Materials giant passes £1bn half-year turnover for the first time

Materials supplier SIG has announced a first half pre-tax profit rise of 23.3%, following acquisitions in the UK and Europe.

The specialist supplier said profit hit £56.2m for the six months to June, up from £45.6m in the same period last year.

The company said total sales rose 29.2% to £1.09bn, while mainland Europe showed particularly strong growth with sales increasing 53.4% to £376.6m.

SIG chairman Les Tench said: “The group has achieved excellent progress in the first six months, with strong like-for-like increases in all countries and business streams and a step-change in the breadth of the group’s activities with a total of 146 branches added so far in 2007.”

He added that an interim dividend increase of 29% was an indication of the firm’s confidence for the future.

SIG has bought 22 companies so far this year including French roofing materials distributor Lariviere.