Kingspan looks to deliver full-year trading profit of €440m

Insulation manufacturer Kingpsan said on Monday that it is forecasting full-year trading profits of about €440 million.

In a trading update for the nine months to September 30th, Kingspan said that sales were up by 18 per cent to €3.18 billion, with sales up by 24 per cent in the third quarter. Underlying sales, pre currency and acquisitions, were up 4 per cent in the year to date and by 3 per cent in the third quarter.

Sales in the group’s insulated panel division rose by 20 per cent over the nine months, and by 30 per cent in the third quarter. In the UK sales momentum improved through the third quarter “however activity on the medium and smaller project sizes remained subdued” Kingpsan said.

In insulation boards, sales were up by 13 per cent in the nine months, and by 10 per cent int he quarter. Kingspan pointed to “ some market softening” in residential activity in the UK and “a dynamic pricing environment”. Sales in mainland Europe were also “ a little subdued” as it prioritised margin over volume.

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Across light and air, sales were up by 50 per cent in the nine months and by 40 per cent in the quarter, while water and energy sales were up by 11 per cent, and 16 per cent, respectively. The group’s access floors division reported a 3 per cent bump in sales in the first nine months, and by 4 per cent in the third quarter.

At the end of September, net debt was €878.4 million, and is forecast to fall to €750 million by year-end.

Looking ahead, Kingspan said that its markets are “reasonably stable and, whilst our orders-on-hand are strong, we remain cognisant of the general sense of nervousness prevailing globally”.

It expects to deliver full year trading profit of about € 440 million, or growth of approximately 15 per cent.