Building materials company Kingspan said on Monday that the mood in most of its end markets had deteriorated over the last two months, with order intake volume “significantly” lower year-on-year.
Kingspan stated that despite the marked drop in first-half orders, interim trading profits were expected to be in the region of €415.0m, strongly ahead of the €329.0m reported for the first half of 2021.
The London-listed firm also stated that the global backlog of orders on hand in its insulated panels division 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 given the global focus on energy efficiency, our high-performance product suite, our distinctive Planet Passionate agenda, and diversity of our end markets,” said the group.
Kingspan will report results for the first half of the year on 19 August.
As of 0835 BST, Kingspan shares had slumped 10.71% to €60.70 each.
Reporting by Iain Gilbert at Sharecast.com
