Kingspan has reported a 50% rise in its trading profit for the first six months of the year to €167m, as the Building materials group recorded its strongest trading period on record.
A 19% rise in revenue between January and June to €1.47bn was spurred by a markedly improved activity across Central Europe, North America, and the UK in the past year.
For the Republic of Ireland, there was a more than 47% jump in revenue to almost €60m, while the UK remained the company's single most important market, with revenues of €410m in the six-month period.
Kingspan said acquisitions made a notable contribution to its growth during the period, while there was a 26% rise in sales of its insulated panels worldwide.
Meanwhile, net debt at the firm has fallen from €449m in H1 in 2015 to €348m for the first six months this year.
The group’s trading margin of 11.4% was 250bps higher than at the same time last year.
Kingspan CEO Gene Murtagh said the strong results were “underpinned by solid organic growth and a robust contribution from the Joris Ide and Vicwest businesses acquired last year.
“The expansion in profit margin has helped deliver a 50% increase in trading profit, and with good order intake momentum in the second quarter continuing into the current trading period, we expect a solid performance in the second half.
“We continue to acquire complementary businesses, with a total of €83m invested in two businesses in the first half and €126m paid for two further businesses after the period end," he concluded.
