Kingspan sales growth slows

Published:  13 December, 2010

CAVAN: Kingspan plc has reported orders slowing in the third quarter in the face of government austerity programmes.

In a trading statement, the Ireland-based company reported group turnover up 15% to €865m from a year ago, with the performance of its UK businesses "solid given the challenging circumstances".

"Looking ahead, the more positive sentiment evident around mid-year has eased back recently as the many individual national austerity programmes become factored into more tame macro forecasts for the year ahead," the company said.

"That broad cautionary sense has also crept into expectations for the construction environment in many of the group's markets."

Kingspan's year-to-date performance, coupled with the current order book, is likely to deliver 2010 full-year operating profits of about €62-65m. Profit for 2009 was €62.7m.

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