Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to the newest version of your browser.

Your browser appears to have cookies disabled. For the best experience of Construction News, please enable cookies in your browser.

Welcome to the Construction News site. As we have relaunched, you will have to sign in once now and agree for us to use cookies, so you won't need to log in each time you visit our site.
Learn more

SIG warns profits will be at the "bottom end of market expectations"

Building materials group SIG says it expects profits for the year to December to be at the bottom end of market expectations, between £63 million and £99m.

The Sheffield-based group said trading conditions had remained very challenging though the past month. UK volumes remained subdued and pricing pressures were holding back performance, with the UK interiors business particularly affected.

SIG also said European markets had not achieved the usual level of seasonal improvement in the last four weeks. The company had implemented cost cuts in May which brought total annualised savings to £62m and it had implemented additional cost saving measures in the last four weeks which it expected to deliver a further £8m.

Following an equity fundraising completed on April 9 its balance sheet remained strong and SIG said it is confident it will operate within its banking covenants through 2009.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.