Final Results

Kingspan Group PLC 20 March 2001 KINGSPAN GROUP PLC RESULTS FOR THE YEAR ENDED 31ST DECEMBER 2000 FINANCIAL HIGHLIGHTS Euro % change Turnover 662.6m Up 24% Operating profit 76.8m Up 18% Operating profit before goodwill amortisation 80.6m Up 19% Net profit before tax 67.5m Up 15% Basic earnings per share 30.4 c Up 12% Final dividend per share 2.27 c Up 45% Dividend cover 8.4 times (1999: 10.9 times) Interest cover 8.3 times (1999: 10.3 times) Gearing ratio (net debt as % of shareholders' 60% at 31st December 2000 funds) (72% at 31st December 1999) CHAIRMAN'S STATEMENT Financial Performance Turnover in 2000 was Euro662.6 million, an increase of 24% on the previous year. This increase was in the main organic and achieved without the benefit of significant acquisitions in the period. Operating profit at Euro76.8 million was up 18% and earnings per share, before goodwill amortisation, was up 14% at 32.7 cents. Significant Developments 2000 was a year when the Group consolidated the acquisitions made in 1999 and continued its focused strategy of increasing market penetration and product development in the same market segments in which it operates. A number of major capital expenditure investments were completed during the year. These include the installation of a new composite panel line in the UK and new lines for the production of rigid insulation boards in Ireland and the UK. These lines are now fully operational. A new line for the production of raised access floors was installed at Hewetson in the UK and this has enabled the full integration of Durabella, a raised access flooring business acquired in October 1999, onto the Hewetson site in Hull. The Group announced the agreement to acquire Tate Global Corporation (Tate), the market leader in raised access flooring in the US, in December 2000 and this acquisition was completed in January 2001. The consideration was US$100 million and in addition debt of US$20 million was taken over. Tate had sales in 2000 of US$158 million and profits before interest and tax of US$17 million. The penetration of raised access floors into the high rise office market in the US is only 10% and the attraction for Kingspan is the potential to significantly increase this penetration. The main target market for the Group's raised access flooring business both in Europe and in the US, is the high rise office market and we expect to see both Hewetson and Tate making good progress in this sector in 2001. If Tate had been a subsidiary of the Group for 2000, turnover in raised access floors would have represented 32% of Group turnover of which about 85 % is represented by the high rise office market and 15% by the data centre market. This data centre market will be volatile in the immediate term. The customers for raised access floors in this sector are information technology and telecommunication businesses, both of which are essentially tied to the performance of the Nasdaq in New York for funding. Rationalisation and consolidation can be expected in this sector and a number of projects are currently being put on hold pending the outcome of this consolidation. E-commerce and the internet can be expected to be the way of doing business in the future and the infrastructure to facilitate this requires raised access floors. Tate will be adjusting its expectations in the short term from this sector but not in the high rise market, which will remain the main focus. Hewetsons should be largely unaffected by the volatility in the data centre sector. Rethinking Construction The dynamics of the construction market should favour the Kingspan range of products. They are designed to provide greater value by achieving a very clear focus on meeting functional needs. The products are designed to reduce capital costs and improve the quality and working environment in new buildings. Also our products are all about reducing running costs and improving environmental standards. We feel we are in the right place at the right time with our current products. Until relatively recently most building owners selected design/build contractors almost exclusively on the basis of tendered price and this often militated against the most efficient products being selected on a project. Kingspan has been at the forefront in highlighting the construction issues of today in the marketing of its products - speed of construction, the reduction in the cost of other capital equipment as a result of specifying the most thermally efficient cladding systems, the running costs of the building after completion and flexibility in layout. In the UK, the Department of the Environment, Transport and the Regions set up a task force under Sir John Egan to report to the Deputy Prime Minister, John Prescott, on the scope for improving the quality and efficiency of UK construction. The Egan report on 'Rethinking Construction' is now complete and when implemented, offers great potential for Kingspan. This report highlights the fact that, based on traditional construction practices, the industry requires 75,000 new entrants across all the skills to sustain itself . Therefore, the focus for Kingspan is to provide the market with product solutions that reduce or eliminate traditional skills and wet trades because they simply will not be available. We are one of the best placed companies in the industry to capitalise on this, given our current critical mass, product range, building physics skills and financial resources. Some multiple retail and distribution companies in the UK have demonstrated that it has been possible to reduce the capital cost of stores by 20% in the last two years through partnering with a small number of suppliers of building materials with whom they establish long term relationships. The same companies are targeting a further 20% reduction in the next two years and just as importantly, a 50% reduction in project time. Kingspan has been part of these developments and believes that prefabrication, modularisation and partnering with building owners and contractors is the future. Kingspan will further accelerate the partnering concept as well as ensuring, through its product development programme, that all of its products will be suitable for large-scale prefabrication and modularisation. Strong Brands Companies with successful brands are those with strong beliefs and original ideas. They are also the ones that have the vision and the energy to change things and to influence and convert a market to their way of thinking. * Kingspan has almost single handedly converted the roofing and cladding market from traditional 'built up' systems to composite panels in the UK and Ireland. * In the raised access floor sector, Hewetson is the best known and most successful company in the UK and Ireland, while our most recent US acquisition, Tate, is the premium brand in that region. With raised access floors only having a 10% penetration in the US, we are satisfied that there is a substantial opportunity for market conversion. * Titan, which is the brand under which the environmental container product range is marketed, is also the most successful brand in this market place. The products solve a number of environmental issues and are now supported by legislation in the UK. If the strength of a brand is measured by a combination of growth potential and favourable perception, then the organic potential in the Group's main markets is considerable. Dividend Policy A final dividend of 2.27 cents is proposed, bringing the total dividend to 3.62 cents. This is an increase of 45% on the previous year and the dividend is covered 8.4 times. This is in line with the Group's policy to bring dividend cover closer to the industry average and is consistent with the commitment to increasing shareholder value while conserving resources to fund the Group's expansion plans. Outlook 2001 has got off to a satisfactory start with operations performing better in the first quarter than in the same period last year and in line with expectations. In anticipation of further increased demand for the Group's main products, we will be pressing ahead with the installation of increased capacity to augment the considerable additional capacity that was put in place in 2000. Going forward there is the possibility that the impact of the downturn in the US will be deeper and longer than currently expected. This could affect the growth prospects of Tate in the US but the remaining businesses, including Hewetson, should not be adversely affected. The immediate emphasis will be on maximising the returns from our recent and ongoing capital expenditure programmes and Tate, our most significant acquisition to date. Eugene Murtagh 20 March 2001 OPERATIONS REVIEW The Group has five product groups all of which delivered good sales growth again this year. Most of the Group's products are highly specified by architects or designers and all are aimed at focused market segments in the construction field. The products enable customers to meet increasingly stringent building and environmental regulations. The Group's new product portfolio includes a new generation of building envelope products which minimise energy taxation and maximise future tax incentives for environmentally efficient buildings. Capital Investment : The Group invested Euro31 million in capital equipment to support further sales growth & improve efficiencies. The major investments are further referred to below under the major product headings. Composite Panels : Sales of composite panels grew in all our markets across Europe. This was due to the continuing successful marketing to investors and recognition by architects of the significant product benefits of composite panels. In Britain, the Group implemented a range of successful marketing initiatives to strengthen its market leadership position in the growing market for composite panels. A new composite panel line was installed at our Sherburn,Yorkshire facility to ensure sufficient future capacity to support continued market conversion to composite panels from traditional 'built up' systems. Further strong sales growth was achieved in mainland Europe. To support the further development of our European markets, it has been decided to establish a composite panel facility in mainland Europe during 2001. Sales in Ireland also increased driven by our strong market share and service in this buoyant market. Raised Access Floors : In our raised access floors division, the acquisition of Tate Global Corporation in the USA in January 2001, has meant that the Group is now the world leader in this growing market. Tate has three manufacturing facilities in Pennsylvania and Maryland in USA and Walsall in Britain. Currently, raised access floors account for only 10% of all new high rise offices in the USA compared to over 80% in Britain. Our intention is to develop and implement the appropriate market conversion strategies to grow the raised access floor market over time. Tate is currently undertaking a significant investment programme. The major part of this programme is now complete and very significant cost reductions are imminent. In Britain, the Durabella raised access floor business was successfully integrated into our Hewetson business. A major new raised access floor facility was established at the Hewetson facility in Hull. This provides the Group with an extensive low cost manufacturing base to service our markets across Europe. Environmental Containers : Our Environmental Containers business continued to grow. Plastech, Ferham and Klargester which were all acquired at the end of 1999 and early 2000 have been integrated into the Group and are performing to expectations. A new greenfield manufacturing facility was established near Poznan in Poland during the fourth quarter. Insulation : Sales of our rigid board insulation grew well due to successful market conversion and greater awareness of the forthcoming more stringent building regulations. A new rigid board insulation line was installed at our Pembridge, Herefordshire facility. A further insulation line is currently being commissioned at our Castleblaney facility. Building Components : Our building components business, supplying primarily purlins, sections and ancillaries, continued to make steady progress. A new next day delivery fast track response programme is now successfully established in the Irish market. FINANCIAL REVIEW Operating Review Sales for 2000 at Euro662.6 million were Euro130.1 million, or 24.4% higher than 1999. Translation effects accounted for Euro35.3 million of the increase, while the balance of Euro94.8 million related to continuing underlying sales growth across all product groups. The favourable translation effect had a disproportionate impact on sales of environmental containers and insulation boards compared to other product groups. Operating profits increased by 18% compared to 1999. The combination of increases in net interest payable arising from the timing of acquisitions and capital expenditure, and an increased effective tax rate, resulted in a 12% growth in earnings. Cash generation in the year was strong, with free cash flow per share increasing 68% to 33.2 cents per share (1999 19.8 cents per share). A total of Euro16.0 million was invested in acquisitions in the year, of which Euro4.5 million was in respect of goodwill capitalised. These acquisitions generated operating profits, net of amortised goodwill, of Euro0.8 million in the year. On a geographical basis, sales in the Republic of Ireland continued at a high level and generated an increase of 22% over 1999, which reflects the continued buoyancy in the Irish construction market. Sales in Britain and Northern Ireland increased by 27% in value terms to Euro455.8 million, with strong sales growth across the full range of products. Sales in Mainland Europe, including Central and Eastern Europe, increased by 12% to Euro89.5 million. The analysis by geographical area is as follows: 2000 1999 Euro'000 Euro'000 Republic of Ireland 97,694 80,174 Britain and Northern Ireland 455,809 357,689 Mainland Europe 89,471 79,726 Other 19,579 14,952 662,553 532,541 The analysis of sales by product group is as follows: 2000 1999 Euro'000 Euro'000 Building components 359,429 304,555 Raised access flooring 104,098 69,692 Insulation boards 87,989 72,662 Environmental containers 111,037 60,853 Discontinued activities 0 24,779 662,553 532,541 At the gross profit level, average margins remained reasonably stable at 31.2%, with continuing operations generating 31.3% and acquisitions 27.9%, this compares to 30.7% in 1999. The continuing strength of Sterling resulted in increases in input costs in relation to our principal raw materials for the Irish manufacturing plants and lower sales value in relation to exports to the Euro zone from British manufacturing plants. This combination is offset by the translation of Sterling generated operating profits and together with the impact of our hedging policy, the overall effect of the strength of Sterling is broadly neutral at the earnings level. The operating margin before taking account of goodwill amortisation, fell from 13.0% to 12.2% from the combination of increased administration costs and higher transport costs, principally arising from the recent fuel crisis. Taxation The Group's effective tax rate, calculated before goodwill amortisation, increased from 21.0% in 1999 to 22.6% in 2000. This is mainly due to the increased share of profits generated in Britain and mainland Europe. Earnings per Share Earnings per share before goodwill at 32.7 cents (30.4 cents after goodwill) shows an increase of 14% over the previous year, or 12% after goodwill amortisation. Earnings per share after goodwill has grown at an annual compound rate of 18% over the period 1998 through to 2000. Dividends The total net dividend per share for 2000 is proposed at 3.62 cents. This comprises an interim dividend of 1.35 cents paid in October 2000, and a final dividend of 2.27 cents which it is proposed will be paid on 28 May 2001 to shareholders on the register on 30 March 2001. This represents an increase of 45% on the previous year. The Group has continued to implement the policy of bringing its dividend yield more closely in line with other comparable quoted companies. As a result the dividend per share has grown at an annual compound rate of 45% over the period 1998 through to 2000. The dividend for the year is covered 8.4 times compared to 10.9 times in 1999. Cash Flow The table below summarises the Group's funds flow for 2000 and 1999: 2000 1999 Euro'000 Euro'000 Inflows Profit before taxation 67.5 58.7 Depreciation 15.7 13.5 Amortisation 4.3 3.0 Disposals 0.7 9.9 Share issues in Company 1.1 0.2 89.3 85.3 Outflows Acquisitions 14.8 76.9 Capital Expenditure 31.8 18.1 Dividends paid 4.9 3.4 Taxation paid 13.0 18.2 Dividends to minorities 0.3 1.6 Working capital increase 19.0 23.9 Other 14.8 8.4 98.6 150.5 Increase in net debt (9.3) (65.2) Net debt at start of year (100.6) (35.4) Net debt at end of year (109.9) (100.6) The free cash flow for the year, comprising operating cash flow less interest and taxation paid, amounted to Euro55.9 million compared to Euro32.7 million in 1999. This performance represents 33.2 cents per share (1999: 19.8 cents), the improvement results from a reduction in corporation tax paid and an improvement in working capital management. There was an increase in working capital of Euro19.0 million having adjusted for working capital included in acquisitions. Year end working capital expressed as days sales in 2000 was 60 days compared to 62 days in 1999. Return on Capital Employed The return on average capital employed (including goodwill capitalised in 1999 and 2000) was 28.3% compared to 34.5% in 1999. If goodwill previously written off of Euro37 million was still on the balance sheet, the return on average capital employed would have been 24.9% compared to 28.8% in 1999. Acquisitions Since the Year End With effect from 17 January 2001, the Group acquired Tate, a business based in Maryland USA, which is the market leader in raised access flooring in North America. This acquisition continues the Group's strategy of establishing strong positions in growing markets and results in the Group being the world leader in raised access flooring. The total consideration relating to this acquisition of US$120 million includes US$20 million of debt acquired and was funded from the Group's own resources and debt facilities. This acquisition has resulted in goodwill of Euro87 million in 2001, which will be capitalised under FRS 10 and amortised over 20 years. Treasury Net interest payable amounted to Euro9.3 million and this is covered 8.3 times (1999: 10.3 times) Net year end borrowings amounted to Euro109.9 million representing gearing of 60%, compared to 72% in 1999. It is Group policy to enter into interest rate hedging to limit interest rate exposure on a proportion of the Group's medium to long term debt. Approximately 68% of the Group's borrowings are subject to interest rate hedges, which limit the sterling rate exposure to between 6.2% and 8.0% to 2002. Balance sheet exposure in relation to foreign currency is hedged as far as possible by borrowings in the same currency. Foreign exchange translation and transaction exposures are hedged internally as far as possible and to the extent that they are not, such exposures are hedged up to one year forward. Summary The Group has continued to implement its strategy of developing positions of leadership in well defined growth markets, which has resulted in capital investments in acquisitions and increased and improved production facilities. The total investment expenditure over the last three years is in excess of Euro177.5 million, with Euro70.2 million in capital expenditure and Euro107.3 million in acquisitions. The strong growth in earnings combined with the cash generation provides an excellent platform for the Group to continue to develop in a controlled manner. The Group's balance sheet is in a strong financial position and it is envisaged that this will enable the funding of the continuation of our growth strategy. GROUP PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER 2000 Continuing operations Acquisitions Total Total 2000 2000 2000 1999 EURO'000 EURO'000 EURO'000 EURO'000 Turnover 643,751 18,802 662,553 532,541 Cost of sales (442,359) (13,557) (455,916) (369,188) Gross profit 201,392 5,245 206,637 163,353 Distribution costs (36,280) (1,456) (37,736) (29,196) Administrative expenses (85,336) (2,944) (88,280) (66,659) Goodwill amortisation (3,818) (9) (3,827) (2,494) Operating profit 75,958 836 76,794 65,004 Interest payable and similar charges (10,398) (7,498) Interest receivable and other income 1,111 1,176 Profit on ordinary activities before 67,507 58,682 taxation Tax on profit on ordinary activities (16,098) (12,875) Profit on ordinary activities after 51,409 45,807 taxation Minority interest (176) (152) Profit attributable to ordinary 51,233 45,655 shareholders Ordinary dividends (6,105) (4,198) Profit retained for the year 45,128 41,457 Basic earnings per share 30.4 c 27.2 c Basic earnings per share (before goodwill 32.7 c 28.7 c amortisation) Diluted earnings per share 30.0 c 26.8 c GROUP BALANCE SHEET 31.12.00 31.12.99 AS AT 31ST DECEMBER 2000 EURO'000 EURO'000 FIXED ASSETS Tangible assets 130,588 107,387 Intangible assets 73,110 73,197 Financial assets 12,714 556 216,412 181,140 CURRENT ASSETS Stocks 66,777 49,807 Trade and other debtors 157,622 136,386 Cash and term deposits 44,817 28,515 269,216 214,708 CREDITORS Amounts falling due within one year Trade and other creditors 125,678 104,983 Bank and other borrowings 82,896 54,856 Deferred consideration 1,797 2,520 Dividends 3,835 2,636 214,206 164,995 NET CURRENT ASSETS 55,010 49,713 TOTAL ASSETS LESS CURRENT LIABILITIES 271,422 230,853 CREDITORS Amounts falling due after more than one year Bank and other borrowings 63,338 61,909 Deferred consideration 6,713 9,860 70,051 71,769 PROVISIONS FOR LIABILITIES AND CHARGES 12,168 12,730 CAPITAL GRANTS 1,496 1,740 187,707 144,614 CAPITAL AND RESERVES Called-up share capital 21,939 21,827 Share premium account 16,866 15,884 Revaluation reserve 891 891 Profit and loss account 140,036 94,908 Other reserves 4,695 5,991 Shareholders' funds 184,427 139,501 MINORITY INTERESTS Including non-equity interests 3,280 5,113 187,707 144,614 GROUP CASH FLOW STATEMENT 2000 1999 FOR THE YEAR ENDED 31ST DECEMBER 2000 EURO'000 EURO'000 Net cash inflow from operating 77,511 57,426 activities Returns on investments and servicing of finance Interest received 1,128 1,178 Interest paid (9,719) (7,655) Interest element of finance lease (53) (32) rental payments Net cash outflow from returns on investments and servicing of finance (8,644) (6,509) Taxation Corporation tax paid (12,986) (18,170) Capital expenditure and financial investment Purchase of tangible fixed assets (31,808) (18,073) Less new finance leases 12 319 Purchase of financial fixed assets (12,158) 0 Proceeds on sale of tangible fixed 733 255 assets Net cash outflow for capital expenditure and (43,221) (17,499) financial investment Acquisitions and disposals Purchase of subsidiary undertakings (14,727) (72,461) Net cash acquired with acquisitions 0 8,978 Payment of deferred consideration in respect of (3,543) (1,372) acquisitions Acquisition of patent rights 0 (551) Disposal of subsidiary undertakings 0 10,315 Net cash disposed with disposals 0 (625) Net cash outflow for acquisitions and (18,270) (55,716) disposals Equity dividends paid (4,906) (3,370) Cash outflow before use of liquid (10,516) (43,838) resources and financing Management of liquid resources Decrease in bank deposits 2,526 3,390 Financing Issue of shares 1,094 185 Increase in term debt 35,796 (8,958) Capital element of finance lease (514) (298) repayments Acquisition of own shares 0 (519) Capital grants received 0 15 Acquisition of shares held by (1,594) (1,554) minorities Dividends paid to minorities (284) (1,574) Net cash inflow / (outflow) from 34,498 (12,703) financing Increase/ (decrease) in cash for the 26,508 (53,151) year GROUP CASH FLOW STATEMENT 2000 1999 FOR THE YEAR ENDED 31ST DECEMBER 2000 EURO'000 EURO'000 Reconciliation of net cash flow to movement in net debt Increase/ (decrease) in cash for the 26,508 (53,151) year (Decrease) in liquid resources (2,526) (3,390) Cash flow from movement in debt, lease finance & deferred (31,739) 10,628 consideration Change in net debt resulting from cash (7,757) (45,913) flows Loans and finance leases acquired with (396) (2,815) subsidiaries Deferred consideration acquired with 0 (2,895) subsidiaries Deferred consideration arising on acquisitions 363 (7,125) during the year New finance leases (12) (318) Translation adjustment (1,494) (6,132) Movement in net debt in the year (9,296) (65,198) Net debt at start of year (100,630) (35,432) Net debt at end of year (109,926) (100,630) STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES 2000 1999 FOR THE YEAR ENDED 31ST DECEMBER 2000 EURO'000 EURO'000 Profit for financial period attributable to Group 51,233 45,655 shareholders Exchange adjustments (1,296) 8,571 Total gains and losses recognised 49,937 54,226 since last annual report SUPPLEMENTARY INFORMATION REPORTING CURRENCY The financial statements are presented in Euro. Results and cash flows of foreign subsidiary undertakings have been translated into Euro at the average exchange rates, and the related balance sheets have been translated at the rates of exchange ruling at the balance sheet date. Exchange rates used were as follows: Euro = 2000 1999 2000 1999 Irish Pound 0.787564 0.787564 0.787564 0.787564 Pound Sterling 0.6095 0.6592 0.6241 0.6217 Dutch Guilder 2.2037 2.2037 2.2037 2.2037 Belgian Franc 40.3399 40.3399 40.3399 40.3399 Deutschemark 1.9558 1.9558 1.9558 1.9558 Hong Kong Dollar 7.1973 8.2775 7.2578 7.8090 Czech Koruna 35.5995 36.8823 35.0470 36.1030 TURNOVER 2000 1999 The analysis by class of activity is EURO'000 EURO'000 as follows: Building components 359,429 304,555 Raised access flooring 104,098 69,692 Insulation boards 87,989 72,662 Environmental containers 111,037 60,853 Discontinued activities 24,779 662,553 532,541 2000 1999 The analysis by geographical area is EURO'000 EURO'000 as follows: Republic of Ireland 97,694 80,174 Britain and Northern Ireland 455,809 357,689 Mainland Europe 89,471 79,726 Other 19,579 14,952 662,553 532,541 DIVIDENDS 2000 1999 EURO'000 EURO'000 Ordinary dividends Paid: Interim dividend 1.35c per share (1999: 0.93c per share) 2,270 1,562 on 168,300,445 shares Payable: Final dividend 2.27c per share (1999: 1.57c per share) 3,835 2,636 on 168,757,115 shares 6,105 4,198 The Board is recommending the payment of a final dividend of 2.27c per share to be paid, subject to shareholder approval, on 24 May 2001 to shareholders registered at close of business on 30 March 2001. RECONCILIATION OF MOVEMENTS IN 2000 1999 SHAREHOLDERS' FUNDS EURO'000 EURO'000 Profit for the financial year attributable to 51,233 45,655 Group shareholders Dividends (6,105) (4,198) 45,128 41,457 Other recognised gains and losses for (1,296) 8,571 the year New share capital subscribed 1,094 185 Net addition to shareholders' funds 44,926 50,213 Opening shareholders' funds 139,501 89,288 Closing shareholders' funds 184,427 139,501 RECONCILIATION OF OPERATING PROFIT TO 2000 1999 NET CASH FLOW FROM OPERATING ACTIVITIES EURO'000 EURO'000 Operating profit 76,794 65,004 Depreciation charges 15,713 13,477 Amortisation of intangible assets 4,311 2,989 (Profit) / loss on sale of tangible (79) 56 assets Capital grants amortised (242) (235) (Increase) in stocks (15,110) (3,932) (Increase) in debtors (19,200) (31,427) Increase in creditors 15,324 11,494 77,511 57,426 EARNINGS PER SHARE 2000 1999 EURO'000 EURO'000 The calculations of earnings per share are based on the following: Profit attributable to ordinary 51,233 45,655 shareholders Number of Number of shares shares ('000) ('000) 2000 1999 Weighted average number of ordinary shares for the calculation 168,286 167,76 of basic earnings per share Dilutive effect of share options 2,264 2,630 Weighted average number of ordinary shares for the calculation 170,550 170,336 of diluted earnings per share 2000 1999 Cents Cents Basic earnings per share 30.4 27.2 Diluted earnings per share 30.0 26.8 Basic earnings per share before 32.7 28.7 goodwill amortisation ABBREVIATED ACCOUNTS The 2000 financial information is an abridged version of the Group's financial statements which have not yet been filed with the Registrar of Companies but upon which the auditors have given an unqualified audit report. The 1999 figures are an extract from the Group's statutory accounts for the year ended 31 December 1999 which have been filed with the Registrar of Companies and audited and reported upon without qualification. DISTRIBUTION OF THIS PRELIMINARY ANNOUNCEMENT These results are available on the Group's website at www.kingspan.com. A printed copy is available to the public from Wednesday 21st March 2001 at the Company's registered office or from the Company's Registrars: Computershare Services (Ireland) Limited, Heron House, Corrig Road, Sandyford Industrial Estate, Dublin 18.

Companies

Kingspan Group (0KGP)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today