Insulation supplier sees sales rise 16% as all sectors exceed expectations.
SIG plc, the insulation and roofing supplier, says its underlying pre-tax profit is likely to exceed expectations and rise 33% to £94m. An increase of 16% – including the impact of acquisitions made in 2004 and 2005 – brings the total sales figures for 2005 to be in excess of £1.6bn.
Trading in the second half of the year was particularly strong, with better than expected like-for-like performances in each of the group’s geographical areas.
UK and Republic of Ireland sales rose approximately 20% in 2005, while in mainland Europe they rose 9%. In the United States sales increased 16%, with demand swelling as the reconstruction of power facilities following the damage inflicted by Hurricanes Rita and Katrina began. Worldwide, the group made 21 acquisitions totalling £110m, including assumed debt.
Looking forward to 2006, SIG said that it did not expect any significant changes in the markets in which it operates. It said it was confident of a modest improvement of demand as the number of health, education and other major construction projects continue to grow.