Tuesday 20 March 2018

Sales at Kingspan up almost 20pc in nine months

Kingspan CEO Gene Murtagh
Kingspan CEO Gene Murtagh
Ellie Donnelly

Ellie Donnelly

Cavan-based Kingspan has reported sales in the nine months to 30 September of €2.69bn, up 19pc on the same period last year, according to a trading updated from the company.

Organic revenue growth was 11pc for the first nine months of the year.

Meanwhile sales in the three months to 30 September were up 17pc year-on-year at the insulation and building envelope solutions company.

Breaking the update down by segment, insulated panel sales in the first nine months of 2017 increased by 16pc year-on-year.

In mainland European sales were solid in most markets, in particular in France.

However, in the UK the company experienced a sense of "near-term indecision around order placement", despite this Kingspan said that its future activity tracker remained modestly ahead of prior year in the UK.

North American sales were solid overall, while in Latin America the company said that it had experienced very encouraging activity since taking a position there in recent months.

Meanwhile sales of insulation board were up 10pc year-on-year in the nine months to 30 September. According to Kingspan, sales growth year-on-year reflected strong price growth necessitated by raw material inflation.

Geographically, sales of insulation board was especially positive in the UK, Ireland, Western Europe and the Nordics. However the North America and Australasia markets are still in a developmental phase for the group.

Sales in the group’s light & air, environmental, and access floors divisions all also posted increases.

Net debt for the year-end 2017 at the company is expected to be around €400m.

The group said that it expects to deliver full year trading profit growth of around 10pc or €375m.

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