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The business delivered an exceptional performance last year, with our growing sales to customers in the technology, online distribution, and automotive sectors instrumental in the results. Whilst dramatic input price inflation was a major feature, our cost recovery efforts helped ensure continued margin improvement. We continue to drive expansion through acquisition, with over half a billion euro invested in buying new businesses during the year. This was complemented by our organic growth activity as we opened 5 new manufacturing facilities or production lines this year, and plan for a further 25 over the next four years. Since year end we have committed a further €800m on three transactions, subject to customary approval, that create exciting new global platforms for further development. We have made good progress on our Planet Passionate targets, achieving an absolute reduction in Scope 1 and 2 GHG emissions for the second year of the programme, with a 4.3% reduction achieved this year. We will also implement a €70 per tonne internal carbon charge from 2023 to accelerate the pace of decarbonisation across our global business. Despite a slower fourth quarter, with a large order backlog we are cautiously optimistic about the outlook for this year, whilst mindful of the high bar in comparison with last year’s performance. High energy costs and supply threats around the world are a catalyst for a focus on conservation measures, which is likely to accelerate the demand for lower energy solutions which we believe will be supportive of demand for our products. Gene M. Murtagh, Chief Executive Officer, Kingspan Group PLC
€6.5bn
Revenue
€893.2m
EBITDA
€755m
Trading Profit*
+110bps
ROCE
Business Review 2021 was a year marked by extraordinary volatility in supply chains and wider society. Whilst this dynamic created significant challenges to our business, and indeed our industry, underlying demand remained strong through the year, albeit somewhat weaker in quarter four. Our key raw materials also saw dramatic price inflation, and in all, in the region of €700m of cost increases were required to be passed through to market. The result of all of this was a record performance by the Group with revenue growing by 42% to €6.5bn, and trading profit growth of 49% to €755m. Basic EPS grew by 48%. Activity was strong across most of our markets in both residential and industrial construction, newbuild and RMI. Order intake trends displayed in the first half eased off over the course of the second half. That said, the Insulated Panels global order backlog finished the year ahead by 28% in volume. North and South America, France and Britain were particular stand-out positives. The Group’s growing presence in the tech, online distribution and automotive segments was instrumental in delivering this performance. The demand for significantly more efficient materials and methods of construction is clearly gaining much needed momentum and, with the prevailing energy cost and supply threats around the world, it is likely that the drive toward conservation will be accelerated.
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