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Kingspan UK performance strong despite Brexit vote

Construction products giant Kingspan has reported “strong” UK performance unaffected by the Brexit vote.

The company said June’s vote to leave the EU did not dampen demand as it published its annual results today.

Kingspan posted a 12 per cent hike in global revenue to €3.1bn (£2.7bn) in the year to 31 December 2016.

EBITDA was up 28 per cent to €404m.

The company said in a business review alongside the financials: “Organic growth and margin expansion were key themes during the year, with progress particularly evident across the UK, Ireland, the Nordics and much of Western Europe. 

“The UK, notwithstanding the 23 June referendum result, strengthened through the second half of 2016, and the order bank would point towards a positive start to the current year.” 

The firm said sales and orders in its UK insulated panels business were strong during 2016, and that this trend “continued robustly through the second half, despite the June referendum”.

Global insulated panels sales rose above €2bn last year, representing almost two-thirds of overall income for the group.

Kingspan chief executive Gene Murtagh said: “We are encouraged about the outlook for the first half of 2017, with the current order book solidly ahead of the same point last year.

“With low debt levels and strong cash generation, we retain the flexibility to invest in new opportunities as they present themselves.”

Lord Stunell, who is leading a review into the impact leaving the EU will have on UK construction, recently warned that a hard Brexit could shrink the industry by 9 per cent.

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