Insulation giant Kingspan reported a record trading profit in the first half of the year.

Trading profit rose to €435.5m in the first six months of 2023, up slightly from the €434.2m reported in the corresponding period last year.

The group’s profit before tax was €324m, up from €319.9m in the same period in 2022.

Revenues were down 2pc to €4.1bn, according to a trading update from the group.

Activity in the Americas region outpaced activity in Europe, according to the company.

Insulated panels sales were down 10pc, with demand slowing in Central and Eastern Europe. Activity levels were stronger in France and the US.

Insulation sales declined by 5pc in the first half as a result of weak residential market, while the group’s technical insulation division reported growth, driven by demand for district heating.

The number of new orders has continued to grow in recent months despite a “testing environment”, the Cavan-headquartered company reported.

"Performance outcomes varied by product and by market, against a backdrop of higher interest rates and a degree of price deflation,” chief executive Gene Murtagh said.

The group invested a total of €271m in acquisitions and capital expenditure in the first half of 2023.

"Since period end, we agreed to acquire 51pc of Steico, the world leader in wood-based insulation, adding to a growing bio-based portfolio including hemp and wood-wool acoustic insulation,” Mr Murtagh added.

Kingspan has also confirmed its exit from the London stock exchange. In a statement this morning, the group said its listing has now been cancelled.

This followed an extraordinary general meeting last month that saw the majority of shareholders back the decision to cancel the listing.

Kingspan, which plans to maintain its Dublin listing, said its share trading on the London exchange was “negligible”.

Reporting on: www.independent.ie