SIG, which supplies insulation, roofing and specialist construction products, sustained a sharp fall in profits in 2009 amid a severe downturn in the construction sector.
Underlying pre-tax profits fell to £60.6m from £137.3m the previous year as sales dropped to £2.74bn from £3.05bn.
'2009 was an exceptionally challenging year for SIG, with the global economic downturn significantly reducing construction activity and hence demand for the products and services supplied by the group,' chairman Les Tench said.
'The scale of the decline varied by geography and market sector, with a number of SIG's mainland European countries of operation less heavily affected than the UK and Ireland.'
He said that the company had seen a slow start to 2010 due to the cold weather and snow and that pre-tax profits for the first half of the year will be below those of the same period last year.
However he said actions taken by the company to deal with tough conditions had increased the company's efficiency.
'SIG is therefore well positioned to deal with the likelihood of a number of its end markets continuing to weaken in the coming months and to take advantage of their subsequent later recovery and of any growth opportunities which may emerge,' he said.
Company news from ShareCast
SIG profits slump
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