Kingspan chairman cashes in

Kingspan chairman cashes in

Kingspan's (KGP) leveraged business model meant that the insulation specialist performed rather well in 2016. So whereas revenue grew by 12 per cent, trading profits were up by a third. Favourable raw material costs also helped to lift operating margins from 9.2 per cent to 11 per cent. However, the outlook is less rosy because raw material costs are rising just at the time when demand for insulated panels in the US is slowing. Trading elsewhere has been patchy, with solid growth in the UK despite the referendum result, weakness in eastern Europe but offset by a good performance in France and the Netherlands. Chairman Eugene Murtagh, now 73 years old, recently sold 1m shares at €30 (£25.97) each, although that still leaves him holding more than 29m shares.

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