SIG revenues lifted by favourable exchange rates

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INSULATION giant SIG said revenues rose four per cent to £2.7m in 2013 after benefiting from favourable exchange rates.

As a result, the Sheffield-based group said annual pre-tax profits will be no less than market consensus of £85.8m. The group said trading improved as the year progressed, with like-for-like sales up 2.5 per cent in the second half compared with a 3.5 per cent decline in the first half, which was hit by bad weather.

For the full year, like-for-like sales fell by 0.5 per cent, with Mainland Europe down 1.5 per cent and the UK and Ireland up by one per cent.

Excluding SIG Energy Management, like-for-like sales in the UK increased by four per cent.

SIG’s net debt is expected to be £120m at the end of 2013, which includes £17m of expenditure on acquisitions during the year.

Analyst Mike Allen, at Panmure, said: “SIG has delivered a solid year end trading update, essentially confirming that it is confident of hitting consensus adjusted pre-tax profits for 2013.”