By Patrick Raleigh, UT On-line news editor
Kingscourt, Ireland-Kingspan Group plc does not expect trading conditions in the building insulation products market to “change materially” in 2004, the company said in a trading update. For the year, the firm also forecast gains on the back of its recent investments and as well as from efficiency and cost reduction initiatives.
Kingspan said its results for its fiscal year to 31 Dec 2003 should finish in-line with market expectations. However, it added, this would be after adverse currency factors of about Euro2 million, rationalisation costs of Euro1.6 million and acquisitions of Euro8 million.
Kingspan’s expects to reach the yearend with net debts of between Euro130-135 million, compared to Euro117 million at the end of 2002. This, it said, reflects a special dividend payment of €19.8 million and capital expenditure of around Euro40 million.
Kinspan will issue its 2003 preliminary results, on 9 March.”