Kingspan predicts record trading profit

Revenue for the first nine months down 7% on 2022 figures.

Cavan headquartered insulation giant Kingspan issued a statement this week saying it xpects to deliver a record full-year trading profit of €875 million.

The positive trading outlook comes amid ongoing economic uncertainty, with sales revenue for the first nine months down 7% to €6.1bn compared to 2022, but still “comfortably ahead” of the €833m reported last year.

Kingspan said challenges persist for building materials and construction firms, however orders have remained “reasonably stable” over the last number of months and refurbishment activity gaining momentum.

“There is still some way to go in 2023 with the seasonally important fourth quarter remaining,” the company said.

Kingspan reported that insulated panel sales fell by 10% up to the end of September, but are improving.

Sales volumes in the third quarter of the year meanwhile were up globally.

Kingspan recently offered to purchase shares it does not already own in the Sweden-headquartered Nordic Waterproofing for 2.6m Swedish crowns (€230m).

The acceptance period expires February 1, 2024.