Results due from Kingspan and UTV Media
Building materials company is expected to post first half revenue of €929 million
Pat Kenny with Alison Comyn at UTV Ireland’s photocall in Dublin last week. Photograph: Gareth Chaney Collins
Building materials company Kingspan is expected to post first half revenue of €929 million, up approximately 8 per cent on the first half of 2013, and operating profit of €64 million.
Davy stockbrokers said the underlying earnings per share forecast is 28.5 cent, implying year-on-year growth of 21 per cent. Davy analyst Flor O’Donoghue said double-digit dividend growth is also likely.
Kingspan has positioned itself for a tilt at the rapidly improving United States housing market, last week announcing the purchase of the building insulation division of Pactiv for $82 million (€61 million).
In an interim management statement, Kingspan said sales in the first four months of the year were 8 per cent ahead of the same period in 2013 at €561 million.
UTV Media will issue its results for the period ending June 30th. The broadcaster is currently preparing for the launch of its UTV Ireland channel in January.
Last week it announced that Pat Kenny would be making a return to television, hosting a new show on the channel.
Goodbody Stockbrokers said it was encouraging to see that preparations for the channel were progressing and a good quality programming schedule was coming together.
“UTV Ireland is an organic investment by the group and presents an attractive long- term growth story with further upside potential should the group beat our market share estimates,” it said.
UTV Ireland said a 30-minute daily news round-up called Ireland Live will be broadcast each weekday evening.