Kingspan, which makes insulation and ‘building envelope’ solutions, has reported H1 2022 revenue of €4.2bn, an annual increase of 42%.

Trading profit increased by 32% to €434m, and the group’s trading margin of 10.5% was down 80 basis points on a year earlier. Net profit for the period was €320m and earning per share advanced by 29%.

Acquisitions contributed 12% to sales growth and 13% to trading profit growth in the period.

The group invested €520m in acquisitions, purchase of a minority interest and capex during the period.

In the results statement for the six months to June 2022, Kingspan said there was lower order intake in quarter two, but there are solid quotation pipelines in most markets.

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The Insulated Panels division enjoyed a sales increase of 39% driven by raw material led price growth and a 63% increase in global sales volume of its QuadCore product.

The interim dividend has been raised 29% to 25.6 cent.

Chief executive Gene Murtagh (pictured) commented: “Despite a challenging trading environment Kingspan delivered record half year results, with revenues over €4bn for the first time.

“We have been able to navigate large input cost increases with only modest margin impact.

"We made significant progress executing on our strategy of developing a new business division focussed on roofing and waterproofing solutions.

“We also continue our organic expansion plans, with the intention to build 25 new production lines in the next five years, including our plans to invest €200m in a new Building Technology Campus in Ukraine.”

Murtagh added that while inflationary pressures have eased in recent months, energy supply constraints over the winter months in Europe remain a concern.

Broker Davy commented that it sees scope to nudge its full year trading profit forecast up towards €850m (from €841m) and is unlikely to make any material change to 2023 estimates.

“The half was also characterised by further significant investment, which underlines our longer-term confidence that Kingspan remains superbly positioned to deliver real growth through the cycle,” the broker stated.