Kingspan Sees Record 1st Half Profit Despite Market Deterioration

By Michael Susin

Kingspan Group PLC said Monday that it expects to report a record profit for the first half of the year despite a market deterioration in the last two months.

The London-listed, Ireland-based building-and-insulation materials company said that it expects to report a first-half profit of 415 million euros ($435.6 million) compared with EUR329 million for the same period last year.

The company said markets have deteriorated over the last two months with a significant drop in intake volume compared with the same period in 2021, but still above 2019 levels.

"Our global backlog of orders on hand in insulated panels is down 2% in volume at the end of May having been 19% ahead at the end of March," it said.

The company said, however, that it is well positioned for the medium term and beyond.

Write to Michael Susin at [e-mail]

(END) Dow Jones Newswires

06-20-22 0302ET