You are here
Prices & Quotes - UK Markets - Construction & Materials (2350)
Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.
- Change Today:
Kingspan H1 sales, trading profit to beat 2019
By Michele Maatouk
Date: Tuesday 22 Jun 2021
LONDON (ShareCast) - (Sharecast News) - Irish building materials group Kingspan said on Tuesday that first-half profit and sales are set to be ahead of the previous year and 2019 as the momentum reported in April has continued into the second quarter.
In a brief update ahead of its first-half results in August, the company said most key markets are "strongly ahead" of the first half of 2020 and 2019.
"We reported in April that we had a strong order backlog at that point and this has grown further in the period since," it said. "Raw material inflation has continued at record levels, a situation which is ongoing and expected to continue through the summer months at least."
As a result, Kingspan now expects sales in the first half of 2021 to be around €2.9bn, up from €2.1bn in H1 2020 and €2.2bn in 2019. Meanwhile, trading profit is expected to rise to approximately €315m from €200m in H1 2020 and €230m in 2019.
The group also said it has completed the acquisition of Denmark-based Logstor.