Kingspan sales pass the €3bn mark in nine months
Kingspan, the building materials and insulation group, has reported sales of €3.18bn in the nine months to 30 September.
This represents an 18pc increase year-on-year.
Sales in the third quarter were up 24pc. Underlying sales, pre-currency and acquisitions, were up 4pc in the year to-date, according to a trading update from the group.
"Overall, our end markets are reasonably stable and, whilst our orders-on-hand are strong, we remain cognisant of the general sense of nervousness prevailing globally," Gene Murtage, CEO of Kingspan, said
"Assuming currency exchange rates remain relatively constant and, conscious that much of the seasonally variable fourth quarter is still at play, we expect to deliver full year trading profit of around €440m, or growth of approximately 15pc."
Looking at the different segments, and insulated panel sales in the first nine months increased by 20pc.
The group said that its mainland European sales were "solid" in most markets and helped further by the Synthesia and Balex businesses that were recently acquired, which Kingspan said were "performing to plan."
In the UK insulated panel sales momentum improved through the third quarter, however activity on the medium and smaller project sizes remained subdued.
Meanwhile the Americas continues to perform strongly "both in sales and order placement", according to the Cavan-based business.
Insulation board sales in the first nine months of the year were up 13pc. In this segment the group said that mainland European sales have been a little subdued as it prioritises margin over volume.
Net debt at the end of September 2018 was €878.4m. Net debt at year end is forecast to be in the region of €750m.