Kingspan sees profits rise 2% despite revenue dip
Updated / Friday, 19 Feb 2021
12:28
Kingspan saw its sales rebound in the second half of the year, while tighter control of costs helped it to boost profits
Shares in Kingspan jumped over 8% today after it announced a full year profit of €508.2m for 2020, a rise of 2% year-on-year, despite a fall in revenue.
The building materials group had sales of €4.6 billion last year, down 2%, as sales of its products fell in the second quarter due to the halt in construction during the early stages of the Covid-19 pandemic.
However Kingspan said it saw a rebound in sales in the second half of the year, which allowed it to repay the Covid-19 supports it had received in a number of countries.
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