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SIG holds full year guidance as rising prices offset drop in volumes

4th May 2023 16:24

(Alliance News) - SIG PLC on Thursday reaffirmed full year guidance as it reported trading was in line with expectations.

The Sheffield-based supplier of specialist insulation and building products across Europe said group like for like sales in the period from January 1 to April 30 climbed 1% with revenue totalling GBP924 million.

SIG said market conditions remain challenging, with volumes lower as expected, but this was more than offset by input price inflation which is estimated to have added around 11% to group growth over the period.

Its French, German and UK Interiors businesses continued to deliver solid sales growth, but the UK Exteriors business saw some further softening, SIG stated.

Volumes and market conditions have been notably weaker in Poland and Ireland in recent weeks, with the former also coming up against especially strong prior year comparators.

SIG said the outlook for 2023 remains unchanged.

"We expect weaker and uncertain demand conditions to prevail during 2023, offset by a continued tailwind from input price inflation, albeit the latter will continue to moderate further this year."

Shares in SIG fell 2.2% to 43.05 pence each in London on Thursday.

By Jeremy Cutler, Alliance News reporter

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