Kingspan Group PLC (LSE:KGP), a building and insulation provider that was subject to an inquiry into the Grenfell fire tragedy, said it expects to report record trading profits for the first half of 2022.
The company said it expects its trading profit for the first six months will be in the region of €415mln, “strongly ahead” of the €329mln it reported for the first half of 2021. It will post its half-year results on 19 August.
“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. “Our global backlog of orders on hand in Insulated Panels is down 2% in volume at the end of May having been 19% ahead at the end of March.”
The company said it is in a strong position for growth in the medium and long term given its focus on energy efficiency and diverse end markets.
Although Kingspan did not play a role in the refurbishment of Grenfell Tower, its insulation board product K15 was used on the building without its knowledge.
Kingspan said on its website that its “K15 insulation board was misused”, comprising 5% of the façade's insulation, and installed in conjunction with aluminium composite material cladding.