22nd Jun 2021 10:50
(Alliance News) - Kingspan Group PLC on Tuesday said it expects a significant improvement in both its sales and profit after momentum continued into the second quarter of the year.
The Irish building materials company's reported that most key markets were strongly ahead of the first halves of both 2020 and 2019. The company has a strong and growing order backlog, it also noted.
Sales in the first half to June 31 are expected to be around EUR2.9 billion, up from EUR2.07 billion a year prior and EUR2.24 billion in first half 2019. Profit is currently in the region of EUR315 million, albeit with the month of June still to complete, a sharp rise from EUR200 million a year previously.
The group will announce its results for the first half of the financial year on August 20.
In separate news, Kingspan announced it had completed its EUR253 million acquisition of Denmark-based Logstor International Holding.
Shares in the company were 4.7% higher at 80.62 pence each in London on Tuesday morning.
By Will Paige; [email protected]
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