Kingspan Half-Year Report 2023
Financial Highlights:
- Revenue down 2% to €4.1bn, (underlying down 8%).
- Trading profit up modestly to €435.5m, (underlying down 3%).
- Group trading margin of 10.7%, an increase of 20bps versus the same period in 2022. • Acquisitions contributed 7% to sales growth and 4% to trading profit growth in the period. Profit after tax of €324.0m (H1 2022: €319.9m). Effective tax rate of 17.5% (H1 2022: 17.5%).
- Strong free cashflow of €356.9m (H1 2022: €12.9m) reflecting a significant reduction in working capital year on year.
- Net debt’ of €1,372.7m (H1 2022: €1,206.6m). Net debt to EBITDA of 1.43x (H1 2022: 1.25x).
Operational Highlights:
- Record performance in a testing environment, improving order intake trend overall in recent months versus a softer comparative.
- Direct GHG emissions reduced by 51% year on year.
- Insulated Panels sales decrease of 10% driven by sluggish volumes particularly in Central and Eastern Europe with strong activity in France and the US.
- Insulation sales behind by 5%, driven by weak residential markets. Technical insulation continuing to advance reflecting ongoing demand for district heating. Extending the full spectrum of insulation offerings with planned acquisition of 51% of Steico and completion of acquisition of HempFlax in the period.