Kingspan focus on lower energy buildings reaping the rewards

BUILDING materials group Kingspan said the UK has shown strong growth while markets in Europe are stabilising, leaving the Irish firm on course to deliver year-on-year growth.


First-half trading profits edged up six per cent year-on-year to 55.9 million euros (£47.7m), but were down six per cent on an underlying basis. Revenue was up 13 per cent to 858.4 euros (£731.4m), but down three per cent on an underlying basis, according to the results for the period ending June 30, 2013.

Gene Murtagh, chief executive of Kingspan, said: “Kingspan delivered a positive performance in the first half against a backdrop of weak European economic conditions and a tough winter across many regions. Our strategy of positioning the company at the hub of conversion to lower energy buildings continues to enable us to build the business globally notwithstanding the external conditions.”

Kingspan Group is a multinational business jointly listed on the Irish and London stock exchanges. Hull-based Kingspan Access Floors, which makes and installs raised access flooring, is part of the group.

Access Floors, which employs 138 people, recently won a major deal worth £1m to supply flooring for a 38-storey ‘landmark’ office complex being built in the City of London. It won the contract from Canary Wharf Contractors to supply 48,000 sq m of flooring to 20 Fenchurch Street.

In yesterday’s half-year results, Kingspan said Access Floor sales were up one per cent, with stable datacentre activity internationally and improving UK office activity.

The news of the Fenchurch deal came just months after the business won a contract to supply more than 29,000 sq m of floor panels to another London building – the 52-storey Leadenhall Building, or Cheesegrater.