StockMarketWire.com - Kingspan said Friday annual profit rose sharply on strong demand for insulated panels.

For the year ended 31 December, profit before tax rose to 16.8% to €404.9m and revenue was up 19% to €4.4bn.

Insulated Panels sales grew 21% amid strong activity in the Americas, a positive performance in Continental Europe and a solid UK outturn against a difficult backdrop, the company said.

Acquisitions in Europe and Latin America also contribution the uptick in sales.

'2018 was a year of strong growth for Kingspan, with the company delivering revenues of over €4bn for the first time,' the company said. 'Performance has been robust in most of our major markets, and momentum has improved through the year.'

'With the order book going into the new financial year ahead of the prior year period, we are confident in our near-term outlook. Notwithstanding this we remain mindful of challenges to growth, particularly the continuing uncertainty in the UK.'

'However, the geographical diversification of the business, helped by our acquisitions last year to expand our footprint in Latin America, Southern Europe and India, means we are well placed to continue to deliver long-term returns to shareholders."


At 8:59am: [LON:KGP] Kingspan Group PLC share price was -0.79p at 38.21p



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