REG - SIG PLC - Q3 Trading Update

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RNS Number : 7436D  SIG PLC  17 October 2025

17 October 2025
 
 
 
 
 

SIG plc: Q3 Trading Update

Full year expectations unchanged

 

SIG plc ("SIG", or "the Group"), a leading supplier of specialist insulation
and building products across Europe, today issues a trading update for the
three months to 30 September 2025 ("Q3" or "the period").

 

Key points

·   Group like-for-like(1) ("LFL") revenue performance in Q3 was flat
versus the prior year, with year-to-date growth remaining at 1%.

·   The Group is continuing to perform well relative to its markets and
also to deliver on both cost and working capital efficiency objectives.

·   Underlying operating profit(2) outlook for the full year remains
unchanged and in line with market expectations(3).

·   As previously reported, new CEO and Chair designate Pim Vervaat joined
the Group on 1 October 2025.

 

Trading Summary

Group LFL sales were flat versus the prior year in Q3, with underlying volumes
up 1%.  Subdued demand has persisted across the Group's markets, with no
material signs of market recoveries during the period.  Pricing pressure has
continued to more than offset modest inflation on input costs, leading to a
net 1% reduction in pricing in the period, consistent with the level
experienced in H1.

 

 

 Sales                  Q3                    9 months to 30(th) Sept
                        LFL growth  £m       LFL growth     £m

 UK Interiors           5%          135      7%             398
 UK Roofing             (1)%        103      3%             293
 UK Specialist Markets  (3)%        60       (1)%           178
 UK                     1%          298      4%             869

 France Interiors       (2)%        45       (5)%           141
 France Roofing         (2)%        89       (4)%           288
 Germany                (5)%        112      (1)%           329
 Poland                 8%          72       3%             196
 Benelux                2%          22       (2)%           68
 Ireland                (11)%       26       4%             77
 EU                     (2)%        366      (1)%           1,099

 Group                  0%          664      1%             1,968

 

Demand in all markets remains well below historical levels, with European
construction at a low point in the cycle and with longer than anticipated
delays to the start of meaningful recovery.

 

Against this backdrop, our businesses continue to outperform and take share
within their end markets. The UK Interiors business continued its strong
outperformance, driving overall LFL growth in the UK despite the negative
market backdrop.  The French businesses' LFL sales performances improved in
Q3 relative to H1, with LFL declines easing to 2%.  The German market
weakened unexpectedly in Q3, reflected in a 5% LFL decline in our business.

 

The Group continues to make good progress on its operational initiatives,
including those to drive efficiencies in costs and working capital.  Notably,
the UK Interiors and Benelux businesses continue to benefit from the self-help
programmes put in place last year, including the material cost actions taken
in late 2024 and initiatives to drive improved top line performance.

 

Outlook

Whilst remaining mindful of the ongoing challenging market conditions, the
Board's expectations for full year underlying operating profit are
unchanged.  Productivity and cost initiatives remain a key focus and the
incremental benefits of these underpin the profit outlook.

 

As noted previously, the operational gearing in our business model applies
equally strongly in conditions of rising demand and, accordingly, the Board
believes the Group remains well positioned to benefit from recoveries in its
key markets when they do occur.

 

Commenting, Pim Vervaat, Chief Executive Officer, said:

"I have been impressed with the energy, commitment and knowledge of the many
people I have met across the Group so far.  I am also pleased to see the
robust trading performance in continued difficult market circumstances, and
the strong focus of the teams on managing both costs and working capital.  I
look forward to working with the Board and the management teams in driving
substantial value over time, and to sharing my initial views early in 2026."

 

 

1.      Like-for-like is defined as sales per working day in constant
currency, excluding completed acquisitions and disposals, and adjusted to
exclude the net impact of branch closures and openings.

2.      Underlying represents the results before Other items. Other items
relate to the amortisation of acquired intangibles, impairment charges, net
restructuring costs, cloud-based ERP implementation costs and other specific
items. Other items have been disclosed separately in order to give an
indication of the underlying earnings of the Group.

3.      Company collated analyst expectations is for Full Year 2025
underlying operating profit (EBIT) of £31.6m, within a range of £30m to
£35m, as at 16 October 2025.

 

Contacts

 SIG plc                                       +44 (0) 114 285 6300 / ir@sigplc.com
 Pim Vervaat       Chief Executive Officer

 Ian Ashton        Chief Financial Officer
 Sarah Ogilvie     Head of Investor Relations

 FTI Consulting                                +44 (0) 20 3727 1340
 Richard Mountain

 

 

LEI: 213800VDC1BKJEZ8PV53

 

Cautionary Statement

This document contains certain forward-looking statements concerning the
Group's business, financial condition, results of operations and certain
Group's plans, objectives, assumptions, projections, expectations or beliefs
with respect to these items. Forward-looking statements are sometimes, but not
always, identified by their use of a date in the future or such words as
'anticipates', 'aims', 'due', 'could', 'may', 'will', 'would', 'should',
'expects', 'believes', 'intends', 'plans', 'potential', 'targets', 'goal',
'forecasts' or 'estimates' or similar expressions or negatives thereof.

 

Forward-looking statements involve known and unknown risks, uncertainties and
other factors, which may cause the Group's actual financial condition,
performance and results to differ materially from the plans, goals, objectives
and expectations set out in the forward-looking statements included in this
document.

 

All written or verbal forward-looking statements, made in this document or
made subsequently, which are attributable to the Group or any persons acting
on its behalf are expressly qualified in their entirety by the factors
referred to above. Accordingly, readers are cautioned not to place undue
reliance on forward-looking statements. No assurance can be given that the
forward-looking statements in this document will be realised; actual events or
results may differ materially as a result of risks and uncertainties facing
the Group. Subject to compliance with applicable law and regulation, the Group
does not intend to update the forward-looking statements in this document to
reflect events or circumstances after the date of this document and does not
undertake any obligation to do so.

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