Kingspan expects H1 trading profit growth after 'good' Q1
Insulation and building materials manufacturer Kingspan has reported a "good" first quarter despite what it called a sluggish start to the year due in the main to seasonal factors.
In a trading update for the three months to the end of March and ahead of its AGM tomorrow, Kingspan said group sales rose by 9% to €2.1 billion, while they were "modestly" ahead on an underlying basis.
The Co Cavan-based company said its European market overall recorded sales growth with reasonable activity in general.
Kingspan added that while sales in the US have been understandably slow, order intake has been very strong, with the US orderbook currently at record levels.
Meanwhile, Latin American sales were robust with the Middle East and India both started the year well.
Kingspan said its trading outlook remains in reasonable shape overall with sentiment varying significantly by region.
"We remain focussed on factors we can control in an environment where there is much background noise. With much of the second quarter remaining we expect to deliver overall trading profit growth in the first half," the company stated.
"Overall, Kingspan's unrivalled spectrum of products, our strong innovation and development pipelines, and Planet Passionate agenda all position the group favourably for years ahead," it added.
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