Kingspan profits to expected to top €300M for first half of 2021

Insulation and building materials manufacturer Kingspan has issued a brief trading update in advance of its half year end in which it stated it expects trading profit for the first six months of this year to top €300M.

CEO Gene Murtagh said: "The momentum we reported in April for the first quarter has continued into the second quarter. Most key markets are strongly ahead of the first half of 2020 and indeed the first half of 2019.

"We reported in April that we had a strong order backlog at that point and this has grown further in the period since. Raw material inflation has continued at record levels, a situation, which is ongoing and expected to continue through the summer months at least."

Sales for the Kingscourt-headquartered company for first half of 2021 are now expected to be in the region of €2.9bn (H1 2020 €2,073m; H1 2019 €2,243m) and trading profit in the region of €315m (H1 2020 €200m; H1 2019 €230m), albeit with the month of June still to complete.

"Further to our earlier announcements, we completed the acquisition of Logstor International Holding S.à r.l (‘Logstor’) yesterday. There are no material changes to the terms of the acquisition as originally announced. Logstor had full year revenues of €244m and a trading profit of €28m in the year to 31 December 2020," revealed Mr Murtagh.

The Group will announce its results for the first half of the financial year on Friday, August 20.