SIG hit by cold spell

13th Jan 2011 12:48

Insulation and construction products group SIG said it was affected by the severe weather in the UK and other parts of Europe in November and December as it predicted total sales for the year will be down.They are expected to be in the region of £2.69bn, a 2% fall from £2.744bn the previous year, but the company still thinks it will meet analysts' expectations of a profit of about £61.3m."Overall, the end markets in which SIG operates continued gradually to stabilise as the second half of the year progressed, although some individual segments and geographies have yet to fully level out," "Although all countries are at different points in their individual cycles, in SIG's major countries of operation (UK, France and Germany), 2010 saw residential construction levels turn modestly positive from a low base."In the UK and Ireland, which accounts for nearly half of total sales, sales were down by 2.8%.