In advance of its half year end Kingspan is issuing this brief trading update.
The momentum we reported in April for the first quarter has continued into the second quarter. Most key markets are strongly ahead of the first half of 2020 and indeed the first half of 2019. We reported in April that we had a strong order backlog at that point and this has grown further in the period since. Raw material inflation has continued at record levels, a situation which is ongoing and expected to continue through the summer months at least. We expect sales in the first half of 2021 to be in the region of €2.9bn (H1 2020 €2,073m; H1 2019 €2,243m) and trading profit in the region of €315m (H1 2020 €200m; H1 2019 €230m), albeit with the month of June still to complete.
Further to our earlier announcements, we completed the acquisition of Logstor International Holding S.à r.l (‘Logstor’) yesterday. There are no material changes to the terms of the acquisition as originally announced. Logstor had full year revenues of €244m and a trading profit of €28m in the year to 31 December 2020.
The Group will announce its results for the first half of the financial year on Friday 20th August.
This announcement contains inside information.
For further information contact:
Gene Murtagh, Chief Executive Officer Tel: +353 (0) 42 9698000
Geoff Doherty, Chief Financial Officer Tel: +353 (0) 42 9698000
Douglas Keatinge, Murray Consultants Tel: +353 (0) 1 4980300