Kingspan reports 10% jump in group sales

Building materials group Kingspan saw group sales jump 10 per cent to €520 million during the first four months of the year.

In an interim management statement, the company reported “some pick-up in activity levels” during March and April following a particularly slow start to the year.

The Cavan-based entity said there were some signs of improvement in commercial construction in Ireland, albeit from a “negligible base”.

The firm has weathered the downturn by taking advantage of a shift towards more energy-efficient building standards, particularly in its largest market, the UK.

It said markets conditions remain “relatively weak” in the UK, particularly in non-office commercial construction with some improvement in residential and office activity.

It said markets conditions across mainland Europe were “quite mixed”’ as was the case for much of last year.

The Benelux market continues to be persistently weak, it said, particularly residential build in the Netherlands.

However, it said while German market started sluggishly it continues to progress as a market for Kingspan with the increased exposure following the group’s acquisition of ThyssenKrupp Construction last year.

Kingspan said its US market had a good start to the year on the back of a strong order book and this is expected to continue for the foreseeable future.