Kingspan to deliver 30% lift to full-year trading profits

Kingspan, the high-performance insulation manufacturer, said on Monday that it expects to deliver full-year trading profit of about €335 million – up by more than 30 per cent on 2015.

However, the Irish company did warn that much of the seasonally variable fourth quarter remains while its forecast is also based on current exchange rates prevailing.

In a trading statement to the stock exchange, Kingspan said that sales in the nine months to September 30th were €2.27 billion, up 13 per cent on the same period in the prior year (+17 per cent pre-currency), with sales up 5 per cent in the third quarter.

The weakening sterling against the euro however, “is impacting the translation of the group’s sterling denominated earnings”.

Robust

Insulated panel sales rose by 17 per cent (+20 per cent pre-currency), and increased by 4 per cent (+8 per cent pre-currency) in the third quarter, amid “positive” trade in the UK, while mainland Europe is “solid overall”.

Insulation board sales in the first nine months were up 6 per cent and were flat in quarter three (+7 per cent pre currency).

“ UK sales in the third quarter have been strong overall, Ireland is robust, with mainland Europe progressing solidly with a notably strong performance in the Nordic region,” the group said.

Light & Air, the group’s new energy-efficient daylighting and natural ventilation activity, is set to have annualised sales in the region of €190 million.

Environmental sales were up 2 per cent (+11 per cent pre-currency) over nine months and were up 2 per cent in the third quarter (+16 per cent pre-currency).

Access floors sales in the first nine months increased by 6 per cent (+11 per cent pre-currency), and by 4 per cent (+12 per cent pre-currency) in the third quarter.