Kingspan reports first growth in three years
Published: 12 May, 2011
IRELAND: Kingspan saw sales surge by 13% for its insulated panels and 16% for insulation board in the UK during the first four months of this year.
Kingspan group sales of £381m (€439m) were up 33% on the same time last year it said in an interim management statement ahead of its AGM today.
Group sales were up 20% in the four-month period after adjusting for the impact of the purchase of the European insulation businesses of CRH
Kingspan reported gradual improvement in the UK residential construction market, an increase in refurbishment activity and good volumes in non-office related building activity.
Mainland European markets also show tentative recovery with activity in Germany especially 'buoyant'. However, order patterns in Eastern Europe remain 'somewhat erratic'.
Kingspan said that Ireland, which represents 4% of its group sales, was flat overall year-on-year. The company's North American businesses recorded a good performance overall in a flat construction market, while Australia also recorded good sales growth so far this year.