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.