Kingspan trading continues its momentum into second half

Building materials group says backlog of work has grown further

Kingspan chief executive Gene Murtagh

Kingspan chief executive Gene Murtagh

 

Cavan-based buildings materials group Kingspan said trading in key markets was ahead of the first half of 2020 and 2019 as momentum continued into the second quarter of the year.

Sales in the first half of 2021 are expected to be in the region of €2.9 billion, up from the €2.1 billion in the first half of last year and €2.24 billion in the first half of 2019.

Trading profit is also expected to be higher, at €315 million in the first half of the year. That is up from €200 million in the first half of 2020, and €230 million in 2019.

The group reported a strong order backlog in April, which has grown further since. Raw material inflation has also continued at record levels, the group said, which is expected to continue through the summer months.

The group is set to announce its results for the first half of the financial year on August 20th.

Kingspan also said it completed the acquisition of technical insulation company Logstor International Holdings. The company had full-year revenues of €244 million and a trading profit of €28 million in the year to December 31st, 2020.