Insulation and building products supplier SIG issued a profit warning to the city today as continued weaker trading in May and June pushed back the timing of an anticipated market recover.
SIG operates across Europe and subdues trading was most marked in the end markets of its UK Interiors business, France and Germany.
The firm said demand was more robust at the UK exteriors business but “group sales overall were weaker than expected in May and June to date.”
SIG said: “Given the weaker than expected trading in recent weeks and a consequently more cautious view of the timing of any potential market improvements during H2, the Board now expects our 2024 full year underlying operating profit to be in the range £20m-£30m, which is below the current analyst range.
“The Group continues to perform well relative to its markets and is also continuing to drive cost reductions and efficiency initiatives, which support the continued expectation of a stronger second half performance and will help drive higher profitability as markets recover.”
SIG will publish if results for the first half of 2024 in August.
