January 10, 2013 / 7:58 AM / 5 years ago

SIG warns construction markets to remain challenging this year

Jan 10 (Reuters) - British building materials group SIG Plc said revenue was flat for 2012 and warned that construction markets would remain challenging this year in the absence of any clear improvement in the economy.

The company, which supplies insulation, roofing and specialist construction materials, said construction markets in 2013 would likely decline at a rate similar to last year.

SIG said underlying profit before tax would not be below 82 million pounds ($131 million) for the year. Underlying pretax profit was 81.7 million pounds last year.

SIG, which operates in the UK and several countries in Mainland Europe, said total revenue in 2012 was about 2.64 billion pounds, flat on a constant currency basis.

Revenue fell 4 percent in sterling, which has been weakening against the euro in the past few months.

The company also said it had identified about 3 million pounds in cost savings in addition to the 7 million pounds it announced in August.

SIG will report full-year results on March 7.

The company’s shares, which have risen 47 percent in the past year, closed at 127 pence on Wednesday on the London Stock Exchange.

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