Calm above a turbulent market.
Trade is steady, says Kingspan
Published: 17 November, 2009
IRELAND: Building materials group Kingspan expects full-year operating profit to be about euro 60m after amortisation.
Trading was steady in recent months, helped by lower costs, minimal raw material inflation and a positive sales mix, the company said yesterday in a regulatory statement.
"It is anticipated that the building environment will remain challenging during 2010," Kingspan said in the statement.
Construction markets remain under significant pressure with the exception of Western Europe, Kingspan said. Sales excluding currency swings fell 28% in the third quarter, compared with the prior-year period, while sales on that basis declined 29% in the year so far.
Kingspan's cost reduction plan led to annualised fixed cost savings of about euro 60m, and some further cuts are likely, according to the company.