Kingspan continues to claw back its share price after Brexit vote mauling
Published 16/08/2016 | 02:30
Insulation company Kingspan has clawed back around half of its share price after it took a substantial blow following Britain's decision to leave the European Union.
Shares in the company fell from €25.05 to €19.80 overnight after the Brexit result was confirmed, however share prices have continued to rise since then.
Kingspan stocks now stand at €22.34 but are still down 10pc in the year to date. The fall in share price is completely at odds with the company's performance, according to Davy Stockbrokers, which tips the firm to post its 13th consecutive improvement in half-year profits next week.
"This is clearly at odds with the underlying progress the group continues to make," Davy said in a note yesterday
"Expect another year of impressive double-digit earnings growth in 2016.
"The upcoming interim results should indicate that Kingspan will have done much of the heavy lifting towards reaching full year expectations. We remain very positive on the outlook for the group and its dynamic growth potential," Davy added.
Revenue at Kingspan soared by 47pc last year to €2.77bn with acquisitions contributing 35pc to sales growth.
The company posted a €256m profit for last year with a group trading margin of 9.2pc.
Kingspan has followed up its positive 2015 with a strong start to this year, reporting a 25pc increase in group sales in the first three months of 2016.
Insulated panel sales was the fastest growing sector in the company, up 37pc.