SIG sees challenging trading

Insulation giant SIG said it expects construction markets to remain challenging this year.

The Sheffield-based company said annual sales from continuing operations fell four per cent to £2.6bn. Without the impact of currency translations, sales were flat in the year to December 31.

The group said it outperformed the market although it expects construction markets to decline at a similar rate to 2012

Pre-tax profits rose from £7.5m to £43.7m

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SIG’s new chief executive Stuart Mitchell said: “SIG delivered a resilient performance in 2012, despite significant headwinds.

“My initial impressions of the business are very positive - SIG has a strong management team, leading positions in its markets and a clear strategy to take the business forward.

“While this provides a firm foundation on which to build, I believe there is further potential in the group, with opportunities to improve performance in areas such as procurement, ecommerce, supply chain logistics and rebranding.”

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