SIG’s sales rise on European demand

SHEFFIELD-based SIG today revealed that its sales had risen due to the strength of its European business.

SIG’s sales for the 10 months to the end of October rose eight per cent.

However, the insulation and roofing group forecast subdued demand in 2012.

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The company, which was founded in 1957 as an insulation distribution business, said it expected the UK and Irish markets to show some modest decline compared with 2011, reflecting lower consumer spending.

“While performance in individual countries may differ, overall SIG expects demand in mainland Europe to range from flat to slightly positive,” the company said in a statement.

The company, which had been trading in line with its expectations since August, also said it was on track to cut its debt at the year end to well below the £163m reported at the end of June.

Growth in the value of UK offices, shops and warehouses slowed to 0.3 per cent in the September quarter, from 0.5 per cent in the previous quarter, according to research published last week.