Kingspan sales up 13% as construction picks up

Building materials group Kingspan reported a 13% increase in sales following a tentative recovery in construction markets in different parts of the world.

Sales in the nine months to Sept 30 were €1.32bn, earning the company an ‘outperform’ rating from Davy stockbroker analyst Robert Gardiner.

“The group expects to deliver trading profit growth of 10% in the full year which implies a result of €118m-€119m,” said Mr Gardiner. “This is slightly ahead of our forecast of €117.8m. Outlook comments are generally more positive with improvement noted in the UK while the recovery elsewhere remains tentative.”