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SIG tumbles on profit warning as market remains soft in France, Germany and UK

Published 24/06/2024, 09:47
SIG tumbles on profit warning as market remains soft in France, Germany and UK
SHI
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Proactive Investors - Shares in SIG (LON:SHI), the insulation manufacturer, got the cold shoulder from investors after warning on profits as it blamed market conditions for remaining "challenging".

Like-for-like sales in the first half of the year are down roughly 7% on last year, it said in a statement, which it acknowledged was behind expectations.

The shares fell over 12% to 23.96p.

As trading has been weaker in recent weeks, directors now have a more cautious view of when the market may improve.

Reflecting this more cautious outlook, management now expects full-year operating profit somewhere between £20 million and £30 million, down from £53 million last year.

This new guidance is well below consensus expectations of £40 million.

The Sheffield-headquartered group cited softness in its French, German and UK interiors businesses, which together represent over half total revenue based on last year.

Read more on Proactive Investors UK

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