Kingspan to continue debt reduction

KINGSPAN plans to continue reducing debts in the second half of this year after wiping off €69 million in debts while making profits of €24.9m in the first six months of the year.

Kingspan shares roared ahead by 15% yesterday morning – the most in three months – after the company announced a better than expected 35% drop in first-half revenue and said demand for most of its products had stabilised, sending its shares soaring ahead in morning trading.

The shares closed the day up 14% at €6.15.