Press releases

Results for the year ended 31st December 2010

28/02/2011

Kingspan Group plc (“Kingspan”), the leading provider of low energy building solutions, is pleased to announce its preliminary results for the year ended 31 December 2010.

Financial highlights:

  2010 2009 % Change
Group sales €1,193.2mn €1,125.5mn +6%
EBITDA1 €107.6mn €102.8mn +5%
Operating profit €67.4mn €62.7mn +8%
Basic earnings per share 29.2 cent 28.7 cent +2%
Adjusted earnings per share2 30.9 cent 25.7 cent +20%
Dividend per share for the year 10 cent nil  
Interest cover (EBITDA/Net Interest) 11.9 times 9.4 times  
Gearing ratio (net debt as % shareholders funds) 19.3% 28.1%   

Operational and Development highlights:

  • Sales increased by 6%, giving the first year on year growth in three years.
  • Operating profit increased by 8%, with an EBITDA and EBIT margin of 9% and 6% respectively.
  • Adjusted EPS growth of 20% to 30.9 cent. Basic earnings per share growth of 2%.
  • Stability across the UK market, with overall Group sales in that region up 3%.
  • Growth in the US Insulated Panel business, up 16% year on year, and increased penetration heading into 2011.
  • Strengthened position in Australia, enhanced by the integration of AIR-CELL Insulations since its acquisition in December 2009.
  • Agreement to acquire the western European CIE Insulation businesses for c. €120mn, consolidating Kingspan’s position as Europe’s number one high performance insulation provider, and providing a platform for longer term growth in continental Europe.
  • Further substantial progress made in debt reduction with net debt at year end of €128.7mn, down from €164.3mn.

1 Earnings before finance cost, income tax, depreciation and intangible amortisation.
2 Adjusted earnings per share: excluding the non-cash element in interest costs relating to the cross currency swaps and revaluation of the USD loan. This adjustment results in a reduction in earnings in 2009 of €4.9mn and an increase in earnings in 2010 of €2.7mn.

2010’s performance by operating segment was as follows:

Segment Result (profit before finance costs) Insulated Panels €'mn Insulation Boards €'mn Environmental & Renewables €'mn Access Floors €'mn Total €'mn
Trading Profit 35.8 16.7 0.9 18.6 72.0
Intangible Amortisation (2.7) (1.0) (0.8) (0.1) (4.6)
Operating result 2009 33.1 15.7 0.1 18.5 67.4
Finance costs (net)         (11.7)
Results for the period before tax         55.7
Income Tax Expense         (6.6)
Net result for the year         49.1

Gene Murtagh, Chief Executive of Kingspan commented:

“The return of stability was a key theme in 2010 with Kingspan recording an increase in both sales and profits for the first time in three years. The Group has emerged from this period, albeit at a lower base, with a business that is broader and deeper than ever before.

A combination of a strong balance sheet, recent acquisitions and new products provides a platform for Kingspan to drive further convergence to more efficient building solutions across an increasing global footprint.”

For further information contact:

Murray Consultants Tel: +353 (0) 1 4980 300
Ed Micheau  

View the complete Preliminary Results


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