Kingpsan on track for record FY profits

(Sharecast News) - Building materials group Kingspan said on Monday that it was on track to deliver record full-year profits despite year-to-date sales coming in slightly lower than a year earlier.

Kingspan said sales in the nine months to 30 September were €6.14bn, down a touch on the same period in the prior year, while sales pre-currency and acquisitions were down 7% year-to-date.

While Kingspan acknowledged that there was "still some way to go in 2023", with the "seasonally important" fourth quarter remaining, the company still expects to deliver record full-year trading profits in the region of €875.0m.

"It is difficult to look too far ahead in this environment. Whilst end markets have their obvious challenges the global backlog of orders has remained reasonably stable over the last number of months," said Kingspan.

"As highlighted at our recent Capital Markets Day, the activity pipeline in data technology, EV automotive, and refurbishment activity in general are all notable positives."

As of 0900 GMT, Kingspan shares were up 5.15% at $74.18 each.

Reporting by Iain Gilbert at Sharecast.com