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Kingspan set to grow despite market turmoil

Macro economic crises in Kingspan’s core markets will not stop the company growing, according to a market update released this morning.

The building insulation supplier reported sales up 30 per cent to €1.14 billion (£970 million) in the year to 30 September, with sales for the latest quarter up 24 per cent.

A company statement said:  “By any comparative measure of historic global activity, construction markets remain very weak with construction levels in the US and UK down approximately 50 per cent on a 20 year average.

“This context is not likely to alter materially in the foreseeable future. Against this weak backdrop Kingspan has grown its sales, profits and geographic reach in the past year, driven by market penetration and conversion.”

The company is predicting a full year operating profit in the range of €82m (£70m) and €85m (£72.7m), up from €67.4m (£57.64m) last year.

It said “further gradual progress” would be made “should the macro economic environment remain stable, albeit moribund”, thanks to the company’s position in low carbon products.

“The threat of markets retreating somewhat in 2012, however, remains a real possibility although visibility is more difficult in this environment,” it added.

It described UK market activity as “resilient overall”.

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