By Matteo Castia
Kingspan Group PLC said Friday that pretax profit rose for 2019 on increased revenue and volumes.
The building-insulation-solutions group made a pretax profit of 454.4 million euros ($490.6 million) for the year, compared with EUR404.9 million in 2018.
Revenue rose 7% year-on-year to EUR4.66 billion, it said.
Trading profit--one of the company's preferred metrics which strips out exceptional and other one-off items--grew to EUR497.1 million, up from EUR445.2 million a year earlier.
Kingspan also said that 2020 has seen a "slow start" due to economic uncertainties. Still, long-term growth remains supported by investment in innovation and expansion in several markets, it added.
"We continue to focus on acquisition opportunities, and have a healthy pipeline of targets under consideration," Chief Executive Gene M. Murtagh said.
The board declared a final dividend of 33.5 European cents, giving a total dividend for the year up 11% at 46.5 European cents.
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