Kingspan shares slip after profit miss, outlook cautious
Shares of Kingspan Group Plc (LON:0KGP) were down earlier in the day following its first half results, which posted a mild profit miss. The company's trading profit came in approximately 5% below VA consensus expectations, with a year-on-year (YoY) decline of 3%, underperforming the previously provided guidance of a "broadly similar" profit YoY for 1H24, said analysts at Jefferies. Underlying sales trends have shown progress, with 1H24 sales down 5% YoY, an improvement from the 8% YoY decline observed in 1Q24.