Kingspan seeing ‘significant’ dip in May and June orders
Building insulation specialist Kingspan said today it had seen the mood in most end markets deteriorate over the last two months with order intake volume down significantly year-on-year in May and June.
But orders were still up this month and last on the same pre-pandemic time in 2019.
The Co Cavan-based firm said today that it expects to report a record first-half trading profit in the region of €415m, up around 26% year-on-year.
That was driven by a strong first quarter when sales jumped 47% year-on-year.
Kingspan, which has 129 manufacturing sites in more than 70 countries around the world, said its global backlog of orders on hand in insulated panels, by far is largest product, was down 2% in volume at the end of May having been 19% ahead at the end of March.
“Kingspan is positioned strongly overall for medium term and beyond,” it said in a short statement today.
Kingspan will report its results for the first half of the year on August 19.
Its shares dropped sharply in Dublin trade today.