20th Jun 2022 09:32
(Alliance News) - Shares in Kingspan Group PLC were being sold on Monday, after the company warned that order intake volume was "significantly" down.
Shares in the Kingscourt, Ireland-based building materials company were down 12% to EUR59.72 each in London on Monday morning.
Kingspan said that it expects trading profit for the first half of 2022 to be in the region of EUR415 million, up 26% from EUR329 million a year before. This is a "record" high for the company, it noted.
However, Kingspan said that in May and June, order intake volume was "significantly" down. Notably, in its Insulated Panels unit, the global backlog of orders on hand was down 2% at the end of May, having been 19% ahead at the end of March.
Looking forward, the company said: "Kingspan is positioned strongly overall for the medium term and beyond given the global focus on energy efficiency, our high performance product suite, our distinctive planet passionate agenda and diversity of our end markets."
Kingspan will report results for the first half of the year on August 19.
By Sophie Rose; [email protected]
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