Insulation group Kingspan reported a 5 per cent decline in sales in the first nine months of the year, but pointed to “strong” trading at present, and said it expects its full year trading profit to be “marginally ahead” of 2019 (€497m). Underlying sales (pre currency and acquisitions) were down 10 per cent. However sales advanced by 1 per cent the third quarter, with the company pointing to “strong” trading in the fourth quarter. Whilst conscious that much of the seasonally variable fourth quarter is still at play, in what is an untypical year, we expect to deliver a full year trading profit marginally ahead of 2019”. Insulation board sales in the first nine months were down 14 per cent and down 5 per cent in the third quarter.

Source: The Irish Times November 16, 2020 07:29 UTC