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March 12 (Reuters) - Building materials supplier SIG Plc said it would spend about 200 million pounds ($299.92 million) on acquisitions in the next three years.
SIG, which reported a 9 percent increase in full-year underlying pretax profit on Thursday, said it would increase the pace at which it acquires companies and target businesses and products in which it already operates.
“We’re very much sticking to our knitting,” said chief executive Stuart Mitchell.
Sheffield-based SIG, which held 110.3 million pounds in cash as at Dec. 31, said it expected to fund the acquisitions through a combination of cash and debt.
The company bought 12 businesses in 2014 for about 21 million pounds, seven of which were UK-based.
SIG’s underlying pretax profit rose to 98.1 million pounds for the year ended Dec. 31 from 90 million pounds a year earlier, helped by strong demand in the United Kingdom and Ireland.
The company’s shares were marginally up at 191.9 pence on the London Stock Exchange in thin trading at 0838 GMT. ($1 = 0.6668 pounds) (Reporting By Mamidipudi Soumithri and Aashika Jain in Bengaluru; Editing by Anupama Dwivedi)