Business Irish

Friday 20 September 2019

Kingspan in 'positive' start to 2019 with sales up 18pc

Kingspan CEO Gene Murtagh
Kingspan CEO Gene Murtagh
Ellie Donnelly

Ellie Donnelly

Insulation giant Kingspan has reported a “positive” start to 2019, with sales up 18pc to €1.06bn in the three months to 31 March.

Sales increased 6pc on an organic basis.

The sales growth reflected strong volumes across key markets partially offset by the deflationary effect of lower raw material prices, the group said in a trading update ahead of its AGM today.

In Ireland the group had a “strong” start to the year.

Meanwhile, UK sales activity was positive, but order intake in insulated panels was relatively subdued.

Mainland Europe traded solidly across the region during the three month period.

Elsewhere, in the Americas, the US performed well, Canada recorded solid growth and Latin America performed strongly, the Cavan-headquartered group said.

Looking ahead, order intake across the business has been “generally encouraging” so far this year and the overall order book is ahead of last year.

“Whilst we anticipate reasonably positive momentum through the second quarter, enhanced by our growing geographic reach, we equally remain mindful of the unfavourable rhetoric around the direction of the global economy and any impact that may have on Kingspan,” the group said.

Earlier this year Kingspan was unsuccessful in its attempts to buy some or all of Belgian rival Recticel.

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