Kingspan's nine month sales up 13%

Monday 11 November 2013 18.35
Kingspan seeing "clear evidence" of recovery in some sectors of the UK construction market
Kingspan seeing "clear evidence" of recovery in some sectors of the UK construction market

Building materials group Kingspan has said that sales in the nine month period to the end of September rose by 13% to €1.32 billion compared to the same time last year.

In an interim management statement, the Co Cavan-based firm said that the pace of sales growth progressed "solidly" during the third quarter with sales up by 14% on the same time last  year.

The company said that while there is clear evidence of recovery in certain sectors of UK construction markets, and perhaps in pockets elsewhere, recovery in other markets is generally more tentative. 

It noted a slowdown in activity in the US in the third quarter, although it said it was too early to call this as a trend. Emerging regions including Australia, Turkey and the Middle East continue to progress well. 

Kingspan shares closed 1.3% higher in Dublin trade after the trading update.

"Taking account of this, and with the seasonally important fourth quarter to come, the Group expects to deliver trading profit growth of approximately 10% for the year", the company said.