DAVY VIEW

It always seemed inevitable that once Kingspan took a stake in Nordic Waterproofing that it would ultimately seek to take full ownership of the business. This prospect has now materialised, although such is the scale of Kingspan that Nordic Waterproofing would not be that significant at group level as it would add just over 3% of operating profit on a pro-forma basis. That said, it would represent a further step forward in the rapid development and scaling up of its Roofing + Waterproofing division. It would also deepen Kingspan’s presence in the Nordic region (which accounts for over 80% of Nordic Waterproofing’s revenues).