UK performance was described as “solid given the challenging circumstances”, while its home market in Ireland remains depressed, the company said.
Sales in the Insulation Boards product segment were up 10% year-on-year, excluding a recent acquisition in Australia, and “activity was particularly robust in the UK”.
Kingspan has also agreed to acquire the European insulation activities of CRH for €120m. Subject to statutory approvals, this is expected to complete early in 2011. This will bolsters its position as Europe’s leading provider of non-fibrous insulation throughout Europe, the company said.
Year-to-date performance coupled with the current order book is likely to deliver a 2010 full year operating profit in the range of €62m to €65m, compared to €62.7m in 2009.