Kingspan warns of deteriorating conditions but remains on course for record half-year profit

Insulation-maker Kingspan has warned of a major deterioration in market conditions as the global economy falters in the face of soaring commodity prices while indicating it expects to report a record half-year trading profit of approximately €415 million later this year.

“We have seen the mood in most end markets deteriorate over the last two months, with order intake volume down significantly on the May and June period in 2021, although ahead versus the same period in 2019,” the company said in a trading update.

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

Kingspan will report its results for the first half of the year on August 19th. It said it expected to report a record half-year trading profit in the region of €415 million, strongly ahead of the €329 million reported for the first half of 2021.

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“Kingspan is positioned strongly overall for medium term and beyond given the global focus on energy efficiency, our high performance product suite, our distinctive Planet Passionate agenda and diversity of our end markets,” the company said.

Kingspan announced earlier this month plans to invest €200 million in a new building technology campus in Ukraine, subject to certain conditions. It will manufacture advanced insulation products and district heating solutions. The group said the technologies were “central to the urgent effort” to decarbonise the global built environment, which is responsible for 39 per cent of all energy-related carbon emissions.

Kingspan announced on April 5th it had completed its exit from the Russian market and divested its operations to local management.