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Kingspan profits drop 13% as it expects economy to remain weak

Irish insulation company Kingspan has reported a 13% fall in profits to €200 million for the first half of the year as the construction industry coped with Covid-19 restrictions.

The Cavan-based company said revenues slipped 8% to €2.07 billion in the six months ended June 30th from €2.24 billion during the same period last year.

Chief executive Gene Murtagh said: “We expect that the economic environment will remain weak, with confidence for businesses to make investment decisions curtailed.”

Kingspan has more than €1 billion in cash and undrawn credit. So far in 2020 it has committed €400 million to acqusitions that have been completed or on which terms have been agreed.

This week the company announced a deal to buy Slovenian roof and facade manufacturer, Trimo.

Richard Flood, investment manager at Brewin Dolphin Ireland said the results, although down on last year “are well ahead of expectations”.

Source:

www.breakingnews.ie

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