Kingspan sees fall in orders as market deteriorates 

The company expects to report a record trading profit for the first half of 2022 of around €415m. Picture: Sam Boal/Rollingnews.ie

Building materials company Kingspan has seen a deterioration in the market over the previous two months as orders fall significantly.

The Irish company reported a decline in order intake volume compared to May and June 2021.

However, Kingspan reported an increase in orders during May and June from the same period in 2019, prior to the pandemic. 

The company expects to report a record trading profit for the first half of 2022 of around €415m, a 26% increase from the €329m in reported profits during the first half of 2021.

The increase in profits was driven by a significant increase in first-quarter sales, which were up 47% year-on-year. 

Kingspan has reported that its global backlog of orders on hand in insulated panels was down 2% in volume at the end of May. This comes after the company reported that it was 19% ahead of orders at end-March.

The group said that it was positioned strongly overall for the medium-term and in a statement said this was supported by "its focus on energy efficiency, our high-performance product suite, our distinctive Planet Passionate agenda and diversity of our end markets".

The Irish firm operates 129 manufacturing sites in over 70 countries across the world.