EARLY BOUNCE LIFTS KINGSPAN - Construction products firm Kingspan has reported sales growth that was 32% higher than this time last year, at €736m. If the group's purchase of CRH Insulation Europe were not included, that sales increase would have been 16%.
For the first half of its financial year Kingspan's profit after tax was up 37% at €29.2m.
CEO Gene Murtagh said it was a good first half, but the group is 'very mindful' of renewed global uncertainties and their possible impact.
Mr Murtagh said there was an 'unusual bounce' in the first quarter, due to the severe weather of the previous year. He said there was continuing good momentum in the business despite economic weakness, and its pipeline of business was growing.
He said growth in data centres worldwide was helping demand for Kingspan's products, as they were huge consumers of energy.
Mr Murtagh said raw materials costs were not rising as quickly at the moment due to a tapering off of demand for chemicals in Asia. He said this was probably not good news, but was helping Kingspan's cost base.
The Kingspan chief said Kingspan's business recorded 20% growth in Germany in the first half, with strong growth expected in the second half. On Ireland, he said business in the non-residential construction side grew by 8% in the first half.
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