SIG

SHI · Main Market · Industrial Goods and Services · mcap £108m · 9.0p

SIG distributes insulation, interiors and roofing products to the construction trade, mainly in the UK, France and Germany. It sells through branch networks and is building e-commerce platforms.

Target	Promise	Said	Status
2023
FY2023	Deliver FY2023 underlying operating profit of £50m-£55m	12 Oct 2023	✗ Missed · target changed
	“the Board now expects the Group to deliver full year underlying operating profit in the range of £50m to £55m” Result Guidance was lowered in this same update; FY23 outturn was £53.1m, within the lowered range. “Underlying 1 operating profit \| £53.1m \| £80.2m”5 Mar 2024 · Final Results “Underlying1 operating profit of £53.1m, down from £80.2m in 2022, with effective cost actions mitigating in part the impact of operating cost inflation and subdued market demand”5 Mar 2024 · Final Results
2024
October 2024	Refinance €300m 2026 notes via new 2029 notes and extend £90m RCF to 2029	14 Oct 2024	✓ Kept
	“use the aggregate gross proceeds from the New Notes to: (i) fund the Tender Offer, (ii) fund cash on the Group's balance sheet for general corporate purposes, and (iii) pay fees and expenses in connection with the Bond Offering” Result €300m 9.75% notes due 2029 priced; €286.5m of 2026 notes tendered; RCF extended to April 2029. “The Tender Offer expired at 5:00 p.m. (New York City time) on 22 October 2024. The Company hereby informs the Noteholders that, as of the Expiration Time, the aggregate principal amount of Existing Notes validly tendered and not withdrawn is €286,542,000 ("Tendered Notes").”23 Oct 2024 · Final Result of the Tender Offer – Existing Notes “The successful pricing of the New Notes was announced on 18 October, and their issue is expected to close on or about 25 October 2024, upon satisfaction of certain customary conditions.”23 Oct 2024 · Final Result of the Tender Offer – Existing Notes
FY24	Restructuring to deliver annualised cost savings: £10m, later £15m, £37m and £38m	9 Jan 2024	✓ Kept
	“Restructuring executed during H2 2023 will deliver approximately £10m of annualised cost savings, the majority of which will benefit FY24” Also stated 5 Mar 2024 · 6 Aug 2024 · 5 Aug 2025 Result Savings target was raised repeatedly; by August 2025 SIG reported £38m of permanent annualised savings from actions since H2 2023. “restructuring actions taken since H2 2023 now totalling £38m in permanent annualised cost savings”5 Aug 2025 · Results for the six months to 30 June 2025
FY2024	Stronger second half 2024 performance; FY24 profit £20m-£30m	24 Jun 2024	✓ Kept
	“The increasing benefit from productivity and cost initiatives underpins our continued expectation of a stronger second half.” Result FY24 underlying operating profit was £25.1m, within the cut £20m-£30m range and in line with expectations. 5 Mar 2025 · Final Results
2025
FY2025	Deliver FY25 underlying operating profit in line with market expectations	8 Jul 2025	✓ Kept
	“the Board continues to expect the Group to deliver full year underlying operating profit in line with market expectations” Result FY25 underlying operating profit was £32.1m, reported in line with market expectations. 4 Mar 2026 · Final Results
Today · 15 Oct 2026
2026
FY2026	Robust FY26 performance weighted to second half	30 Apr 2026	✗ Missed · target changed
	“continuing to target a robust performance for the full year 2026, with an increased weighting to the second half” Result July 2026 profit update cut FY26 underlying operating profit guidance to c.£25m; H1 was £10.5m, below expectations. “the Board now expects the FY 2026 underlying operating profit to be c. £25m”16 Jul 2026 · Post-close Trading Update “no material recovery in market conditions in H2 2026 is anticipated”16 Jul 2026 · Post-close Trading Update
2027
2027-04	Pim Vervaat to become Non-Executive Chair about 18 months after starting as CEO on 1 October 2025	8 Jul 2025	✓ Kept
	“it is expected that Pim will transition to the role of Non-Executive Chair approximately 18 months later” Result October 2026 announcement set the transition for 1 May 2027, with Simon Kesterton becoming CEO. “Pim Vervaat will remain Chief Executive Officer until 1 May 2027, when he will transition to become non-executive Chair.”9 Oct 2026 · Chief Executive succession
2027	Annualised procurement benefit of at least 1% of spend from 2027	4 Mar 2026	… In progress
	“the aim is that by applying best practice we achieve an annualised benefit of at least 1% of spend from 2027” Status so far Not yet due.
end of 2027	Generate at least £100m cash through simplification, disposals and working capital by end of 2027	16 Jul 2026	… In progress
	“delivering at least £100m of cash generation by the end of 2027” Also stated 4 Aug 2026 · 9 Oct 2026 Status so far Not yet due.
2028
mid 2028	£50m annualised operating profit run-rate improvement by mid-2028	16 Jul 2026	… In progress
	“It is also targeting an annualised operating profit run rate improvement of £50m by H1 2028.” Also stated 4 Aug 2026 · 9 Oct 2026 Status so far Not yet due.
2030
2030	Achieve 3%-5% operating margin through the cycle by 2030	13 Jan 2026	… In progress
	“3% ‐ 5% operating margin through the cycle” Also stated 4 Mar 2026 · 30 Apr 2026 · 4 Aug 2026 · 9 Oct 2026 Status so far Not yet due.