Download the 2023 Annual Report
University of Missouri
Stephens Indoor Facility
Missouri, USA
Insulated Panels
Designwall 2000
insulated panels
Chief Executive Review
Gene Murtagh
2023 was a landmark period for our Planet Passionate agenda, delivering an enormous 65% reduction in Scope 1 and 2 GHG emissions, against a 2020 base year.
Chief Executive Officer
Operational Summary
- Record performance against a challenging backdrop, improving order intake trend through the year.
- Insulated Panels sales decrease of 9% with strong activity in France, the US and LATAM offset by subdued volumes in Central and Eastern Europe and lower pricing due to input deflation.
- Insulation sales behind by 8%, driven by weak residential markets and price deflation led by inputs. Technical insulation progressing well. Extending the full spectrum of insulation offerings with acquisition of 51% of Steico in January 2024 and an agreement in February 2024 to acquire a stonewool production business in Germany.
- Strong traction on our Roofing + Waterproofing strategy with revenue touching €500m. Targeted North American market entry supported by a €750m capital injection over the next five years with the objective of achieving 15% of the relevant flat roofing market over time.
- Further progress at Light, Air + Water, with broader scale and margins progressing positively year on year.
- Data + Flooring medium term pipeline is very encouraging driven by demand in data and artificial intelligence applications.
- Invested a total of €482m in acquisitions and net capex during the year.
Summary
Financials
Financials
- Earnings before finance costs, income taxes, depreciation, amortisation and non trading item
- Operating profit before amortisation of intangibles and non trading item
- Trading profit divided by total revenue
Revenue
€8.1bn
-3%
2022: €8.3bnEBITDA ¹
€1,068m
+7%
2022: €998mTrading Profit ²
€877m
+5%
2022: €833mTrading Margin ³
10.8%
+80bps
2022: 11.6%Profit After Tax
€654m
+6%
2022: €616mEPS
352.3c
+7%
2022: 329.5c
Collège de Champier
Lyon, France
Light, Air + Water
Solarfin
Looking Ahead
In the current environment it is difficult to predict what is in store near term with opportunities and challenges in equal measure. The performance of the business is varied across different geographies and sectors, a theme we have referred to consistently over the past year or so.
It is still very much early days in the current financial year, although seasonal factors have hampered early progress in some markets. Our balance sheet is robust and this coupled with a strong development pipeline, purposeful strategy and innovation agenda ought to place us positively in the year ahead.
The combination of a resolute focus on our distinctive Planet Passionate strategy, strong structural demand for energy efficiency, ever increasing and obvious impacts of climate change and the diversified nature of our end markets all position Kingspan favourably for the long term.
Gene Murtagh
Chief Executive Officer
Frisco Public Library
Texas, USA
Data + Flooring
STONEWORKS panels
and ConCore 1250
Learn about our Strategic Pillars:
Our business model and strategy are enabling the transition from outdated, inefficient, methods of construction to ultra-performance building envelopes.
