Kingspan improves performance

Insulation product and engineered timber systems manufacturer Kingspan plc has reported a 33% rise in annual trading profits to €72m.

The Ireland-based business also reported a sales increase of 30% to €1.55bn, though acquisitions accounted for 9% of the growth.

The group’s insulation board business, a part of which includes the engineered timber systems division comprising the KingspanTEK structural insulated panels business (OSB sheathing/PU core), the Kingpsan Century timber frame business and Kingspan Potton, reported sales of €460.4m, though 76% of the growth was acquisition related.

Kingspan said its focus on the high-performance insulation product sector provided a platform for strong growth during 2011. This position, combined with growing global recognition of the tangible economic benefits of improved building energy performance, underscored the improved results against a poor economic background.

Kingpsan expects the first half of 2012 to deliver continued, albeit moderating growth.