Building materials group Kingspan's (KGP) 12 per cent top-line jump looks great, but 11 percentage points of that came from acquisitions. That said, as helpful as acquisitions can be for sales growth, they can cause equal damage to margins and thus profits. But, in actuality, favourable raw material prices allowed group trading margins to widen by 180 basis points last year to 11 per cent, which helped lift group trading profit by a third to €341m (£294m).
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