Kingspan upbeat at AGM despite ‘predictably tough’ trading year

THE Cavan-based building and insulation products company Kingspan yesterday informed shareholders at its AGM in Dublin that trading since the beginning of this year has been “predictably tough”.

The company has seen a 34% year-on-year fall in sales in the first four months of the year to €350 million; with the fall-off being most pronounced in the firm’s two core markets of Ireland and Britain.

The news, however, had no negative effect on Kingspan’s share price with the firm closing at €4.10 representing a 6.5% daily gain. On a divisional basis, sales of insulation boards were down by 32% on a year- on-year basis; the environmental and renewables division saw a 39% fall in sales and access floor sales were down 18%.