Kingspan Sees Higher Sales, Trading Profit In H1; Stock Up

Shares of Kingspan Group PLC (KGP.L) were gaining around 4 percent in the early morning trading in London after the provider of high performance insulation and building envelope solutions Tuesday said it expects first-half sales and trading profit ahead of last year as well as the first half of 2019.

In its trading update, the company said it expects first-half sales to be in the region of 2.9 billion euros, higher than last year's 2.073 billion euros, and up from 2019 pre-covid sales of 2.243 billion euros.

For the first half, trading profit is expected in the region of 315 million euros, up from last year's 200 million euros, and from 2019 profit of 230 million euros, albeit with the month of June still to complete.

The company said the momentum it reported in April for the first quarter has continued into the second quarter. Most key markets are strongly ahead of the first half of 2020 and indeed the first half of 2019.

In April, the company reported a strong order backlog at that point and this has grown further in the period since. Raw material inflation has continued at record levels, a situation which is ongoing and expected to continue through the summer months at least.

The company will announce its results for the first half of the financial year on August 20.

In London, Kingspan shares were trading at 79.76 euros, up 3.6 percent.

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