Despite the vote to leave the EU, Irish building materials firm Kingspan said it has seen new orders in the UK rise by seven per cent
There has been a lot of mixed feedback relating to how the vote to leave the EU has affected UK businesses. However, it does appear that some parts of the construction sector are doing well, despite the air of uncertainty the vote has brought.
Irish building materials and insulation group Kingspan is among this group. It revealed new orders at its largest UK business saw a seven per cent rise year-on-year since the end of June.
Kingspan makes insulation products in Britain, generating over quarter of its revenue from this. The firm said it had seen a 50 per cent rise in first-half profits due to strong growth in the North American and European markets.
The firm said it expected to see more growth in the second half of the year and said the project pipeline in Britain “remained robust”.
Speaking to Reuters, chief executive Gene Murtagh said: “It’s kind of a foregone conclusion that this is going to be a bit of a catastrophe but frankly from a trading perspective, we haven’t seen any sign whatsoever of that.
“The June 23 vote has led to uncertainty but it hasn’t led to any tangible change in the market as far as we can glean and whether it does or not, to be quite frank, is still something people don’t understand.”
Murtagh said it remained unclear whether a slowdown in the market would materialise in the future.