Former Kingspan target tumbles on profit warning

Belgian company Recticel, part of which Cavan-based building insulation group Kingspan tried to buy for €700m earlier this year, has issued a profit warning, sending its shares tumbling by nearly 6%.

Recticel makes fillings for mattresses and car seats as well as insulation products. It said in its third-quarter trading update that it expects to see a 5%-10% like-for-like drop in adjusted earnings for this year. It previously guided for earnings to be in line with the previous year.