DAVY VIEW

There is quite a lot to digest in Kingspan’s half-time report. The group’s performance remains resilient, but operating conditions are clearly demanding. Full year trading profit guidance of €950m points to a circa 3.5% reduction to expectations, not helped by a stiffening foreign exchange translation headwind. Kingspan has also announced a new streamlined reporting structure and a €650m share buyback over the next 18-24 months. The latter will be executed in parallel with what remains Kingspan’s active development agenda.