Kingspan upgraded after ‘eye-catching’ quarter

Analysts have upgraded their earnings and revenue forecasts for Kingspan on the back of an “eye-catching” first quarter performance from the Co Cavan-based specialist building materials firm.

The insulation and energy -focused building group yesterday reported a 24% rise in first-quarter revenues to €831.2m, prompting both Davy Stockbrokers and Goodbody Stockbrokers to up their full-year forecasts for the company.

Davy noted the “eye-catching” 14% annualised rise in organic revenues for the quarter. The stronger-than-expected start to the year also saw 12% revenue growth coming from acquisitions, with Kingspan saying new buys were “bedding down well”.