Builders and building materials
SIG scraps dividend and guidance amid coronavirus crisis
Despite the pandemic, the insulation maker said the vast majority of its trading sites in mainland Europe remained open and trading had “generally held up”
Company
LON:SHI
SIG PLC is an international supplier of Insulation, Exteriors, Interiors and Specialist Construction Products. The Group operates in 11 countries in Europe and has small trading operations in a further five serving a wide range of trades in the building and construction markets
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Builders and building materials
Despite the pandemic, the insulation maker said the vast majority of its trading sites in mainland Europe remained open and trading had “generally held up”
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Footsie lost 1.8% over the week. Never mind, there's always the UK Budget to look forward to ...
Builders and building materials
The reading is expected to be much lower than January, which was favoured by unseasonably warm weather
Meinie Oldersma and Nick Maddock have both resigned from the insulation firm with immediate effect and will be replaced by Steve Francis and Kath Kearney-Croft, respectively
Builders and building materials
The building materials supplier said underlying profit before tax for 2019 will come in around £42mln, versus analyst expectations of £68mln
Builders and building materials
Full-year profits in the specialist distribution and roofing merchanting businesses are expected to be “significantly lower” compared to previous expectations
Builders and building materials
SIG said political and macro-economic uncertainty continues to increase as it enters the traditionally strongest trading months of the year
Builders and building materials
SIG reaffirmed its expectations for the full year, although added that it would “continue to monitor how trading conditions develop”.
Investments and investor services
The UK's premier share index closed down around 51 points at 7,552 on the day, but over the week as a whole the index added around 1.7%.
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The US economy is expected to have added 162,000 jobs in June, up from the pitiful 75,000 that was added in May
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The UK index of leading shares closed up around ten points at 7,271, while the FTSE 250 added 66 points at 19,531
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Tobacco firm Imperial Brands and insurer Direct Line are also scheduled to report at the mid-point of the week
Builders and building materials
The FTSE 250-listed firm reported an underlying pre-tax profit, excluding property profits, of £72.7mln for the year ended December 31, up from £58.1mln a year earlier
Investments and investor services
Footsie finished down around 53 points at 7,104. On the week as a whole, it shed around 0.028%
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December’s US jobs data showed the unemployment rate tick up slightly to 4%, while slower hourly earnings growth raised some eyebrows even though over 300,000 jobs were created
Builders and building materials
UBS lowered its rating on SIG to ‘sell’ from ‘neutral’ and cut its target price to 100p from 127p.
Builders and building materials
SIG believes its restructuring plan will lead to a “significant increase” in 2019 profits
Investments and investor services
Trade talks between China and the US are said to be going very well, which has lit a fire under US equities
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The update comes after Bradford-based Morrisons on Monday said it would cut an average of 20% from the prices of 900 products, including “store cupboard favourites”
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The Week Ahead will bring trading updates from the likes of M&S and Debenhams on the general retail front and all three of the listed UK supermarket groups – Morrisons, Sainsbury’s, and Tesco