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SIG profits remain stable

Pre-tax profits at materials firm SIG stayed flat in the six months to June on the back of a one third increase in turnover.

The firm said profits slipped 0.7 per cent in the first half to £55.7 million but the company’s sales increased 35.9 percent to £1.5 billion.

It said the fall in profit was the result of increased operating costs rather than lower demand.

Chairman Les Trench said: “Around two thirds of the Group’s sales are made into the non-residential building and industrial (non-construction) sectors, which include both public and private long-term projects.”

He added: “Demand from these sectors has remained robust in all countries in which SIG trades and has helped offset reduced construction activity in residential markets.”

And sales of insulation and related products in the UK increased partly driven by the higher thermal building standards governing new buildings as well the introduction of the Carbon Emissions Reduction Target scheme.

The company said sales had been solid since June but it was aware that trading may become more difficult over the coming months and was taking steps to cut costs in quiet markets.