Kingspan forecasts 17% hike in trading profit

Specialist building materials group Kingspan expects to see a near 20% increase in trading profit this year, despite management remaining cautious over macroeconomic conditions.

In its third-quarter trading update, published yesterday, the Cavan-based building insulation provider said it expects trading profit for 2014 to come in at around €144m, which would represent a 17% increase on last year’s levels.

However, management warned that the current seasonally-important fourth quarter is going up against a tough comparable period, with the last three months of 2013 having been particularly strong for the business. It added that the optimism seen earlier in the year within its main markets “appears to have waned in recent months”, particularly in Europe.