SIG profits on sales fall

SIG, the Sheffield-based leading European supplier of insulation and specialist construction products, is predicting profits of more than £61.3 million, despite a two per cent fall in sales to £2,690 million.

The company says in a trading update that pre-tax profits will not be less than analysts expectations after markets continued gradually to stabilise in the second half of 2010.

SIG says it reduced net debt from 255 million to 190 million during last year and has made further cost savings totaling 7 million across the group.

SIG has announced that Leslie Van de Walle will take over as non-executive chairman from Les Tench.

Mr Van de Walle is a non-executive director of insurance group Aviva and leading UK and Irish distribution group DCC and a former chief executive of United Biscuits and packaging manufacturer Rexam.

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