22nd Feb 2016 07:47
LONDON (Alliance News) - Irish insulation provider Kingspan Group PLC on Monday said its profit and revenue both surged in 2015, helped in part by the translation effect of the weak euro and strong performances in its core UK and US markets, prompting a big hike to its dividend.
Kingspan said its pretax profit for the year to the end of December rose to EUR232.0 million, up from EUR127.5 million a year earlier, as revenue rose to EUR2.77 billion from EUR1.89 billion.
While the weak euro helped revenue higher, growth outside of this also was very strong, Kingspan said, helped by the strongest year for the company's insulated panels business in the US since 2007, plus continued expansion-driven growth in the North American market. European sales were broadly flat in the year.
Insulated boards sales were strong in the UK and US and in the Middle East, though European trading conditions were more difficult, Kingspan said.
Kingspan will pay a final dividend of 17.0 euro cents per share, taking its total dividend for the year up to 25.0 cents, a 54% rise year-on-year.
"We are delighted to report a record performance for the group in 2015 and a strong start to 2016. The two major acquisitions completed last year have performed ahead of our expectations, with Joris Ide and Vicwest significantly expanding our presence in Continental Europe and North America respectively," said Chief Executive Gene Murtagh.
By Sam Unsted; [email protected]; @SamUAtAlliance
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