Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

SIG FY operating profits seen at upper end of guidance

(Sharecast News) - Specialist construction products supplier SIG said on Tuesday that full-year operating profits were expected to be in the upper half of forecasts. SIG stated underlying operating profits were expected to be on the higher end of its £50.0m to £55.0m guidance, while full-year like-for-like sales were down 2% on the prior year, with revenues of £2.76bn.

The London-listed group said its FY23 results reflected "continued strong execution", against a "challenging market backdrop", and noted that restructuring and productivity initiatives completed in the second half would deliver approximately £10.0m of annualised cost savings, the majority of which will benefit FY24.

Chief executive Gavin Slark said: "Despite challenging market conditions across the European building and construction sector, the group has delivered a robust trading performance, through a strong focus on our customers and the great efforts of all our people.

"Whilst we expect continued softness in market conditions in 2024, we are confident in our ability to manage through this current phase of the cycle and to continue to strengthen our operations, ready to take advantage of the significant long-term opportunities for the group as markets recover."

As of 0850 GMT, SIG shares were up 3.48% at 33.27p.

Reporting by Iain Gilbert at Sharecast.com

Share this article

Related Sharecast Articles

Henry Boot promotes Stacey to COO amid organisational overhaul
(Sharecast News) - Property developer Henry Boot announced on Thursday that it had made "a number of promotions and organisational changes", in line with its ongoing commitment to further enhancing efficiency and driving improved operational performance.
Restore lifts guidance as profits set to beat consensus
(Sharecast News) - Support services company Restore said on Tuesday that it was on track to deliver a strong full-year trading performance, with adjusted pre-tax profits expected to come in ahead of market consensus and operating margins set to surpass its 20% target.
Macfarlane FY adjusted operating profits seen in line with expectations
(Sharecast News) - Packaging company Macfarlane said on Thursday that it anticipates its full-year performance will be in line with expectations, with the firm set to report adjusted operating profits of roughly £19.1m.
TT Electronics reconfirms 2025 outlook despite heavy year‑end profit requirement
(Sharecast News) - Engineered electronics group TT Electronics reconfirmed its full‑year guidance on Monday, despite acknowledging it needs to deliver around £12m in adjusted operating profit over the final two months of the year to meet expectations.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.