Kingspan profits drop 13% as it expects economy to remain weak

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Irish insulation company Kingspan has reported a 13% fall in profits to €200 million for the first half of the year as the construction industry coped with Covid-19 restrictions.

The Cavan-based company said revenues slipped 8% to €2.07 billion in the six months ended June 30th from €2.24 billion during the same period last year.

Chief executive Gene Murtagh said: “We expect that the economic environment will remain weak, with confidence for businesses to make investment decisions curtailed.”

Kingspan has more than €1 billion in cash and undrawn credit. So far in 2020 it has committed €400 million to acqusitions that have been completed or on which terms have been agreed.

This week the company announced a deal to buy Slovenian roof and facade manufacturer, Trimo.

Richard Flood, investment manager at Brewin Dolphin Ireland said the results, although down on last year “are well ahead of expectations”.

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