Kingspan Group 1st Half Boosted by High Demand, Construction-Sector Recovery

Kingspan Group PLC (KGSPF) on Friday reported a 67% rise in pretax profit for the first half of the year on revenue that also rose, boosted by high demand and a global recovery in the construction sector.

The Ireland-based building-and-insulation materials company made a pretax profit for the half year ended June 30 of 297.2 million euros ($347.1 million) compared with EUR177.5 million for the comparable period a year earlier.

Revenue rose to EUR2.9 million from EUR2.1 million, in line with guidance provided in June.

Trading profit--one of the London-listed company's preferred metrics, which strips out amortization of intangibles-- was EUR328.9 million compared with EUR200.1 million for the first half of 2020, and above guidance of EUR315 million given on June 22.

Trading margin rose to 11.3% from 9.7%.

The board has declared an interim dividend of 19.9 European cents, in line with policy guidance. It didn't pay a dividend for the first half of 2020.

"A strong pipeline of future demand means we are positive about the outlook for the second half of the year," Chief Executive Gene Murtagh said.

Shares at 0721 GMT were up EUR2.94, or 3.1%, at EUR96.78.

Write to Ian Walker at

  (END) Dow Jones Newswires
  08-20-21 0401ET
  Copyright (c) 2021 Dow Jones & Company, Inc.

News, commentary and research reports are from third-party sources unaffiliated with Fidelity. Fidelity does not endorse or adopt their content. Fidelity makes no guarantees that information supplied is accurate, complete, or timely, and does not provide any warranties regarding results obtained from their use.