Kingspan reports a 33 percent increase in nine-month earnings

Kingspan expects trading profit of around £830m this year

However, the insulation giant warned that the current combination of challenges in the market has resulted in a “lack of visibility” beyond the next few months. Kingspan said the company now remains cautious ahead of the “seasonally important” final quarter of the year.

The group said revenue for the nine months ended September 30 was €6.25 billion. This represented a 33 percent increase over the same period last year, while revenue increased 17 percent sequentially.

Underlying sales (excluding currency and acquisitions) are up a fifth so far in 2022, according to a trading update from the group.

Insulation board sales rose 29 percent for the first nine months of the year, but Kingspan said third-quarter volumes were “sluggish” due to a drop in orders that emerged mid-year.

This was attributed to inflationary expectations for commodity prices.

Kingspan pointed to certain inputs that have now experienced deflation that are now affecting margins when selling.

The isolation giant pointed to strong activity in America, Germany and the UK, while activity waned elsewhere in Europe.

Kingspan reported growth across all of its businesses in the third quarter. Insulation sales increased by almost half compared to last year, while light and air sales increased by a third.

The company also completed the acquisition of waterproofing specialist Ondura Group in September, while the group acquired a minority stake in Nordic Waterproofing in August.

Net debt at the end of the year is now expected to be in the order of EUR 1.5 billion.

Kingspan said the inflation observed by the group over the past 18 months appears to have peaked, with input prices likely to fall in the fourth year. It added that the global backlog is stable, while the pipeline of activities in the data, technology, electric vehicle, automotive and district heating applications sectors is positive.

https://www.independent.ie/business/irish/kingspan-reports-33pc-rise-in-nine-month-revenues-42123969.html Kingspan reports a 33 percent increase in nine-month earnings

Fry Electronics Team

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