‘Record’ first quarter for Kingspan as sales rise

Insulation specialist Kingspan said it had a record first quarter in 2022, with group sales up 47 per cent to €1.89 billion.

But the group said raw material inflation had returned sharply in recent weeks, after easing at the start of the year.

In a trading update for the quarter ended March 31st, Kingspan said its European market was strongly ahead, while an encouraging pipeline for North American and robust order intake activity in Latin America.

The Australasia market was also beginning to improve after a subdued 2021.

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Insulated panels sales rose 44 per cent, while insulation sales were up 41 per cent in the first quarter. Kingspan said its data and flooring sales increased by 32 per cent, with data centre solutions offsetting the anticipated weakness in new office construction.

The group’s water and energy business saw a good start to the year with sales 24 per cent ahead in the first quarter, although margins were under pressure.

Net debt at the end of the quarter was €905 million, with the group spending €67 million in the first quarter of the year.

Looking ahead to the second quarter, the trading outlook is positive with a strong order backlog on hand. However, raw material inflation remains an issue to be firmly managed, Kingspan said.