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Report indicates revenue drop of 2% at Kingspan Group

Aug 18, 2023 08:33 By News Northern Sound
Report indicates revenue drop of 2% at Kingspan Group
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We are currently driving progressively sustainable building envelope solutions.

Kingspan, the performance insulation and building envelope solutions business has issued its half-yearly financial report for the six-month period ended 30 June 2023. The report indicates that revenue has dropped by 2% to €4.1bn while trading profit is up modestly to €435.5m.

Performance outcomes varied by product and by market, against a backdrop of higher interest rates and a degree of price deflation. Gene Murtagh, Chief Executive of Kingspan pointed to the "reality" of climate change and the subsequent challenges posed for the company.

He added that Kingspan's Innovation and Planet Passionate strategies have the firm aim of addressing the challenge through progressively sustainable building envelope solutions. "This year the harsh reality of climate change has become an everyday reality for many, intensifying the urgency to deliver meaningful and increasingly smart decarbonisation solutions," Mr Murtagh continued.

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"Kingspan's Innovation and Planet Passionate strategies have the firm aim of addressing this challenge through driving progressively sustainable building envelope solutions. These strategies are deeply embedded across Kingspan, delivering a reduction of direct GHG emissions by over 50% in the first half and reinforcing a common goal for our people globally.

"Our expanding spectrum of insulation solutions continues to progress apace. Since period end, we agreed to acquire 51% of Steico, the world leader in wood-based insulation, adding to a growing bio-based portfolio including hemp and wood-wool acoustic insulation.

"Along with our portfolio of LEC (lower embodied carbon) products, the first of which launched this year, we are now firmly established as a leader in the growing market for lower embodied carbon construction products."

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