DAVY VIEW

Kingspan’s financial performance in 2020 was once again most impressive. Despite the obstacles related to the pandemic, the group increased trading profits for an 11th successive year while free cash flow generation was exceptional. Beyond the numbers, Kingspan has updated on actions taken relating to historic failings in the UK. Our initial take is that these measures look reassuring and hopefully mark an important step forward in restoring confidence. With this, and with the prospects for the business as good as they have ever been, we believe the stock is capable of kicking on once again.