Europe’s biggest roofing and insulation firm SIG today warned it had failed to make up the ground lost to the bitter winter conditions’ impact on construction jobs, leaving first-half profits below last year.
The company, which has launched a fresh crackdown on costs, said it had been “unable to recover” fully the weather-related shortfall in sales. Pre-tax profits will be £29 million to £31 million as a result, down from last year’s £35.5 million, on sales 3% lower than 2012.
SIG offered some cheer for investors with signs that conditions are “starting to improve in the UK”, although European markets are still struggling. Assuming the weather holds, the company expects trading to continue to improve in the second half. Shares fell 1.1% or 1.9p to 169.4p.
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