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Fri May 07 2021

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Kingspan reports good start to the year

27 Apr 17 Kingspan has reported that its group sales for the first quarter of this year were up 24% on the same period in 2016.

The company said that the good start to the year reflected a combination of solid underlying markets and the acquisitions made in 2016 bedding down well. The 24% increase in group sales to €831.2m (£706.6m) for the three-month period to 31 March were up 26% pre-currency effects and up 14% before the effects of currency and acquisitions.

By market, the UK remains solid overall although is a little softer than at the turn of the year, said the company. Mainland European markets continue to show signs of recovery with decent volumes overall. The US market is a little more encouraging than conditions experienced towards the end of last year. The Middle East and Turkey regions are subdued, with Australia and its adjacent markets showing more positive signs. A feature of all markets has been ongoing raw material inflation and the associated recovery effort.

Insulated Panel sales revenues were up 32%. Insulation board revenues grew 8%, access floors sales revenues were up 6% and environmental sales revenues were up 13%.

Looking ahead, the company said that its order backlog across the group overall points towards a solid first half for the business. The project pipeline is encouraging in most of its major markets, although trending weaker in the UK in recent weeks. 

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