Kingspan sales hit by Brexit uncertainty

Grant Prior 4 weeks ago
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Building materials giant Kingspan said the “politically hamstrung” UK is causing a blip in its global sales growth as Brexit uncertainty continues.

Worldwide sales are growing in its core insulated panels market but Brexit worries started to hit towards the end of last year.

Kingspan said: “Whilst the project pipeline is in reasonable shape, the growing deficit in confidence has resulted in ongoing postponements.

“We expect this situation to prevail until the political and economic landscape is more certain.

“With the notable exception of the politically hamstrung UK, most of our major markets ended the year strongly with order banks well positioned for the start of 2019”

In the insulation boards market Kingspan said: “More broadly in the UK however, the political backdrop has meant that demand for building products has eased in recent months and is likely to weaken further if this uncertainty persists.”

Chief executive Gene Murtagh said: “2018 was a year of strong growth for Kingspan, with the company delivering revenues of over €4bn for the first time.

“Performance has been robust in most of our major markets, and momentum has improved through the year.

“With the order book going into the new financial year ahead of the prior year period, we are confident in our near-term outlook.

“Notwithstanding this we remain mindful of challenges to growth, particularly the continuing uncertainty in the UK.”


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