Latest news with #Kingspan
Irish Times
13 hours ago
- Business
- Irish Times
Markets dip in face of good corporate results
European markets dipped on Thursday despite leading companies in key industries reporting strong results. Dublin Insulation and building materials group Kingspan shed 2.55 per cent to €72.65. Dealers noted that US rival Carlisle reported flat sales on Wednesday night, prompting investors to swerve the Irish group. Food and ingredients maker Kerry continued a decline sparked by results earlier in the week. Shares slipped 2.93 per cent on Thursday to €81.15. The fall followed a 6.7 per cent slump the previous day. Ryanair climbed 1.21 per cent to €25.91 as airlines across Europe gained altitude. Air France-KLM reported a strong quarterly performance earlier on Thursday. READ MORE Dublin's listed housebuilders enjoyed a constructive day. Cairn Homes added 3.81 per cent to €2.18 while Glenveagh Properties rose 1.74 per cent to €1.874. PTSB edged 0.48 per cent up to €2.08. The bank reported that its pretax profit fell 38 per cent to €51 million in the first half of the year as net interest income declined. London Aer Lingus and British Airways owner International Consolidated Airlines Group (IAG) climbed 2.56 per cent to 380.5 pence on a good day for airlines, aided by strong Air France results. The stock boost came as IAG prepared to publish its own second-quarter figures on Friday. Budget carrier and Ryanair rival EasyJet also benefited, gaining 2.13 per cent to 493.7p. Aircraft engine maker Rolls-Royce surged 8.5 per cent to 1,072p after the company boosted profit predictions on the back of strong results for the first half of the year. The company said operations could generate up to £3.2 billion profit this year, £300 million more than it originally forecast. The news continued a turnaround for the company, which makes engines for Airbus wide-body jets and luxury cars, since Tufan Erginbilgic joined as chief executive in 2023 Oil giant Shell advanced 1.19 per cent to 2,711p after announcing plans for a share buy-back programme. Fashion chain Next added 0.54 per cent to close at 281.5p after reporting that full-price sales in the 13 weeks to July 26 rose 10.5 per cent versus last year. Europe Shares in Ferrari tumbled on Thursday despite the Italian luxury sports car maker reporting that earnings per share for the quarter ended June rose to €2.39 from €2.29 for the same period last year. Its stock was down more than 12 per cent at one point, its sharpest fall since 2016, according to Reuters. The shares were 11.65 per cent off at €385.30 shortly after 5.30pm Irish time. Air France-KLM shares were up 4.65 per cent at €11.58 after the company reported that sales rose 6.2 per cent to €8.4 billion in the three months ended June 30th. France's CAC index closed down more than 1 per cent on Thursday. Germany's DAX was off around 0.8 per cent. US Kingspan rival Carlisle Companies shares were down 12 per cent at $361.26 at 6.40pm Irish time. The group reported that revenues for the three months to June 30th were flat at $1.4 billion. Both Microsoft and Facebook parent Meta, which have large Irish operations, rose on the back of better-than-expected results. Microsoft was up 6 per cent while Meta had climbed 11.5 per cent. Microsoft said that annual revenue from its cloud computing service Azure exceeded $75 billion. Microsoft became the second company in the world (after Nvidia) to reach a $4 trillion market capitalisation after reporting quarterly earnings that beat Wall Street expectations.
Business Upturn
4 days ago
- Automotive
- Business Upturn
Kingspan Insulated Panels North America Announces Grand Opening of New Facility in Mattoon, Illinois
DELAND, Fla., July 28, 2025 (GLOBE NEWSWIRE) — Kingspan Insulated Panels North America is proud to announce the grand opening of its new manufacturing facility in Mattoon, Illinois. This state-of-the-art plant will focus on producing Kingspan's K-Roc™ products, further expanding the company's footprint and enhancing its ability to service customers across North America. The Mattoon facility will produce the K-Roc HF Series, which is recognized for its superior fire protection due to its mineral fiber insulation core. The K-Roc HF Series, available in 4-inch, 6-inch, and 8-inch thicknesses, offers up to a two-hour fire rating in wall applications and three-hour fire rating in ceiling applications. The series is available in five profiles, with both embossed and non-embossed finishes, ensuring versatility for a wide range of aesthetic needs. The K-Roc mineral fiber insulation has the fire ratings required for occupant safety and asset protection in high-value applications like EV battery factories. Historically, K-Roc products have been manufactured exclusively at Kingspan's Langley, British Columbia, Canada site. The Mattoon facility gives Kingspan a new strategic location to meet the increased demand for K-Roc products in facilities across the Midwest, West, Northeast and Southeast. 'We are thrilled to officially open the doors of our new facility in Mattoon,' said Alswinn Kieboom, president of Kingspan Insulated Panels North America. 'This plant is a testament to our continued growth and our passion to deliver exceptional service to our customers. The Mattoon location complements our manufacturing footprint giving us full coverage across Canada and the U.S. with the entire product line.' In addition to meeting the growing demand, the Mattoon site is also a key part of Kingspan's sustainability strategy through its global Planet Passionate initiative and will undergo a significant number of eco-friendly upgrades. Plans call for solar roof panels, energy-efficient LED lighting, electric vehicle charging stations, a rainwater harvesting system, and a robust recycling program designed to help the company reach its zero waste to landfill goal. The new Mattoon location is expected to bring approximately 50 new jobs to the region, creating a positive impact on the local economy and furthering Kingspan's commitment to sustainability and innovation. For facility photos and photos from the grand opening ceremony, click here . For more information on Kingspan Insulated Panels North America, visit . About Kingspan Insulated Panels – North America Kingspan Insulated Panels – North America is a business unit of Kingspan, a global company operating in more than 80 countries, with over 250 manufacturing facilities. Kingspan Insulated Panels – North America manufactures and markets three groups of products at its U.S., Canadian and Mexican facilities: insulated metal wall and roof panel systems for commercial/industrial construction; insulated architectural panels for design-driven projects; and controlled environment panels and doors for cold-storage and climate-controlled warehousing. In addition to its commitment to quality and innovation, the company is on the leading edge of the sustainability movement, offering best-of-class products produced in state-of-the-art, eco-friendly facilities. To learn more visit Media ContactBrianna KoenigUproar by Moburst for Kingspan Insulated Panels North America [email protected]
Irish Times
23-07-2025
- Automotive
- Irish Times
Markets climb on back of Japan-US trade deal signing
Global markets climbed higher on Wednesday after the United States signed a trade deal with Japan amid reports a deal with Europe could be close. Dublin Euronext Dublin finished the day up 1.3 per cent, lifted by Cavan-based insulation specialist Kingspan, which surged 3.6 per cent. There was strength across the board on the index, which fed through to the banks as AIB and Bank of Ireland finished the day up 1 per cent and 2 per cent respectively. Elsewhere, Ryanair continued its recent run as it climbed 1.5 per cent. Davy increased its price target for the airline from €24 to €27 and reiterated its 'outperform' prediction on its rating. READ MORE 'The market overall did a little bit better on the day,' noted a trader. 'The tariff deal with Japan set the market up well for the morning and it just carried through into the day.' London The FTSE 100 index closed up 0.4 per cent which was a record closing peak, after earlier hitting an all-time high. The FTSE 250 closed up 0.4 per cent, and the AIM All-Share closed up 0.5 per cent. Car makers such as Toyota climbed 14 per cent, and Honda jumped 11 per cent. Mitsubishi rose a more modest 3.6 per cent. On the FTSE 100, Informa rose 5.3 per cent. It raised its full-year outlook and added to its share buyback after reporting 20 per cent growth in half-year sales and adjusted profit. Europe The pan-European Stoxx 600 index rose 1.01 per cent, while Europe's broad FTSEurofirst 300 index rose 1.01 per cent. The Cac 40 in Paris advanced 1.5 per cent, while the Dax 40 in Frankfurt gained 0.8 per cent. Euro zone government bond yields were mixed, as investors weigh what Japan's trade deal with Washington means for hopes of further agreements. Euro area borrowing costs had fallen over the past two sessions as investor focus shifted to the deflationary fallout from potential U.S. trade duty increases and a strengthening euro. US President Donald Trump struck a deal with Japan that spares Tokyo from punishing levies in exchange for a $550 billion (€468 billion) package of US-bound investment and loans. Germany's 10-year government bond yield, the euro area's benchmark, rose 1.5 basis points to 2.603 per cent, after dropping more than 10 basis points in the last two sessions. Germany's two-year government bond yield – more sensitive to expectations for European Central Bank policy rates – was little changed at 1.798 per cent. The gap between German 10-year and 2-year yields rose 1.5 basis points to 80.5 basis points. New York Wall Street's main indexes moved higher after it was reported that the US and the European Union were closing in on a 15 per cent tariff deal. The Dow Jones Industrial Average rose 0.36 per cent; the S&P 500 rose 0.27 per cent; while the Nasdaq Composite rose 0.35 per cent. Tesla and Alphabet are set to report after the bell on Wednesday. With AI optimism running high and valuations stretched, expectations for these tech giants are sky-high, leaving little margin for disappointment. In earnings-focused moves, GE Vernova's shares climbed 13.7 per cent to an all-time high, as the power equipment maker raised its current-year revenue and free cash flow forecasts after beating Wall Street estimates for second-quarter profit. Texas Instruments tumbled 12.7 per cent after its quarterly profit forecast failed to impress investors, as it pointed to weaker-than-expected demand for its analog chips from some customers and underscored tariff-related uncertainty. The earnings also weighed on its peer analog chipmakers, with NXP Semiconductors, Analog Devices and ON Semiconductor falling between 3.5 per cent and 5.6 per cent. Toymaker Hasbro slipped 2.4 per cent even after raising its annual revenue forecast. A 1.7 per cent drop in AT&T kept the communications sector in the red, with all other sectors in positive territory. The company's stock dropped despite beating quarterly profit estimates. – Additional reporting: Agencies
Irish Times
22-07-2025
- Business
- Irish Times
Global markets dip amid signs Trump's trade war is hitting corporate bottom lines
Global markets dipped on Tuesday as investors assessed a spate of mixed earnings in the United States amid signs that president Donald Trump's protracted trade war is hitting corporate profit margins. Dublin Euronext Dublin did not escape the pain, but it marginally outperformed international peers as it finished the day down 0.1 per cent. The main mover on the day was Ryanair, which climbed 0.3 per cent. The bounce came a day after the airline reported that profits more than doubled to €820 million in the three months to the end of June. Among the financial names, AIB was down 0.9 per cent, while Bank of Ireland was largely flat on the day. READ MORE Cavan-based insulation specialist Kingspan – one of the biggest companies on the index – finished down 1.3 per cent. It was a better day for the housebuilders as Glenveagh Properties and Cairn Homes ended the day up 1.8 per cent and 0.5 per cent respectively. London The FTSE 100 notched up 0.1 per cent to hit another record close, and hit an all-time intra-day high, despite the threat of higher UK taxes after figures showed a sharp increase in government borrowing. The FTSE 250 closed down 0.4 per cent, and the AIM All-Share closed down 0.1 per cent. On London's FTSE 100, Compass Group rose 5.3 per cent after it raised full-year guidance and announced the 1.5 billion euro acquisition of Vermaat Groep. Greencore jumped 12 per cent after it said third quarter revenue rose ahead of market forecasts. Europe The pan-European Stoxx 600 index fell 0.47 per cent, while Europe's broad FTSEurofirst 300 index fell 0.47 per cent. The Cac 40 in Paris lost 0.8 per cent, while the Dax 40 in Frankfurt fell 1.1 per cent. European natural gas fluctuated near a three-week low, with traders weighing ample supply against emerging pockets of demand across the globe. Benchmark futures hovered around €33 a megawatt-hour after three days of declines. While there are signs that some global buyers of the fuel may see demand pick up, Europe has made relatively good headway in building up inventories so far this summer. Liquefied natural gas imports are expected to hit a record this year, the International Energy Agency said. New York The Nasdaq was pressured by falling megacap stocks, a day before major tech results are due, while investors assessed a spate of second-quarter corporate earnings and watched for signs of progress in US trade discussions. Heavyweight tech names were the biggest losers. Amazon fell 1 per cent, Meta Platforms shed 1.1 per cent, Nvidia was down 1.6 per cent and Broadcom lost 2.3 per cent. The S&P's technology sector led sectoral losses and dropped 0.9 per cent, cooling from a record high in the previous session. 'Traders are just trying to position a little... because it's (technology) had such a big run. Some might be hedging a little bit before the earnings,' said Max Wasserman, senior portfolio manager at Miramar Capital. Some underwhelming corporate results also dimmed sentiment. General Motors saw its second-quarter profit skid 32 per cent, with the automaker blaming hefty tariff costs for carving out $1.1 billion from its results. Its shares lost 6.9 per cent, while peer Ford dipped 1 per cent. Alphabet's shares dipped 0.4 per cent, while Tesla edged up 0.5 per cent. Elevated earnings expectations for these stocks are already priced to justify their stretched valuations, leaving little room for disappointment. 'Unless you get real bad news or something that indicates a slowdown in the rate of growth, you could see a selloff,' Wasserman said. The healthcare sector jumped 1.2 per cent to lead sectoral gains after declining for the last three sessions. Meanwhile, Philip Morris fell 8.2 per cent after reporting second-quarter revenue below expectations. – Additional reporting: Agencies
Telegraph
10-07-2025
- Politics
- Telegraph
Grenfell families accuse ministers of ‘shameless betrayal'
The Government has been accused of a 'shameless betrayal' of Grenfell victims after it paused its own attempts to ban companies blamed for the fire. Ministers had ordered investigations into seven companies criticised for their alleged role in the fire in which 72 people died. The Government had been considering banning them from bidding for future public contracts, but has now paused investigations until criminal inquiries are completed. Grenfell United, which represents some bereaved and survivors, called the decision 'another glaring example of a Government that abandons its duty and shamelessly betrays those it vowed to protect'. The pause means any bans on firms bidding for contracts would only come into force at least 10 years after the fire at the west London tower block in 2017. Following an announcement in Parliament in February, investigations were believed to have been launched in March into cladding firm Arconic, insulation firm Kingspan, former Celotex owners Saint-Gobain, fire inspectors Exova, design and build contractor Rydon, architect Studio E, and subcontractor Harley Facades. All faced criticism in the final report of the inquiry into the fire. The Government said it was looking into whether any engaged in professional misconduct for the purposes of the Procurement Act 2023, potentially leading them to be debarred from public contracts. The Metropolitan Police said neither the force nor the Crown Prosecution Service (CPS) were consulted over the decision, and the Met said it learnt of the investigations through media reporting in February. The Met and CPS contacted the Government shortly afterwards and wrote formally in May 'to invite them to consider pausing their debarment investigations until any criminal proceedings have concluded'. The force said: 'It is really important that nothing takes place that may risk prejudicing the police investigation or any future criminal proceedings.' Bereaved families and survivors have long campaigned for criminal charges to be brought over the disaster. Police and prosecutors have previously said investigators would need until the end of 2025 to complete their inquiry, with final decisions on potential criminal charges by the end of 2026. The near 10-year wait for justice has previously been described by families as 'unbearable'. Grenfell United described the pause on debarment as 'a disgrace and an insult' to survivors and the bereaved. The group said: 'Whilst we will always put the criminal investigation first, it is abhorrent to hear, yet again, that the Government failed to do its basic due diligence. 'Whether through incompetence or outright indifference, this latest U-turn is yet another glaring example of a government that abandons its duty and shamelessly betrays those it vowed to protect.' Announcing the pause on Thursday, the Government said: 'The Metropolitan Police and Crown Prosecution Service informed the Cabinet Office that continuing the debarment investigations could unintentionally prejudice the criminal investigation and any future criminal proceedings. 'To ensure the Metropolitan Police's criminal investigation and any future proceedings remain the priority, the Cabinet Office has paused its separate, non-criminal debarment investigations at the request of the Crown Prosecution Service and the Metropolitan Police. 'This decision has been made to safeguard the integrity of the Metropolitan Police's criminal investigation.' The CPS said it had noted the Government's decision, adding: 'We remain resolute in ensuring the integrity of any possible future prosecutions, and continue to liaise closely with the Metropolitan Police Service as their investigation works towards an evidential file being passed to us.' Demolition work on the tower could begin in September. The decision to remove the building was criticised by some of the bereaved and survivors, who felt their views had not been considered.
