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Kingspan profit rises in 2020, but flags ongoing rise in raw material prices
StockMarketWire.com
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Insulation and building envelope business Kingspan reported a rise in profit in 2020, though said the ongoing increase in raw materials would continue and remain a challenge.
For the year ended 31 December 2020, pre-tax profit rose to €459.7 million from €454.4 million, while revenue slipped 2% to €4.6 billion.
Insulated panels, is largest segment, reported a 4% decline in turnover, paced by a weakness in the second quarter of the year.
Free cashflow was up 42% to €479.7 million.
'2021 has started well, with performance helped by the strong backlog of activity from last year. Raw material price inflation is a significant ongoing issue to manage, but sentiment across our end markets is positive,' the company said.
Looking ahead, the company said it expected further significant increases in its raw materials prices in early 2021 and the effort to 'recover these through price increases is underway and will be a challenge.'
Story provided by StockMarketWire.com
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