Firm set to quit London listing
Materials firm Kingspan expects to deliver profits of more than €400m (£352m) for the first half of the year.
In a trading update, the firm said revenue in the three months to the end of March hit €2bn (£1.76bn), 4% of the year prior.
It outlined its expected profits for the first half of 2023 while noting that the second quarter would be a “demanding comparative, perhaps less so on order intake which petered out in Q2 2022 after a strong first quarter”.
It added: “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 business used the trading update to announce its intention to delist from the London Stock Exchange, subject to shareholder approval, on the basis that its trading there is “negligible as a percentage of total trading”.
“We remain committed to our primary listing on the main market of Euronext Dublin, where the majority of share trading takes place,” it said.
Kingspan said net debt at the end of March was €1.4bn (£1.24bn) while the firm has more than €1.5bn (£1.32) in cash and undrawn committed facilities.
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