Kingspan Q1 Report 2023

Overall, the Group had a good first quarter in a challenging environment. Group sales approached €2bn for the three-month period to 31 March and were 4% ahead of prior year (-3% underlying).

By market during the first quarter, the Americas overall was strong, Western Europe was solid for the most part with Central & Eastern Europe remaining tough, as it was for much of 2022. Australasia has seen a decent start to the year.

The Group’s trading outlook is relatively short dated as has been the case over the last year or so. The second quarter is a demanding comparative, perhaps less so on order intake which petered out in Q2 2022 after a strong first quarter. We expect to deliver a trading profit of just over €400m for the first half of 2023 albeit with much of Q2 still remaining.

Overall, given ever increasing concerns around energy conservation, the need for emphatic and accelerated reductions in carbon, Kingspan’s distinctive range of solutions and Planet Passionate agenda positions the Group favourably for the years ahead.