Kingspan Group PLC Trading Statement (9615G)
November 12 2018 - 2:00AM
UK Regulatory
TIDMKGP
RNS Number : 9615G
Kingspan Group PLC
12 November 2018
Kingspan Group Plc
Trading Update
12 November 2018
Kingspan Group plc, the global leader in high performance
insulation and building envelope solutions, today issues a Trading
Update, with trading information for the period to 30 September
2018.
Sales in the nine month period to 30 September were EUR3.18bn,
up 18% on the same period in the prior year (+21% pre currency).
Sales in the third quarter were up 24% (+26% pre currency).
Underlying sales, pre currency and acquisitions, were up 4% in the
year to date and by 3% in the third quarter.
Insulated Panel sales in the first nine months increased by 20%
(+23% pre currency), and increased by 30% (+32% pre currency) in
the third quarter. Underlying sales were 4% ahead year to date and
by 5% in the third quarter. Mainland European sales were solid in
most markets and helped further by the Synthesia and Balex
businesses, recently acquired. Both are performing to plan. In the
UK sales momentum improved through the third quarter however
activity on the medium and smaller project sizes remained subdued.
The Americas continues to perform strongly both in sales and order
placement.
Insulation Board sales in the first nine months were up 13%
(+15% pre currency) and were up by 10% in quarter three (+10% pre
currency). Underlying sales were up 3% year to date and decreased
by 3% in the third quarter reflecting the impact of raw material
deflation and the associated effect on the top line. Kooltherm(R)
continues to perform robustly. The UK has seen some market
softening in residential activity and a dynamic pricing
environment. Mainland European sales have been a little subdued as
we prioritise margin over volume and the Nordic region is
performing well. Southern Europe has delivered a positive year and
North America has improved marginally over prior year.
Light & Air sales in the first nine months increased by 50%
(+52% pre currency) and were up 40% in quarter three (+40% pre
currency) reflecting the impact of acquisition activity year on
year. Underlying sales were up 8% year to date and by 4% in the
third quarter. Mainland Europe has been solid overall and, whilst
order intake has been strong in the US, sales have been sluggish
due to postponements. The order book status augurs well for the
early part of 2019.
Water and Energy sales in the first nine months were up 11%
(+15% pre currency) and were up 16% in quarter three (+17% pre
currency). Sales in most markets have been solid, albeit lacklustre
in hot water applications, with wastewater and rainwater activity
progressing well across the division.
Access Floors sales in the first nine months decreased by 3%
(+1% pre currency) although improved somewhat in the third quarter
with sales increasing by 4% (+5% pre currency). Datacentre
solutions as well as sales of higher end floor finishes, a product
suite developed in recent years, are both advancing.
Net debt at the end of September 2018 was EUR878.4m. Net debt at
year end is forecast to be in the region of EUR750m.
Overall, our end markets are reasonably stable and, whilst our
orders-on-hand are strong, we remain cognisant of the general sense
of nervousness prevailing globally. Assuming currency exchange
rates remain relatively constant and, conscious that much of the
seasonally variable fourth quarter is still at play, we expect to
deliver full year trading profit of c. EUR440m, or growth of
approximately 15%.
For further information contact:
Gene Murtagh, Chief Executive Officer Tel: +353 (0) 42 9698000
Geoff Doherty, Chief Financial Officer Tel: +353 (0) 42 9698000
Douglas Keatinge, Murray Consultants Tel: +353 (0) 1 4980300
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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