Company report: Kingspan Environmental
Kingspan Environmental, based in Portadown, is a wholly-owned subsidiary of the Kingspan Group which is a stock exchange quoted company registered in Dublin. The company describes its principal activities as including the design, manufacture and distribution of rotationally moulded products, copper and stainless steel cylinders, solar vacuum tubes, wind turbines and waste water treatment systems.
In the last three trading years, turnover has increased sharply - a 73% increase between 2012 and 2104. In the same period, profits have been more variable.
The strategic report by the directors says that the positive momentum in late 2014 has carried through into the early part of 2015. They envisage an improving momentum in the construction sector.
The year-to-year changes in pre-tax profits in the last three years have been affected by a one-off credit in 2013 of £4.7m accrued from shares in a group business. In general terms, profits in 2014 improved on 2013 but were still lower than in 2012.
The average number of employees in this company has increased significantly and with 790 employees in 2014 was over 40% higher than a year earlier.
No dividends were paid in 2014 compared to £125,000 in 2013. The company operates a share-based equity scheme for managers and executives. The qualifying rules for this scheme have a built-in set of performance criteria before awards can be made. In 2014, £389,000 was earmarked for this scheme.
The balance sheet value of shareholders' funds at the end of 2014 was £50.9m. This was a £14.6m increase in the year, heavily influenced by a large increase in the amount owing from other group companies.