May 5 (Reuters) - SIG said on Wednesday it expects
to deliver an underlying operating profit in the first half of
2021, and forecast higher annual profit than previously
expected, as the building materials supplier recovers from a
The company, which supplies roofing and insulation materials
in Britain, France, Germany, and Ireland, among others, had said
in January that it expected a return to profitability in the
second half of 2021.
"After a solid start in January and February, sales volumes
then picked up strongly, and March and April traded ahead of
management's expectations," the company said in a statement.
British construction activity grew at its fastest pace since
2014 in March, boosted by a restart in postponed hospitality,
leisure and office projects as restrictions related to the
COVID-19 pandemic started to ease.
In March, SIG reported 2020 underlying operating loss of
53.3 million pounds ($74.06 million), compared with a profit of
42.5 million pounds a year earlier.
The supplier to residential, non-residential, and renovation
maintenance improvement markets also said its performance in the
year so far has been "ahead of expectations", with group sales
jumping 29% from its corresponding four-month period last year.
($1 = 0.7197 pounds)
(Reporting by Aby Jose Koilparambil in Bengaluru; editing by