Kingspan sees signs of a slowdown
IRISH BUILDING materials group Kingspan reported a rise in profits but warned it had seen some recent evidence of a slowdown in the British commercial and industrial construction market.
Kingspan, a maker of insulation products in Britain where it generates over a quarter of its revenue, said sales rose 19 per cent to £2.4bn in the first nine months of the year and it expected trading profits to rise 10 per cent this year to £334m.
However, it said it had also experienced “a sense of near-term indecision” in the placing of orders for insulated panels, while UK office work activity, affecting its access floor division which creates underfloor space to accommodate utility services, was softening as expected.
Analysts at Davy Stockbrokers said: “It is unclear whether this is a blip or represents a more profound shift, but it is a concern.”