Kingspan Group plc has announced its financial results for the first quarter of 2022.
The local company says it had a "record" first quarter with group sales of €1.89bn - 47% up on the previous year.
However, raw material inflation - which had eased considerably at the turn of the year - has returned sharply over the past six weeks and the associated recovery effort is ongoing.
Meanwhile, Insulated Panels sales were up 44% while the global backlog at the end of March was 19% ahead on last last year in volume.
Insulation sales were up 72%; Light & Air sales increased to 41%; Data & Flooring sales were up by 32%; and Water & Energy secured sales that were 24% ahead of expectation.
The Group’s trading outlook for the second quarter is positive with a strong order backlog on hand, and decent activity in most end markets.
"Raw material inflation remains an issue to be firmly managed and is coming on the back of a highly inflationary year in 2021," a spokesperson added.
"As previously highlighted, margins year on year are likely to see a lag associated with this.
"In addition to the €800m committed on acquisitions announced earlier in the year, the Group's development agenda and pipeline are strong, although nothing can be certain on that front.
"The acquisition of Troldtekt has received competition clearances, and is expected to complete imminently.
"Overall, given ever increasing concerns around energy conservation, availability and climate change, Kingspan's distinctive range of solutions and Planet Passionate agenda positions the Group favourably for the years ahead."
