The Kingspan Group plc (LON: KGP) share price fell 3.58% after announcing its half-year results that were slightly better than the previous year in some aspects. The company’s Trading profit rose to €435.5 million in the first six months of 2023, up slightly from the €434.2 million reported in the same period last year.
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However, according to the same report, the insulation company’s revenues fell by 2% to €4.1bn. The company reported that its group profits before tax were €324 million, slightly improving from last year’s €319.9 million pretax profit.
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Kingspan noted that its North American operations were more profitable than its European operations. Despite the upbeat figures, the company recorded a 10% decline in insulated panel sales as demand slowed down in Eastern and Central Europe.
Insulation sales fell by 5% in the first half, driven by weak residential demand, while the group’s technical insulation division reported growth, driven by demand for district heating. The company kept growing its order book despite the “testing environment.”
Kingspan also confirmed the cancellation of its shares from trading on the London Stock Exchange (LSE) effective today from 8:00 AM BST. The company noted that trading in its shares on the LSE was negligible; hence, it's delisting.
However, the company will retain its listing on the Irish Stock Exchange in Dublin. The delisting comes after most shareholders voted in favour of the same at an extraordinary general meeting held last month.
Gene Murtagh, the Kingspan Group CEO, said: “Performance outcomes varied by product and by market, against a backdrop of higher interest rates and a degree of price deflation. Since the period end, we agreed to acquire 51pc of Steico, the world leader in wood-based insulation, adding to a growing bio-based portfolio including hemp and wood-wool acoustic insulation.”
Kingspan share price.
The Kingspan share price fell 3.58% to trade at 72.700p, from Thursday’s closing price of 75.400p.
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