Company Report: Kingspan
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 has lent its name to Ulster Rugby's home ground, the Kingspan Stadium in east Belfast.
The company describes its principal activities as offering premium and sustainable ways of sourcing, storing and protecting energy and water. This includes environmentally responsible energy storage solutions, waste water treatment and water recycling, wind and solar energy generation and hot water energy storage.
The company quotes as part of a range of performance indicators that in 2016 it dealt with 725 tonnes of waste (down from 1,318 tonnes in 2015) and that it recycled or reused 79% of its waste.
The trading results in the last three years have been stable but the 'bottom line' performance was affected markedly in 2015 by a large impairments charge to the profit and loss account of £3.9m and the uplift, to the pre-tax profits of £5.1m as exceptional income from subsidiaries. Three subsidiaries were dissolved in 2015.
Looking to 2017, the company reports that the year got off to a strong start with a healthy order book.
Capital expenditure by the company has been increased in the last three years and, at £2.4m in 2016 was the highest of recent years.
In 2014, the average number of employees increased significantly to 790 people. Employment in 2016 fell slightly to 726 people.
No dividends were paid in 2014 compared to £125,000 in 2013. However, in 2015 a dividend of £21.2m was paid to the parent shareholder.
This affected the remaining value of shareholders' funds which at the end of 2014 was £50.9m but was recorded as £34.3m at the end of 2015 and increased in 2016 to a year-end value of £40.9m.