Kingscourt, Ireland – A trading update from insulation specialist Kingspan reported sales approaching €2bn for the first quarter of 2023. This represents a 4% increase on the 2022 quarter.
It described its performance in the Americas as strong, western Europe as solid and Australasia as decent, while the markets in central and eastern Europe remain tough.
Sales in the insulated panels business were down 5%, with volumes lower than in the 2022 quarter. “We experienced an element of accelerated demand in in a highly inflationary environment this time last year,” it said. The company added that its QuadCore product is doing well, and expected that lower embodied carbon advancements were likely to help this further.
Insulation sales, meanwhile were in line with Q1 2022, and technical insulation performed well, boosted by district heating demand. There were some volume decreases in boards.
Meanwhile, the company is planning to delist from the London Stock Exchange, describing its current shade trading there as “negligible”. It said it remains committed to its primary listing on Euronext Dublin, where most of its share trading takes place.