Sales at Irish arm of SIG fall 22%

SALES at the Irish operations of roofing and building insulation company SIG fell by 22.3%, on a local currency basis in 2008.

The British company — which employs around 375 people here — yesterday reported a 2% fall in underlying group pre-tax profits for the year to £137.3 million (e146.2m).

Group sales were down by 24.2% at just over £3 billion. Underlying operating profit, however, was up by 6.5% at £169.8m.

A 2.2% fall in like-for-like sales in SIG’s combined Britain and Ireland operations (the group also has operations on mainland Europe) were attributed mainly to what the company’s management referred to “particularly weak trading conditions in Ireland”.

No dilution of its business interests in the Irish market — through job losses or any other means — is understood to be on the horizon, however.

“Helped by our exposure to a broad range of market sectors and geographies, we delivered record sales and a solid underlying profit performance,” SIG chairman Les Tench said.

Mr Tench added that the group has “a track record of outperforming in adverse conditions” and has reacted quickly and decisively to the current economic climate.

SIG also announced yesterday its plan to raise a further £325m in funding, via a share placing.