Kingspan Rises After Flagging Improved Second Half: Dublin Mover
Kingspan Group Plc (KSP), the maker of building insulation panels, rose in Dublin trading after signalling improved earnings in the second half and said acquisitions boosted first-half results.
Kingspan rose as much as 4.5 percent to 11.4 euros, its highest since December 2007 in intraday trading, after saying it should “deliver an improved year-on-year result in the second half.” Revenue climbed 13 percent to 858.4 million euros ($1.1 billion) in the first half, while profit after tax rose 6 percent, Cavan, Ireland-based Kingspan said in a statement.
“A feature of the first half results, which were comfortably better than expected, was the strong initial contributions from 2012 acquisitions,” said Flor O’Donoghue, an analyst at Dublin-based stockbroker Davy. “Kingspan is on track to achieve earnings growth well above sector norms this year.”
Chief Executive Officer Gene Murtagh said in a telephone interview he is “fairly confident” that a pick-up in sales momentum in the second quarter will continue as its order book improves. Kingspan bought ThyssenKrupp Construction and Rigidal Industries LLC in the United Arab Emirates in the second half of last year.
Sales on a constant currency basis and before acquisitions dropped 3 percent. About 187,220 shares traded hands in Dublin, the equivalent of 60 percent of average daily trading volume for the last three months. The company was the second-best performer on the benchmark ISEQ index.
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