By Elena Vardon
Kingspan Group said it is on track to deliver trading profit for 2023 comfortably ahead of the previous year as it reported slightly lower sales for the first nine months of the year.
The building-and-insulation materials company on Monday posted 6.14 billion euros ($6.59 billion) in sales for the nine months ended Sept. 30, compared with EUR6.25 billion reported for the same period the previous year. Sales before currency and acquisitions fell 7% on year, it said.
“There is still some way to go in 2023 with the seasonally important fourth quarter remaining and, accordingly, we expect to deliver a record full year trading profit in the region of EUR875 million,” the group said, adding that its global backlog of orders has been reasonably stable over the last months.
The company had posted EUR833 million in trading profit for 2022.
Write to Elena Vardon at elena.vardon@wsj.com
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