Kingspan expects to post record profit for first half of the year 

Gene Murtagh, chief executive officer Gene Murtagh. Photo: Sam Boal/Rollingnews.ie

Building insulation giant Kingspan is expecting to post a “record” profit for the first half of 2023 when it reports its results in August, the company said in a trading update.

Profit for January to June will be in the region of €435m which it said was “modestly ahead of the €434m reported for the first half of 2022” 

In its update, the company said market and category performances have “varied widely” with America's outpacing European activity.

Kingspan said the residential sector worldwide is subdued at the moment due to the higher interest rate environment “although the underlying need for housing appears strong in most markets”.

However, other areas and applications are seeing strong demand as Kingspan reports that certain applications are performing strongly particularly those seeking ultra energy efficiency and lower carbon in categories such as tech and automotive production.

“The demand for data applications remains strong with artificial intelligence projects an emerging feature,” the company added.

The Cavan-based company said it was well positioned as it enters the second half of the year but it is still early.

“Our development agenda and pipeline is encouraging. Kingspan is positioned strongly overall for the medium term and beyond given the global focus on energy efficiency, our high-performing product suite, our distinctive Planet Passionate agenda and ever-growing diversity of our end markets," the company said. 

The company is to publish its half-year results on August 18.