Kingscourt, Ireland — Insulated panel maker, Kingspan predicts its trading profit for 2016 will be over 30% ahead of 2015 at around EUR 335m, according to a recent statement.
The firm saw sales in the third quarter of 2016 rise by 5% (10% before currency effects) on the comparable period in 2015, reaching EUR 2.27 bn in the first nine months of 2016, the company said.
Insulated panel sales fell 4% in the third quarter of 2016 compared with the same period in 2015, Kingspan said. The firm added that the UK continues to trade positively, there is some softness in Germany, but Benelux and France are well. North American activity has been "sluggish... and based on order intake patterns, is expected to continue in a similar vein for the rest of the year." Over the first nine months of 2016, sales in the insulated panel division grew by 17%.
Insulated board sales were flat in the third quarter with strong growth in the UK, robust growth in Ireland, and strong performance in the Nordic region. Mainland Europe sales progressed solidly, Kingspan added.
The firm said it is going through a "period of mild raw material cost inflation and the related recovery effort is underway. The weakening of the UK pound against the Euro is hitting translation of sterling denominated earnings.