Kingspan Group PLC Trading Statement
RNS Number : 8069V
Kingspan Group PLC
19 April 2021
Kingspan Group Plc
19 April 2021
Kingspan Group Plc, the global leader in high performance
insulation and building envelopes is issuing this Trading Update
today ahead of, and in place of, its Trading Update scheduled for
30 April 2021.
The Group had a strong first quarter both in terms of sales and
order intake. Group sales of EUR1.28bn for the three-month period
to 31 March were 24% ahead of prior year (+22% underlying).
Significant raw material inflation is a key feature of the current
trading environment and the associated recovery effort is ongoing
and on track, albeit with a lag.
By market during the first quarter, Mainland Europe was strongly
ahead overall with Germany, France and the Benelux notably
positive. The Americas has had an encouraging start to the year
particularly in Latin America and order intake in North America
significantly outpaced sales in the period. The UK business has
also been strong year to date with buoyant sales and order intake
Insulated Panels sales were up 25% (+27% underlying) in the
first quarter. Sales and order intake patterns were very positive
across all significant markets worldwide. The global backlog as we
entered the year was significantly ahead of prior year and has
grown by a further 28% since then. QuadCore (TM) specification
continues to progress well internationally.
Insulation Boards sales were up 12% (+13% underlying) in the
first quarter. Overall, Mainland Europe performed well with
meaningful volume growth in a number of key markets. North America
has seen strong trading in the early part of the year with
Australia performing similarly. The UK recorded double digit volume
growth in the period. The breadth of the division will be bolstered
by the recently announced acquisition of Logstor Group, a global
supplier of technical insulation solutions focused on the growing
District Heating model and with revenues of approximately EUR250m.
The acquisition is conditional on regulatory clearance and is
expected to complete in the third quarter.
Light & Air sales were up a substantial 65% (+8% underlying)
in the first quarter boosted significantly by the acquisition of
Colt Group in April 2020. The underlying sales performance was
positive across all key markets with an encouraging pipeline of
projects both in daylighting and increasingly in associated natural
air ventilation applications.
Data & Flooring sales increased by 11% in the first quarter
(+14% underlying). Datacentre projects continue to be very active
in Europe and North America more than offsetting predictably
subdued office activity.
Water & Energy has started the year well with sales 21%
ahead in the first quarter (+17% underlying). Wastewater activity
in particular has been strong across most markets.
Net debt as at 31 March 2021 was EUR352m after taking account of
a cumulative acquisition spend of EUR167m in the period. The Group
has, in aggregate, in excess of EUR2.0bn of cash on hand and
committed undrawn facilities.
The Group's trading outlook for the second quarter is positive
with ongoing strong momentum across most key markets. Furthermore,
raw material inflation, and indeed availability of same, is
increasingly a challenge and we are doing our utmost to limit any
impact on our own end markets. We have a strong backlog on hand
which augurs well for the period ahead although in the current
environment we are cautious about looking too far forward.
We were pleased to release our inaugural Planet Passionate
Report on 12 April setting out our commitments and extensive global
ten year sustainability plan. The report outlines Kingspan's
industry-leading decarbonisation programme, which targets a
reduction in manufacturing carbon (CO2e) emissions to as close to
zero as technically possible, together with halving carbon
intensity in its primary supply chain, both by 2030. The twelve
targets across our Planet Passionate programme will continue to be
a centremost pillar of our strategy for years to come.
Kingspan's Annual General Meeting will take place at 10am on
Friday 30 April.
This announcement contains inside information.
For further information contact:
Gene Murtagh, Chief Executive Officer Tel: +353 (0) 42
Geoff Doherty, Chief Financial Officer Tel: +353 (0) 42 9698016
Douglas Keatinge, Murray Consultants Tel: +353 (0) 86 0374163
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(END) Dow Jones Newswires
April 19, 2021 02:00 ET (06:00 GMT)
Grafico Azioni Kingspan (LSE:KGP)
Da Nov 2021 a Dic 2021
Grafico Azioni Kingspan (LSE:KGP)
Da Dic 2020 a Dic 2021