That insulation distributor SIG (SHI) could justifiably boast a "resilient performance" last year, despite a 2 per cent decline in underlying operating profits, speaks volumes for the grim trading conditions in the European construction industry.
The company estimates that its addressable markets - largely insulation and roofing materials - fell 2.4 per cent by value last year. Stripping-out the euro's weakness, which depressed results reported in sterling, the group's sales were effectively flat in 2012, suggesting it has been taking market share. Finance director Doug Robertson stresses the value of being a specialist in a market driven by complex environmental regulation, and also the decision to expand throughout the downturn - SIG has opened 114 branches over the past four years, including 21 last year.