Armacell industrial insulation materials are pictured in this promotional image. Photo credit: Armacell UK
The buildings and insulation materials maker Armacell has recorded a 6% increase in turnover and a 25% gain in profits. About half of the jump in profits was due to accounting changes.
The outfit recorded net sales of €321.8m for the first half of 2019, compared to €302.7m during the same period last year, Armacell said on 2 September.
The company posted adjusted Ebitda (a measure of profitability) of €63.4m for the 6 months ending June 2019, up from €50.6m for the first half of 2018. “The adoption of IFRS 16 accounted for €6m for the first six months 2019,” the company stated.
Armacell is headquartered in Capellen and said it employs roughly 3,000 people and runs “24 plants in 16 countries on 4 continents”.