Shares in insulation and building materials manufacturer Kingspan rose 6.9% today, after it said that the momentum it reported in April for the first quarter of this year has continued into the second quarter.
In a brief trading update, Co Cavan based Kingspan said that most of its key markets are strongly ahead of the first half of 2020 as well as the first half of 2019.
But it noted that raw material inflation has continued at record levels. It said this situation is expected to continue through the summer months at least.
Kingspan said it expects sales in the first half of 2021 to be in the region of €2.9 billion, up from €2.073 billion the same time last year.
Trading profit is also expected to be in the region of €315m, up from €200m the same time last year.
Kingspan also said today that it has completed the acquisition of Logstor International Holding for about €253m.
It said there are no material changes to the terms of the acquisition as originally announced in March.
Logstor supplies technical insulation solutions encompassing complete pre-insulated pipe systems for district energy and associated applications.
Its main markets are in Scandinavia, Germany, Netherlands, Poland and France, but it also operates in other European countries as well as North America and the Middle East.
It had full year revenues of €244m and a trading profit of €28m in the year to 31 December 2020.
Kingspan shares moved higher in Dublin trade today.