Drought? What drought, asks SIG

Do not mention the UK drought to SIG, the building products distributor, which has seen sales in the group's roofing business disrupted by heavy rains this year.

Group sales per day at constant currency were still just under 1.0% ahead of strong prior year comparatives in the first four months of the year, although group sales in sterling fell by 1% as a result of the weakening euro.

In mainland Europe, sales per day on a constant currency basis grew by around 3.0%, with France and Benelux performing particularly well, and Germany marginally ahead of last year.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Helped by two additional days of trading in the UK and one in Ireland, total sales in both countries were broadly flat. On a sales per day basis, UK turnover was around 1.0% down, mainly due to a disappointing weather-related performance in the Exteriors division in April, while sales in Ireland were significantly lower than the previous year.

The group expects that market volumes will be slightly down overall in 2012, with demand patterns during the year likely to be uneven. The continuing wet weather in early May has not helped matters, the firm said.

"Although the macroeconomic environment and exchange rates remain uncertain, SIG has a solid platform on which to build and is continuing to target further market out-performance this year," SIG said.

NR