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Building
materials group Kingspan in an interim management statement released
this morning said trading had been 'more steady' over recent months and
operating profit for the year as a whole will be in the region of €60m.
The Cavan-based company said that with the exception of Western Europe,
construction markets remain "under significant pressure".
It said that the non-residential sectors in Central & Eastern
Europe and North America are not anticipated to bottom out for some
time yet.
Total group revenues for the third quarter were down 28% on the
previous year, a slight improvement on the year to date figure which is
down 29%. Q3 sales were up 5% overall on Q2, the company said.
A cost reduction programme which commenced in late 2007 has yielded
annualised fixed cost savings of approximately €60m, the company said,
adding that some further reductions in a small number of regions are
still likely to be required.
"In general it is anticipated that the building environment will remain challenging during 2010," the statement said.
"The Group remains committed to and focused on developing future market
leading positions across a wider footprint and extending its product
offering, while simultaneously recognising the acute pressures of today
and the need to focus relentlessly on generating cash."
Source: www.sbpost.ie
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