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Kingspan revenues grow by a third following acquisition

Irish building materials firm Kingspan has reported a 32 per cent increase in revenue in its half-year interim results.

For the half year to June 2011, revenue reached £644 million, an increase of 16 per cent excluding the acquisition of CRH Insulation Europe (CIE).

Trading profits excluding the acquisition totalled £39m, an increase of 17 per cent since the start of the year.

Kingspan’s Insulation Boards saw the biggest profit margin in its divisional sales which were up 86 pent.

Chief executive officer Gene Murtagh said: “Kingspan has had a good first half in 2011 with strong organic growth complementing our recent acquisition. It continues to outperform the market with our range of solutions although we remain mindful in the period ahead.”

The report comes after the firm’s turnover dropped by a third in 2009 from £1.5bn to £1bn.

 

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