By Joe Hoppe


Kingspan Group PLC said Tuesday that it expects to report its first-half sales and trading profit rose compared with 2020 and 2019.

The London-listed, Ireland-based building-and-insulation materials company said that momentum from the first quarter has continued and it now expects first-half sales to be around 2.9 billion euros ($3.46 billion).

For the same period in 2020, it reported sales of EUR2.07 billion, and in the first half of 2019 --prior to the coronavirus pandemic-- sales were EUR2.24 billion.

Trading profit is expected to rise to around EUR315 million, from EUR200 million in 2020 and EUR230 million in 2019.

The company said its strong order backlog has grown since it reported in April, but didn't provide a figure. Inflation of raw materials has continued at the highest levels it has experienced, and the situation is expected to persist throughout the summer at least, Kingspan also said.


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(END) Dow Jones Newswires

June 22, 2021 02:59 ET (06:59 GMT)

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