The company told the stock exchange this morning that group sales from continuing operations for 2011 were approximately £2.74bn, an increase of nearly 8%.Underlying profit before tax was likely to top £80m, ahead of expectations.
The company said that trading towards the end of 2011 benefited from the much milder weather than what was experienced in December 2010. Gross margin for 2011 is expected to be similar to 2010.
UK sales were up 4% over the year.
New UK managing director Robert Barclay, who has stepped up from MD of SIG Distribution, is leading a cost-cutting drive in 2012. Rationalising the branch network is expected to save £5m a year. Exceptional costs of about £12m relating to this rationalisation and previous branch closures will be charged to the 2011 accounts.
SIG will announce its preliminary results for the year ended 31 December 2011 on 14 March 2012.
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