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May 05, 2022 09:00 AM

Trading statement: record first quarter for Kingspan

Simon Robinson
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    Kingscourt, Ireland – Polyurethane insulation producer Kingspan had a record first quarter, with sales up 47% to EUR1.89bn.

    The news came in a trading statement on 29 April, the date of its AGM.

    Europe was strongly ahead overall, the company said. ‘The Americas had a positive start to the year with a very encouraging pipeline and robust order intake in Latin America,’ it said. ‘Australasia is looking better as we move through 2022.' 

    Insulted panels sales were up 44%, with materials price inflation passed on to consumers and volumes flat compared with a buoyant Q1 2021. 

    Sales of insulation boards were up 72%, helped by the purchase of Logstor in mid-2021. This is trading well, Kingspan said, adding that district heating was a particular highlight. The increase in sales was a result of price rises to offset the higher costs of raw materials in the quarter, it said. 

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