Building materials group Kingspan has indicated that trading profit for the full year is expected to come in at around €440m, representing growth of around 15% on last year.
In a trading update for the nine months to September, the Co Cavan group reported revenue for the first three quarters of €3.18 billion - an increase of 18% on the same time last year.
Kingspan noted that sales in the third quarter alone were up 24%.
The company said its net debt at the end of September 2018 was €878.4m and it is forecasting its debt to be in the region of €750m by the end of the year.
"Overall, our end markets are reasonably stable and, whilst our orders-on-hand are strong, we remain cognisant of the general sense of nervousness prevailing globally," Kingspan said.
"Assuming currency exchange rates remain relatively constant and, conscious that much of the seasonally variable fourth quarter is still at play, we expect to deliver full year trading profit of about €440m, or growth of approximately 15%," it added.
Breaking down its divisions, Kingspan said its Insulated Panel unit saw sales in the first nine months grow by 20%, while they were up 30% in the third quarter.
It noted that Mainland European sales were solid in most markets and helped further by the recently acquired Synthesia and Balex businesses.
"In the UK sales momentum improved through the third quarter, however activity on the medium and smaller project sizes remained subdued. The Americas continues to perform strongly both in sales and order placement," the company added.
Sales at its Insulation Board business in the first nine months were up 13% while they increased by 10% in the third quarter.
Kingspan said the UK has seen some market softening in residential activity and a dynamic pricing environment.
"Mainland European sales have been a little subdued as we prioritise margin over volume and the Nordic region is performing well. Southern Europe has delivered a positive year and North America has improved marginally over prior year," it added.
Sales at Kingspan's Light & Air division increased by 50% in the first nine months of the year and were up 40% in quarter three, which Kingspan said reflected the impact of acquisition activity.
"Mainland Europe has been solid overall and, whilst order intake has been strong in the US, sales have been sluggish due to postponements," it added.
Meanwhile, Water and Energy sales in the first nine months were up 11% while they grew by 16% in the third quarter. Kingspan said that sales in most markets have been solid, albeit lacklustre in hot water applications, with wastewater and rainwater activity progressing well across the division.
And sales in its Access Floors division decreased by 3%, although they improved somewhat in the third quarter with sales up by 4%.
Shares in the company moved higher in Dublin trade today.
