Kingspan’s nine month sales reach €2 billion
Kingspan, the building materials firm, has reported sales of €2 billion for the first nine months of the year. The sales are up 44 percent on the same time last year.
In an interim management statement, Kingspan said the figure was boosted by the contributions of recent acquisitions, while movement on the currency markets also provided a boost.
With both of those factors removed, the company said that underlying sales were up 3 percent in the year to date.
Kingspan said it expects to deliver a full year trading profit of €250m should current exchange rates prevail. This would mark a 68 percent increase year on year.
The Cavan-based company said the first nine months of 2015 had been a significant period for Kingspan with the integration of both the Joris Ide and VicWest businesses fully on track.
“Profitability has benefited from strong operating leverage, and has been further complemented by unusually favourable exchange rates and a positive input cost environment,” today’s statement said.
The company said that sales of its insulated panels rose by 54 percent in the first nine months of the year, while they jumped by 73 percent in the third quarter.
Insulation board sales were up 39 percent in the first nine months of the year, while they rose by 38 percent in the third quarter.
The company said its environmental sales in the nine month period and the third quarter rose by 8 percent, while access floors sales increased by 17 percent in the nine months to September and by 9 percent in the third quarter.
