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SIG (B2[N]/B+/NR): Profit Warning

HIGH YIELD

Bonds down ~5.5pts

  • UK building materials supplier SIG released a trading update flagging LfL sales -7% YoY for May and June.
  • The trend from earlier in the year continues with an expected uptick not yet materialising. France and Germany have been the weakest regions, with UK interiors also mentioned.
  • Guiding £20-30mn FY24 operating profit with BBG analyst consensus at £36mn.
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Bonds down ~5.5pts

  • UK building materials supplier SIG released a trading update flagging LfL sales -7% YoY for May and June.
  • The trend from earlier in the year continues with an expected uptick not yet materialising. France and Germany have been the weakest regions, with UK interiors also mentioned.
  • Guiding £20-30mn FY24 operating profit with BBG analyst consensus at £36mn.