Insulation and building supply group Kingspan has reported sales of €831.2m in the three months to the end of March, an increase of 24% on the same time last year.
In a trading update issued ahead of the company's AGM today, Kingspan said its business in Mainland Europe was continuing to show signs of recovery.
It also said the US market was experiencing more encouraging conditions than was seen late last year.
Co Cavan-based Kingspan said its UK business also remained solid, though it said trade was somewhat softer than it had been at the turn of the year as its pipeline of projects trended weaker in recent weeks.
The company also said tight supply would create a lag in them passing on rising input prices to customers. This which would likely see sales growth outpace profits in the first half of the year.
"Overall, the group remains well positioned given the breadth of our product and market mix, our development agenda over time, together with the ongoing advancement of our high performance technology," the company stated in today's trading update.
Breaking down its divisions, Kingspan said that sales revenues at its Insulated Panels unit jumped by 32% as volumes in most of its key end markets were positive.
Sales revenues at its Insulation Boards Division rose by 8% with raw material inflation experienced in all of its markets, while sales revenues at its Access Floors increased by 6% with US activity subdued.
Its Environmental division saw sales revenues rise by 13% and Kingspan said the Rainwater harvesting business in Australia was a particular highlight.
Davy Stockbrokers said it was likely to upgrade its full year forecasts for the company after the "eye-catching" increase in revenues and despite input cost pressures.
In a note, Davy analysts said that at a time of significant input pressures, an upgrade is testament to the resilience of the Kingspan model.
"Hence the upgrade cycle continues - the tenth consecutive at the time of a results announcement or trading update - which underpins the Kingspan investment case," they added.
Shares in the company were lower in Dublin trade today.
