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Despite a challenging trading environment Kingspan delivered record half year results, with revenues over €4bn for the first time. We have been able to navigate large input cost increases with only modest margin impact.
We invested €522m in new businesses and capex in the period, including significant progress executing on our strategy of developing a new business division focussed on roofing and waterproofing solutions. We also continue our organic expansion plans, with the intention to build 25 new production lines in the next 5 years, including our plans to invest €200m in a new Building Technology Campus in Ukraine.
Looking forwards we retain the outlook flagged in our June trading update but are confident in the long term demand for the energy efficient solutions we deliver. Whilst inflationary pressures have eased in recent months, the context of energy supply constraints over the winter months in Europe will be something we will be closely monitoring.