Insulation materials company Kingspan said its first quarter sales were up by 4% on an annual basis while it also announced that it has decided to delist from the London Stock Exchange.
In a trading update for the three months to the end of March and ahead of its AGM today, Kingspan said that despite a" challenging environment", its group sales approached €2 billion.
The Co Cavan-based company said that its Americas market overall was strong, Western Europe was solid for the most part with Central & Eastern Europe remaining tough, as it was for much of 2022.
Australasia has seen a decent start to the year, it added.
Kingspan said its board has reviewed its listing arrangements and noted that current share trading on the London Stock Exchange (LSE) is negligible as a percentage of total trading.
"The Board, therefore, proposes to delist from the LSE subject to shareholder approval and we will provide an update on process and timing in the coming weeks," Kingspan said.
"We remain committed to our primary listing on the main market of Euronext Dublin, where the majority of share trading takes place," it added.
In today's trading statement, Kingspan said its trading outlook is relatively short dated as has been the case over the last year or so.
"The second quarter is a demanding comparative, perhaps less so on order intake which petered out in the second quarter of 2022 after a strong first quarter," it said.
"We expect to deliver a trading profit of just over €400m for the first half of 2023 albeit with much of Q2 still remaining," it added.
Shares in the company moved higher in Dublin trade today.
