Kingspan cancels shares in London; interim revenue falls

(Alliance News) - On its way out of the London Stock Exchange, Kingspan Group PLC reported its "relatively pleasing" interim results on Friday.

The Kingscourt, Ireland-based building materials company said revenue in the first half of 2023 fell by 1.7% to EUR4.08 billion from EUR4.15 billion a year earlier.

However, pretax profit rose by 1.3% to EUR392.8 million from EUR387.6 million.

Kingspan upped its interim dividend to 26.3 cent from 25.6 cent. It said that this is in line with policy guidance.

The company said the first half of the year has been "relatively pleasing", given the challenging environment Kingspan faced.

"We are pleased with a strong first half performance in a testing environment. Performance outcomes varied by product and by market, against a backdrop of higher interest rates and a degree of price deflation," said Chief Executive Gene Murtagh.

"As we look to the remainder of the year, we expect continuing strategic momentum supported by a strong development pipeline, an increasingly stable supply chain and pricing environment, and a global decarbonisation drive."

Also on Friday, Kingspan said the cancellation of its London listing has taken effect.

Its shareholders voted to cancel its Main Market listing last month, given the "negligble" amount of its share dealings that occurred on the LSE.

It had said it remains "committed" to its primary listing on the main market of the Euronext Dublin, where the majority of its share trading takes place. It also has American depositary receipts trading in New York.

Kingspan shares traded 1.7% lower at EUR72.44 each in Dublin.

By Sophie Rose, Alliance News reporter

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