Orders have slowed in the UK ahead of the Brexit referendum
Kingspan, the Cavan-based insulation, building materials and solar panels group has addressed Brexit concerns in its latest trading statement issued ahead of its AGM in Dublin this morning.
Overall, the group says it’s had a strong start to the year with sales in the four months to April 25% higher than the same period last year growing to €903.1m - this was boosted by acquisitions and favourable currency movements.
Revenues were solidly higher in continental Europe and the US and in all divisions except the solar panel environmental business where they were 3% lower.
The group says that in the UK there’s been an understandable easing in placing orders in the commercial construction sector ahead of the June referendum, though the order pipeline is encouraging beyond that date.
The 25% growth rate is based on a comparison with the quarter before the group spent €72m on acquisitions in April of last year - it acknowledges that there will be "tougher comparables" when it issues its next trading report.
The company adds that the volume of orders is "encouraging ahead of this time last year."
Beyond that, the order pipeline is "encouraging ahead of this time last year," Kingspan said in a trading update before the company’s annual general meeting in Dublin today.