DAVY VIEW

Near-term visibility may be low but what is crystal clear is that the Kingspan machine rolls on. First-half results revealed that the group performed terrifically well in negating the disruption due to COVID-19. It has done this without losing focus on what makes it such a compelling proposition – investment in product development and new capacity, cash generation, smart M&A and geographic expansion. But what really differentiates Kingspan is a product suite at the forefront in the fight to reduce the carbon intensity of buildings, a megatrend that is only likely to increase in relevance. Our double-digit increase in 2020/2021 trading profit forecasts only tells part of the story; there is much more to come.