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Date: Thursday 21 Aug 2008

LONDON (ShareCast) - Insulation and roofing supplier SIG posted a slight drop in half year profits and warned that trading in some of its markets may become even more challenging.

The group said trading since the end of June has been solid but it was “mindful of the likelihood that trading in some of its markets may become still more challenging over the coming months.”

Due to the current market environment, the group said its acquisition activity in the second half will be materially lower than the first to help ensure that debt levels remain comfortable.

It expects the main areas of market decline will be new housing and discretionary consumer spending on existing residential properties, which will continue to weaken further into 2009. However, it added that UK non-residential construction activity is holding up better than residential, especially public funded works.

Profit before tax reduced to £55.7m from £56.1m last year on sales that rose 35.9% to £1,494, up 9.3% on a like-for-like basis. Like-for-like sales growth was achieved in all countries with the exception of Ireland.

“SIG has been through periods of reduced demand in various markets many ties in the past. As well as the resilience provided by its exposure to a broad range of market sectors and countries it has the proven management expertise and the experience to enable it to outperform in challenging market conditions, and remains confident of further progress,” said the group.

Interim dividend was increased to 8.3p per share from 8.0p.

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