Company will continue to cut costs in response to uncertainty over spending cuts
SIG has reported a recovery in sales after a turbulent period of falling turnover and rising losses.
The product manufacturer today revealed that sales increased in the second quarter of 2010 and were up 4% in July year on year.
Poor weather conditions hit first quarter sales while overall revenue for the six months to 30 June 2010 fell 4% to £1.29bn.
The firm did manage to scale back losses in the first half posting a pre-tax loss of £2.2m compared to £9.2m in 2009.
Despite the recent uplift in sales, chairman Les Tench remained cautious about recovery in its markets.
He said: “Caution is based on the continuing macroeconomic uncertainty and concerns about the potential impact of government austerity measures and credit availability on the timing and path of the construction markets’ recovery.”
Tench said the group was looking to cut costs to help the business return to profitability.