BUILDING products giant SIG had a slow end to the year in the UK but has not had to further lower its profit expectations after a tough year.
In October, the Sheffield-based group had warned deteriorating market conditions would hit profits, which had caused an immediate 20% drop in its share price.
SIG’s guidance then was for underlying pre-tax profit of £85m-£90m, which it has reaffirmed today.
The FTSE-250 company had annual sales of £2.57bn, up 3.6% in constant currency. Acquisitions contributed 3.4% to sales growth, while like-for-like revenues in 2015 increased marginally, by 0.2%.
In the UK and Ireland, like for like sales decreased 1.0% in the final quarter of 2015, while mainland Europe saw a 1.8% increase due to a significantly improved performance in France.
SIG will release its full-year figures on March 9.
