UK: SIG’s revenue has fallen by 1.4% year-on-year to Euro3.13bn in 2015 from Euro3.36bn in 2014. Its profit before tax fell by 11.2% to Euro113m from Euro128m. It blamed the fall in revenue on foreign currency effects.
“While making good progress on the Strategic Initiatives and infill acquisition programme, we were disappointed by the Group’s 2015 performance, having been adversely affected by weak trading conditions in Mainland Europe and the UK RMI market, as well as movements in foreign exchange,” said Stuart Mitchell, Chief Executive of SIG.
The building materials producer’s sales revenue for its insulation and energy management division fell by 3.1% to Euro1.49bn from Euro1.54bn. Sales by region increased overall in the UK and Ireland in 2015 due to the new build residential sector in the UK. In mainland Europe sales fell in 2015 notably in France, Germany, Austria and Poland.
In 2015 SIG acquired Multijoint SA in Switzerland and Ainsworth Group in the UK. Both companies are distributors of insulation and associated materials.
