Sales at the Kingspan Group are "down a touch" on the same period last year, according to a trading update released by the company.
Sales in the nine-month period to 30 September were €6.14bn, which represents a 7% decrease in the year to date and in the third quarter. However, in a statement, a spokesperson said "at this point in the year, Kingspan is on track to deliver a record full year trading profit, comfortably ahead of 2022." Net debt at the Monaghan company is expected to be reduced by a third by the end of the year to approximately €1.05bn and includes a development spend of around €450m. With regards to the months ahead, a spokesperson said "it is difficult to look too far ahead in this environment" but added that Kingspan expect to deliver a record full year trading profit in the region of €875m. Third quarter sales were up in its insulated panels division, following dips in the previous two quarters of the year, while sales in insulation were down by 10% for the same period. Sales reported in data and flooring were up 8% in the first nine months of the year and by 3% in the third quarter.
The statement described "a difficult trading environment" in the roofing and waterproofing sector but said divisional sales are tracking comfortably in excess of €500m.
