SIG says closed roads will be a hurdle
Wednesday 11 July 2012
Olympic road closures are posing a major headache for the UK's biggest insulation materials distributor amid worries over how it will get its products to building sites.
SIG, which is based in Sheffield, saw its shares fall 5 per cent to 91.5p as it also warned of a "slight increase in downside risks" from sluggish construction markets, prompting analysts to slash their forecasts.
About a third of SIG's £1.1bn UK business is centred on the South-east, and the Games are likely to disrupt trading. Although these sales are likely to be deferred rather than cancelled altogether, SIG also sees "uneven demand" continuing for the rest of the summer in "challenging" construction markets.SIG's like-for-like sales slid from a rise of 1 per cent in the first quarter to a 0.5 per cent decline in the second.
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