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Insulation solutions company Kingspan pulled its interim dividend after first-half profit fell as a pandemic-led slip in sales of insulated products weighed on performance.
For the six-month period ended 30 June 2020, pre-tax profit slipped to €177.5m from €208.9m on on-year as revenue fell 8% to €2.1bn
Trading margin fell 60 basis points to 9.7% on-year
Insulated panels, which make up the bulk of revenue, saw sales decrease 8% to €1.3bn in the first half of the year, though the company said it had 'good recovery in key markets particularly in Europe in more recent months.'
'We have decided it is prudent not to pay an interim dividend and our shareholder returns policy is under review,' the company said.
'We expect that the economic environment will remain weak, with confidence for businesses to make investment decisions curtailed,' it added.
At 8:43am: (LON:KGP) Kingspan Group PLC share price was +4.55p at 69.05p