Revenues at Kingspan grow to €8.6bn in 'tough environment'

Dividend proposed for shareholders; new roofing system set to be launched

Revenues at Kingspan grew by six per cent to €8.6bn in 2024, according to preliminary results released this morning in what the company says a "record performance in a tough environment".

The insulation and building materials manufacturer is reporting a three per cent increase in trading profit to €907m.

Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) once again topped a billion to come in at €1.14bn. The figure for 2023 was €1.07bn.

Acquisitions throughout the year, meanwhile, contributed an eight per cent growth in sales for the firm.

The performance means shareholders are in line for a final dividend per share of 28.5 cent up seven per cent (2023: 26.6 cent) giving a total dividend for the year of 54.8 cent (2023: 52.9 cent).

Gene Murtagh, Chief Executive Officer of Kingspan commented: “Kingspan was pleased to deliver record revenue and profitability despite tough end markets and to have finished the year with good momentum and a notable bounce in the second half.

"Despite market gyrations, we continue to invest for the longer term and deployed €1.2 billion of new capital on acquisitions and development activity, including a 51% controlling stake in Steico."

Following additional acquisitions, Kingspan ended the year with a net debt of €1.5bn (2023: €979.5m). It translates to a net debt to EBITDA ratio of 1.47x (2023: 0.97x).

Innovation, Mr Murtagh said, remained a "key driver" for growth in the business.

2024 saw Kingspan enter the burgeoning natural insulation and acoustic insulation markets. The launch of a new PowerPanel insulated PV roofing system is imminent and progress continues in liquid cooling solutions for the fast growing data segment.

"2024 was also a breakthrough year for our Roofing + Waterproofing platform, doubling profitability, expanding margins and gaining an important and growing foothold in the US," revealed Mr Murtagh.

The company has also set ambitious new targets to support its Planet Passionate commitments, which Kingspan says have already delivered an 80% reduction in greenhouse gas emissions from its like for like operations since 2020.

Over 1.1 billion plastic bottles have been recycled and over 62 million litres of rainwater harvested in 2024. In 2024, Kingspan was powered by over 50% renewable energy, and over 30% of its consumption was generated on-site

Looking to the future, Mr Murtagh is optimistic.

"As we look to 2025, our order backlogs are healthy, and our development expenditure has sown the seeds for future growth whilst maintaining almost €2 billion in operational and development headroom. 2025 will inevitably bring challenges but we remain upbeat for the year ahead supported by structural demand for energy efficient solutions for the built environment.”