10th Nov 2014 10:25
LONDON (Alliance News) - Insulation company Kingspan Group PLC on Monday said its sales rose in the third quarter and were up for the first nine months on the back of good performances from its Insulated Panels, Insulation Board and Environmental businesses.
Sales in the third quarter to the end of September rose 7% it said, with sales in the first nine-months of the year up 5% to EUR1.39 billion.
Insulated Panels revenue in the third quarter increased 8% and was up 9% for the first nine months, the company said. It saw a strong performance in the UK, though mainland Europe remained weak in the third quarter. North American sales improved on the back of a strong first half order book.
Insulation Board revenue rose 6% in the third quarter and was up 3% for the first nine months. Sales in the UK rose in the third quarter, it said, while mainland European sales were relatively stable.
Revenue in its Environmental business increased 3% in the third quarter and was up 1% in the first nine months, while its Access Floors arm saw third quarter revenue increase 11% on an improving UK office market and a better performance in the US. For the first nine months, however, Access Floors revenue is down 4%.
The group said it expects its full-year trading profit to be around EUR144 million, up 17% against the year before.
Kingspan shares were down 0.8% to 12.48 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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