logo-loader
viewKingspan Group PLC

Kingspan warns of “slow start” to 2020 despite solid end to 2019

“As flagged in our most recent trading update underlying sales in the early part of 2020 are behind prior year”, the insulation maker said

Kingspan Group PLC - Kingspan warns of “slow start” to 2020 despite solid end to 2019
Kingspan's projects include the V&A museum in Dundee

Kingspan Group PLC (LON:KGP) has warned of a “slow start to 2020” amid an uncertain outlook in its end markets despite what it said was solid growth in 2019.

“As flagged in our most recent trading update underlying sales in the early part of 2020 are behind prior year”, the insulation maker said, however, it added that despite the poor start it was hoping for “an improved second quarter” as its order placement recovered.

Kingspan added that the “understandable ratcheting in recent months of the climate debate” chimed well with its own energy efficiency solutions, which it said positioned the company “well for the years ahead”.

For the year ended 31 December, the company reported a trading profit of €497.1mln, up 10% year-on-year, while revenues rose 7% to €4.7bn.

Kingspan’s chief executive, Gene Murtagh, said the company’s performance in the year was helped by “increased penetration” of its QuadCore and Kooltherm insulation products as well as a “structural shift in building techniques and materials”.

The company also announced a final dividend for the year of €0.335 per share, taking the total payout 10.7% higher to €0.465.

The shares were up 0.4% at €63.70 in mid-morning trading on Friday.

--Adds share price--

Quick facts: Kingspan Group PLC

Price: 45.6 EUR

LSE:KGP
Market: LSE
Market Cap: €8.26 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Stobart Group Limited sees bright future ahead by taking...

Stobart Group Limited (LON:STOB) CFO Lewis Girdwood tells Proactive to group is taking steps to safeguard its business during the coronavirus pandemic. Girdwod says significant medium and long-term opportunities remain to increase the value of its assets, while it has...

5 hours, 56 minutes ago

2 min read