Kingspan delivers record profits in FY24 despite 'tough' end markets

(Sharecast News) - Building materials group Kingspan delivered record revenue and profits in FY24 as it navigated "tough" end markets. Kingspan said revenues increased 6.8% to €8.6bn in FY24, pushing post-tax profits 6% higher to €654.0m. Insulation revenues were up 19% at €1.82bn, while data solutions turnover rose 36% to €516.2m, revenues from its air and water division slipped 1% to €961.1m and roofing and waterproofing income grew 15% to €568.5m.

Earnings per share were up 4% year-on-year at €3.652 each and the company proposed a final dividend of €0.285, up 7% on FY23 and giving it a total dividend for the year of €0.548.

Kingspan said its European markets were more subdued but said it Irish operations delivered a strong performance.

Chief executive Gene Murtagh said: "As we look to 2025, our order backlogs are healthy, and our development expenditure has sown the seeds for future growth whilst maintaining almost €2.0bnin 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

As of 0945 GMT, Kingspan shares were up 10.63% at €73.90 each.







Reporting by Iain Gilbert at Sharecast.com