Kingspan Group PLC Trading Update (6543T)
18 Noviembre 2019 - 1:00AM
UK Regulatory
TIDMKGP
RNS Number : 6543T
Kingspan Group PLC
18 November 2019
Kingspan Group Plc
Trading Update
18 November 2019
Kingspan Group plc, the global leader in high performance
insulation and building envelope solutions, today issues a Trading
Update for the period to 30 September 2019.
Sales in the nine month period to 30 September were EUR3.43bn,
up 8% on the same period in the prior year with sales growth
slowing to 2% in the third quarter. Underlying sales (pre currency
and acquisitions) were up 2% in the year to date and were flat in
the third quarter.
Insulated Panel sales increased by 9% in the first nine months
and increased by 1% in the third quarter. Underlying sales were 2%
ahead year to date and were flat in the third quarter. The pace of
sales activity has decreased significantly in a number of key
markets in recent months. We have experienced a substantial
reduction in order intake in the UK in the third quarter reducing
by more than 15% in volume versus the same period in 2018. Mainland
European markets are relatively stable overall with the notable
exception of Germany. The Americas is performing solidly overall in
both sales and intake.
Insulation Board sales in the first nine months were up 3% and
were down by 2% in the third quarter. Underlying sales were flat
year to date and decreased by 2% in the third quarter with raw
material related price deflation offsetting volume growth. Sales in
the UK, Ireland and Germany eased considerably in the third
quarter, offsetting growth in the US and Australia. These trends
are expected to continue over the coming months.
Light & Air sales in the first nine months and in the third
quarter increased by 12%. Underlying sales were up 8% year to date
and by 11% in the third quarter. Mainland Europe has been solid
overall with a strong performance in the US reflecting a
continuation of the trend seen earlier in the year.
Water and Energy sales in the first nine months were up 3% and
were down 3% in third quarter reflecting softness in the UK and
reduced market activity in Australia impacting rainwater harvesting
volumes.
Data & Flooring sales in the first nine months increased by
14% and by 10% in the third quarter. Datacentre solutions as well
as sales of higher end floor finishes continue to advance.
On acquisitions, on 6 November the Group completed the
acquisition of Group Bacacier SAS an integrated metal profiling and
insulated panel distributor with an extensive network across France
with annual revenues of approximately EUR190m.
Net debt at the end of September 2019 was EUR622.5m. Net debt at
year end is forecast to be in the region of EUR700m reflecting the
acquisition of Group Bacacier.
Overall, our end markets are fragile reflecting an uncertain
global macro backdrop. In particular, we are mindful of the
deterioration in sentiment in some markets most notably in the UK.
This is likely to influence sales activity in the first quarter of
2020 at least. Whilst conscious that much of the seasonally
variable fourth quarter is still at play, we expect to deliver full
year trading profit of c. EUR490m, or growth of approximately 10%
versus 2018, and in line with consensus.
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
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END
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