Kingspan targets €20m profit rise

KINGSPAN has forecast full-year 2011 operating profits of €82-€85 million — up nearly €20m on last year’s figure.

The Cavan-headquartered building materials/insulation products specialist yesterday reported — via its latest interim management statement — a 30% year-on-year increase in sales for the first nine months of the year, to €1.14 billion; a figure significantly boosted by acquisition contributions.

Sales for the third quarter of the year were up by 24% on the same period last year. The group said that business has remained solid in its core markets of Britain and western Europe, while conditions in eastern Europe have been more challenging. While the US construction sector remains pretty stagnant, sales levels in Kingspan’s insulated panel business there are “well ahead” of last year. Management added that it is continuing to see year-on-year growth in Australia, while activity in Ireland remains subdued “at exceptionally low levels”.