By Anthony O. Goriainoff


Kingspan Group PLC said Friday that 2021 pretax profit and revenue rose, and that despite a slower fourth quarter, the board was cautiously optimistic about 2022's outlook given the company's strong order backlog.

The Ireland-based building and insulation-materials company said pretax profit was 689.0 million euros ($782.8 million) compared with EUR459.7 million for 2020.

Trading profit was EUR754.8 million compared with EUR508.2 million the year before.

Revenue rose to EUR6.5 billion from EUR4.58 billion the year prior.

The board proposed a final dividend of 26.0 European cents a share compared with 20.6 European cents for 2020.

The London-listed company said the level of raw-material prices remains high and that there isn't yet evidence of this situation changing significantly.

Kingspan said that although its outlook beyond the first quarter lacks some visibility, the prevailing mood at its end markets is mostly one of cautious optimism.

"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," Chief Executive Gene M. Murtagh said.


Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com


(END) Dow Jones Newswires

02-18-22 0256ET