SIG sees no sign of recovery in building

ROOFING and insulation firm SIG yesterday warned recovery prospects for the beleaguered construction industry were uncertain after a 22 per cent slump in UK sales last year.

SIG said the UK and Irish markets – accounting for almost half of revenues – bore the brunt of the downturn, with recovery hopes "unclear in respect of both timing and degree".

But SIG added it was on track to hit profit forecasts of 60 million for 2009 after shedding almost 2,800 jobs since 2008 to cut costs and also reducing debt through a 325m fundraising last year.

SIG, which stands for Sheffield Insulations Group, was founded in 1956 and listed in 1989.