In Mainland Europe, the trading picture was quite mixed overall although most regions started the year ahead of 2018. QuadCore™ penetration reached 9% globally, with sales up 36% over prior year. (1) Comprising underlying +1%, currency +1% and acquisitions +5%. This agenda is central to our purpose and entails the following targets and timelines:ĥ0% reduction in product CO 2 intensity from our primary supply partners by 2030ġ00% zero emission company funded cars by 2025ġ billion PET bottles upcycled into our manufacturing processes by 2025Īll QuadCore™ insulation to utilise upcycled PET by 2025ġ00 million litres of rainwater harvested by 2030 We have now embarked on our next ambitious 10- year journey to radically advance Kingspan across the four key themes of Energy, Carbon, Circularity and Water. Acquisition investment was €144m, comprising most notably Bacacier in France for €122m.Ģ019 marked the launch of our global Planet Passionate initiative, building upon the last decade of progress on our Net Zero Energy agenda. New facilities were either completed or commenced in Sweden, UAE, USA, the Netherlands and Brazil. Underlying revenue was 1% ahead in Insulated Panels and 1% lower in Insulation Boards reflecting the impact of lower pricing due to raw material deflation over prior year.ĭuring the year we invested a total of €305m continuing on our path of both organic and new acquisition expansion worldwide. Underlying volume growth at the larger Insulated Panels and Insulation Boards divisions was 4% and 8% respectively. Predictably, the UK was the most notable illustration of this. Despite the significant macro instability in a number of our key markets the Group performed well in the first half, but was weaker towards year end. Group sales reached almost €4.7bn, and trading profit €497m. Over the past decade, sales and trading profit grew in excess of fourfold and sevenfold respectively. The uncertain economic outlook in our end markets has seen a slow start to 2020, however, Kingspan's longer-term growth potential is supported by investment in innovation to ensure we have a product suite that continues to differentiate us from the competition, operated through a sustainable business model that is underpinned by the ambitious Planet Passionate targets we set in 2019."Ģ019 capped off a decade of great progress for Kingspan with revenue and trading profit ahead of prior year by 7% and 12% respectively. We also continue to focus on acquisition opportunities, and have a healthy pipeline of targets under consideration. Organic expansion is supported by new production facilities we have commissioned during the year in the US, Brazil and Sweden, and the level of demand building in Southeast Asia will soon justify investment in local manufacturing capacity there. This structural shift in building techniques and materials used also drove our increased profit margins. Performance this year was helped by increased penetration of our proprietary high-performance insulation products QuadCore™ and Kooltherm ®. "2019 was another year of solid growth for the business, ending a decade during which the company's revenue increased fourfold, and trading profit increased sevenfold. Murtagh, Chief Executive of Kingspan commented: Trading profit divided by total revenue.Operating profit before amortisation of intangibles.Data & Flooring sales growth of 13% reflecting strong datacentre activity and geographic expansion in Europe.Water & Energy sales growth of 3% with progress in the Nordics, a difficult UK environment and more subdued rainwater harvesting activity in Australia.Daylighting centre of excellence under construction in Ireland. Light & Air sales growth of 12% buoyed by a strong performance in the US.Strong underlying volume growth of 4% and 8% in Insulated Panels and Insulation Boards partially offset by the pricing impact of raw material deflation.
Continuing progress on Kooltherm ® and share gain from traditional materials. Further headway in key markets on QuadCore™, now 9% of global sales. Difficult UK market particularly in the second half.
Mainland Europe performed well overall with the notable exception of Germany. Total dividend for the year up 10.7% to 46.5 cent.
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