Acquisitions boost performance at material suppliers
Materials supplier SIG has reported a 23% rise in profits for the past year, contributing to record sales and profits across all its regions.
The insulation, roofing and interiors supplier reported that profit rose to £86.8m in the year ended 31 December 2005, up from £70.2m the previous year. Sales increased by 17.2% to £1.6bn across the same period.
The company's results were boosted by the performance of 21 acquisitions it made during the year, for a consideration of £110m.
Chairman Les Tench said: "In 2005, SIG continued its policy of investing in growth and development both organically and through acquisition. This programme of targeted investment, and the strong entrepreneurial spirit of the management and staff throughout the Group produced outstanding levels of growth over prior year."
Tench added that although market demand had been strong, he believed that SIG had outperformed the overall market. He said that he was confident of further growth in 2006.