LONDON (Alliance News) - Irish building materials company Kingspan Group PLC said acquisitions and a weak euro helped its sales for the first nine months to rise sharply year-on-year and expects its trading profit to increase for the full year.
Kingspan said its sales in the first nine months of the year to September 30 hit EUR2.0 billion, up 44% year-on-year in part thanks to acquisitions contributing to sales growth and helped on by the translation effect of the weak euro. In constant currencies, sales still rose by 34%, however, in the first nine months.
The sales performance was even stronger in the third quarter, with total sales rising 54%. Underlying sales, stripping out acquisitions and currency effects, rose 3.0% both in the first nine months and the third quarter.
Insulated panel sales rose 54% in the first nine months, with a solid performance in the UK, though this has moderated since September.
Mainland Euorpe sales were steady, but North America was the main driver of the growth, as trading in the market remained positive.
Kingspan said insulation board sales in the first nine months were up 39% and 38% in the third quarter, again boosted by North America as sales in the UK moderated and as they fell in the Australian market.
Environmental sales rose 8%, with an improvement in profitability in the unit since the first half, and access floors sales rose 17%, despite a softening in the US office market.
The group continues to expect its trading profit for 2015 to hit EUR250.0 million, up 68% year-on-year, though it remains cautious on the fourth quarter, which can be unpredictable.
Shares in Kingspan were up 3.6% to EUR23.11 on Monday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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