19th Aug 2022 08:24
(Alliance News) - Kingspan Group PLC on Friday posted a sharp interim earnings hike and lifted its payout.
Shares in the company were up 4.9% at EUR60.82 on Friday morning in London.
For the six months that ended on June 30, the Kingscourt, Ireland-based building materials company said revenue rose 42% to EUR4.15 billion from EUR2.92 billion a year earlier. It has the first time half-year revenue topped EUR4 billion.
Pretax profit surged 30% to EUR387.6 million from EUR297.2 million. Trading profit rose 32% to EUR434.2 million from EUR328.9 million, while gross profit rose 33% to EUR1.10 billion from EUR832.3 million a year earlier.
"Despite a challenging trading environment, Kingspan delivered record half year results, with revenues over EUR4 billion for the first time. We have been able to navigate large input cost increases with only modest margin impact," Chief Executive Gene Murtagh commented.
Kingspan upped its payout by 29% to 25.6 cents from 19.9 cents.
The CEO added: "Looking forwards, we retain the outlook flagged in our June trading update, but are confident in the long term demand for the energy efficient solutions we deliver. Whilst inflationary pressures have eased in recent months, the context of energy supply constraints over the winter months in Europe will be something we will be closely monitoring."
In June, it had cautioned that order intake volumes declined year-on-year in May and June, but were ahead of pre-pandemic levels.
By Xindi Wei; [email protected]
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