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
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Noteholders that, as of the Expiration Time, the aggregate principal amount of Existing Notes validly tendered and not withdrawn is €286,542,000 ("Tendered Notes").”23 Oct 2024 · Final Result of the Tender Offer – Existing Notes “The successful pricing of the New Notes was announced on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
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