Kingspan Group PLC (LSE:KGP) shares rose 10% on Tuesday as the global leader in high-performance insulation and building envelopes said it expects to report a record first-half 2023 trading profit in the region of €435mln, slightly ahead of the €434mln reported for the first half of 2022.
The firm, which said it will report its interim results on 18 August, noted that market and category performances have varied widely with the Americas overall outpacing European activity.
It added that certain applications are performing strongly, particularly those seeking ultra-energy efficiency and lower carbon in categories such as tech and automotive production, while the demand for data applications remains strong with artificial intelligence projects an emerging feature.
However, it said that the residential sector worldwide is subdued in a higher interest rate environment although the underlying need for housing appears strong in most markets.
In the trading update, Kingspan said it is positioned favourably overall as it enters the third quarter, although it is still early days, with an "encouraging" development agenda and pipeline.
Around 8.55am, Kingspan shares were up 10.4% at 63.10p.