Friday 21 July 2017

Kingspan expects €250m profit as nine-month sales hit €2bn

Kingspans CEO Gene Murtagh
Kingspans CEO Gene Murtagh

Paul O'Donoghue

Sales at building materials company Kingspan hit €2bn in the nine month period to the end of September, up by 44pc on the same period last year.

In an interim management statement issued this morning the firm said sales were boosted by acquisitions, with revenue up by 54pc in the third quarter.

Pre currency and acquisitions, underlying sales were up 3pc both in the year to date and third quarter.

Kingspan said that, “assuming current exchange rates prevail” it expects deliver a full year trading profit of approximately €250m.

This is a 68pc increase compared to 2014.

Net debt at the end of September was €413.8m, which is €306.1m higher than at the same point in 2014 due to acquisition activity year on year.  Net debt at is forecast to be about €380m by the end of the year.

The company said: “2015 to date has been a significant period for Kingspan with a further step up in the breadth of the Group providing strong channels for future growth in market penetration.

“Group underlying sales have shown 3pc growth for much of the year with individual markets trending differently. Considering our current order book, this revenue pattern is likely to continue over the coming months.”

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