwithstanding the external conditions.”
The Co Cavan-based company said it benefited from two acquisitions completed late last year – Rigidal Industries and ThyssenKrupp Construction – without which its revenue would have fallen over the first six months of this year compared to 2012.