Kingspan 2022 Results Report More Record Sales

RECORD SALES were confirmed for Kingspan, manufacturer of insulation and building envelope solutions, as it reported a revenue increase of 28%, to € 8.3 billion for the year ended 31 December 2022.

Trading profit was up 10% to €833m and insulation and roofing sales were expanded to “significantly increase the Group’s exposure to RMI”.

Kingspan Group plc reports its insulated panels sales increased by 23%, driven by a 46% increase in global sales volume of QuadCore and raw material price growth.

Insulation sales also increased, by 40%, driven by inflation and acquisitions. District heating applications were a “standout performer”.

Stone Wool Plans

The business reports it is in the process of assembling the leadership and skills required to enter the stone wool market, which is part of its long-established ambition to be the sole global provider of the ‘full spectrum’ of thermal solutions.

Kingspan says an A-Class Optim-R insulation panel should reach market in early 2024.The company also reports that “significant” progress has been made on entry into the bio-based insulation category, with new product AlphaCore expected to launch shortly. The Group says technical insulation now comprises 35% of divisional revenue.

Kingspan 2022 Results

Kingspan’s Roofing + Waterproofing platform is now embedded with annualised revenue run rate estimated to be in excess of €500m. The Ondura Group acquisition completed in September 2022 following its Derbigum acquisition and strategic minority investment of 24% in Nordic Waterproofing. The company invested a total of €1.3bn in acquisitions, purchases of minority interest and capital expenditure during the year. Acquisitions contributed 9% to sales growth and 8% to trading profit growth in the year.

Strong First Half Performance

Gene M. Murtagh, Chief Executive Officer of Kingspan said: “The 2022 outturn was very satisfactory in the context of accumulating uncertainty over the course of a bumpy year that saw a strong first half performance giving way to a more subdued environment in the second half of the year.

“Kingspan recorded another meaningful year in its contribution to lowering the CO2 emissions of buildings combined with record revenue and EBITDA touching €1 billion for the first time. Notwithstanding ongoing challenges in the global economy, we expect to see a continuation of the structural drive in favour of more sustainable buildings over the longer term.

“Given the powerful combination of our global scale, the diversity of our end markets, our ability to grow organically and through acquisition, alongside our strong innovation pipeline and an ongoing societal drive for energy efficiency, we believe Kingspan is very well placed for continuing progress for the benefit of all stakeholders.”

Meanwhile, the company’s daylighting, ventilation and smoke control division, Light + Air, reported a sales increase of 27% and margins progressing year on year.

A strong performance in Data + Flooring was lodged with sales up 33% and a strong data centre solutions pipeline into 2023.

The year ended with net debt of €1,539.6m, up on the previous year’s €756.1m. The return on capital employed (ROCE) was 15.9% (2021: 19.5%), or 16.5% after annualised impact of acquisitions.


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