SIG finds current trading solid
British insulation and roofing products firm SIG plc said trading during the six months to end-June has been solid, with total sales in excess of £1,480m, up c.35% over the equivalent period in 2007, and like for like sales up c.9%. At constant currency, total sales were up c.26% and like for like c.2.2%. Underlying operating profit is expected to exceed £84m, an increase of £14m (20%) on the £70m reported in the first half of 2007.
Around one third of SIG's sales are made into the residential sector, both new build and Repairs, Maintenance and Improvement (RMI). The residential new build sector is weak, most evidently in Ireland and the UK but also to a lesser extent in parts of Mainland Europe, and some elements of residential RMI are also weaker than in 2007.
In contrast, around two thirds of the group's sales are made into the non-residential building and industrial (non-construction) sectors, which include both public and private long-term projects. Demand from these sectors has remained robust in all countries in which SIG trades.
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