Brief: Kingspan FY trading profit up 5%, revenues fall on deflation hit

Kingspan

16/02/2024 07:07

Feb 16 (Reuters) - Kingspan Group PLC  KSP.I :
    * KINGSPAN - FY TRADING PROFIT +5% TO €877M (PRE-CURRENCY,
UP 7%);
ACQUISITIONS CONTRIBUTED 5% TO SALES GROWTH, 4% TO TRADING
PROFIT GROWTH
    * KINGSPAN -FY REVENUE -3% TO €8.1 BILLION (PRE-CURRENCY,
DOWN
2%); GROUP TRADING MARGIN +80BPS TO 10.8%
    * KINGSPAN - TOTAL DIVIDEND FOR THE YEAR OF 52.9 CENT (2022:
49.4
CENT)
    * KINGSPAN - WHILST SOME MARKETS DISPLAYED VOLUME PRESSURE,
FALL
IN REVENUE MAINLY DUE TO KNOCK-ON DEFLATIONARY IMPACT OF RAW
MATERIAL PRICING IN EARLY 2023
    * KINGSPAN - POOR START IN GERMANY, NORDICS, CENTRAL EUROPE
PERSISTED IN LATE 2023, FRANCE REMAINED POSITIVE, AMERICAS
PERFORMED EXCEPTIONALLY WELL
    * KINGSPAN - ENCOURAGINGLY INSULATED PANEL ORDER INTAKE WAS
CONSECUTIVELY AHEAD OF PRIOR YEAR IN EACH OF THE LAST SEVEN
MONTHS OF 2023
    * KINGSPAN - ROOFING + WATERPROOFING, LIGHT, AIR + WATER,
DATA +
FLOORING UNITS EACH HAVE POTENTIAL TO EXCEED €1BN DIVISIONAL
REVENUE IN COMING YEARS
    * KINGSPAN - RING-FENCING €750M OF GROWTH CAPITAL FOR
ROOFING
+WATERPROOFING BUSINESS IN THE US OVER NEXT FIVE YEARS
    * KINGSPAN - FY INSULATED PANELS -9%; INSULATION SALES -8%,
DRIVEN
BY WEAK RESIDENTIAL MARKETS AND PRICE DEFLATION LED BY INPUTS
    * KINGSPAN - TOO EARLY TO PROVIDE MEANINGFUL GUIDANCE GIVEN
VARYING ACTIVITY LEVELS, SEASONAL FACTORS HAVE HAMPERED EARLY
PROGRESS IN SOME MARKETS
    * KINGSPAN - WE EXPECT 2024 TO BE A YEAR OF CONTINUING
STRATEGIC
AND OPERATIONAL PROGRESS

Further company coverage:  KSP.I 

 (Reporting By Padraic Halpin)
 ((Padraic.Halpin@thomsonreuters.com;))