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SIG to reopen most UK sites by mid-May in line with coronavirus safety measures

Published: 09:26 30 Apr 2020 BST

SIG PLC - SIG to reopen most UK sites by mid-May in line with coronavirus safety measures

SIG PLC (LON:SHI) said it is to reopen most UK sites by mid-May, with 35 already operating across its distribution and roofing segments.

The specialist building materials supplier said operations will follow governmental safety guidelines to prevent the spread of coronavirus.

READ: SIG makes CEO appointment permanent

Trading in Germany, Holland and Poland has continued at a similar level to before the outbreak, while sites in France and Ireland are also resuming operations.

To save cash, the insulation maker has furloughed 2,000 employees while most staff in UK and Ireland are temporarily taking lower pay.

As of Friday, SIG had £142mln in the bank.

“Tight management of working capital has helped in April but as more branches open there is likely to be some outflow on this front in the next few months,” analysts at house broker Peel Hunt commented.

“The group has not updated on profitability in March or April but we expect it to have lost money.”

Shares advanced 8% to 24p on Thursday morning.

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