SIG says profit to rise on British residential construction

Thu Jan 9, 2014 2:37am EST

Jan 9 (Reuters) - Building materials supplier SIG said it expected full-year underlying pretax profit to be no less than 85.8 million pounds ($141.31 million), helped by cost cuts and a recovery in the British residential construction market.

SIG, which supplies insulation products, materials for roofs, and interior fittings, said it expected construction activity in the UK residential market to remain buoyant, with the non-residential sector continuing to be subdued.

It added that the mainland European construction market was expected to remain "variable".

SIG reported an underlying pretax profit of 84.1 million pounds in 2012.

The company said revenue rose 4 percent to about 2.72 billion pounds in the year ended Dec. 31, having benefited from favourable exchange rates.

SIG said its cost-cutting drive would save the company an annual 9 million pounds, of which about 40 percent was realised in 2013.

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