Kingspan sees FY trading profit up 30%

14th Nov 2016 08:19

(ShareCast News) - Kingspan said on Monday that it expects to deliver full-year trading profit of around €335m, up 30% on the previous year, although it did caution that much of the seasonally-variable fourth quarter remains and noted the forecast was based on the assumption that current exchange rates prevail.The high-performance insulation manufacturer said sales in the nine months to the end of September were up 13% on the same period last year to €2.27bn, while sales in the third quarter were up 5%.Insulated panel sales in the first nine months rose 17% and were up 4% in the third quarter. The group said the UK continues to trade positively, while mainland Europe is "very solid overall" with France and the Benelux performing but some softness in Germany.In North America, activity has been sluggish in recent months and based on order intake patterns, is expected to continue in a similar vein for the remainder of the year. Sales in Australasia, however, have improved steadily through the year.Insulation Board sales in the first nine months were up 6% but flat in the quarter. UK sales in the third quarter were strong overall, Ireland was robust, and mainland Europe progressed solidly with a notably strong performance in the Nordic region.Meanwhile, the group's new energy efficient daylighting and natural ventilation activity, Light & Air, is set to have annualised sales of around €190m.Environmental sales in the first nine months were up 2% and 2% higher in the third quarter, while Access Floors sales in the first nine months increased by 6% and rose 4% in the third quarter.At 0830 GMT, the shares were up 3.3% to €23.77