SIG (SHI): Vision 2030 and portfolio review

This situation live

SHI SIG

£106m · 9.4p · −3% since the first step

13 Jan 2026 · Early-phase portfolio review; Mayplas closed · −2% until the next step In December 2025, as part of the early phase of a portfolio review, we closed one of the smaller UK businesses, Mayplas, as it did not have the ability to deliver sustainable profitable growth in the

4 Mar 2026 · Portfolio review ongoing; procurement savings from 2027 · −17% until the next step This, combined with our focus on portfolio optimisation, which will continue at pace throughout 2026, will support the Board's overarching goal of delivering meaningful value creation over the medium

30 Apr 2026 · Portfolio optimisation ongoing; Q1 trading weak · +3% until the next step This, combined with the increasing focus on portfolio optimisation under our Vision 2030 strategy, will support the Board's overarching goal of delivering meaningful value creation over the medium and

16 Jul 2026 · Profit warning; improvement plan announced, details pending · +2% until the next step It is also targeting an annualised operating profit run rate improvement of £50m by H1 2028.

4 Aug 2026 · Plan details given with H1 results · +10% until the next step we are accelerating and extending our self-help plan which aims to generate cash of at least £100m by the end of 2027 and improve the underlying operating profit by £50m (run rate mid 2028)

9 Oct 2026 · Succession set; CFO search under way · +1% since The Board believes that Simon is exceptionally well placed to sustain the delivery of Vision 2030 as CEO.

Upgrade / downgrade cycle

Vision 2030 and portfolio review

Succession set; CFO search under way

MAY1 Next: CFO successor announcement; CEO handover on 1 May 2027 in 189 days

Every step · 6

13 Jan 2026 Early-phase portfolio review; Mayplas closed – In December 2025, as part of the early phase of a portfolio review, we closed one of the smaller UK businesses, Mayplas, as it did not have the ability to... ↗
4 Mar 2026 Portfolio review ongoing; procurement savings from 2027 – This, combined with our focus on portfolio optimisation, which will continue at pace throughout 2026, will support the Board's overarching goal of... ↗
30 Apr 2026 Portfolio optimisation ongoing; Q1 trading weak – This, combined with the increasing focus on portfolio optimisation under our Vision 2030 strategy, will support the Board's overarching goal of delivering... ↗
16 Jul 2026 Profit warning; improvement plan announced, details pending – It is also targeting an annualised operating profit run rate improvement of £50m by H1 2028. ↗
4 Aug 2026 Plan details given with H1 results – we are accelerating and extending our self-help plan which aims to generate cash of at least £100m by the end of 2027 and improve the underlying operating... ↗
9 Oct 2026 Succession set; CFO search under way – The Board believes that Simon is exceptionally well placed to sustain the delivery of Vision 2030 as CEO. ↗

What is happening

SIG: Vision 2030 and portfolio review – Succession set; CFO search under way. ['Succession set; CFO search under way']

In short: Vision 2030 and the portfolio review began in January 2026. The 16 July update cut FY26 underlying operating profit to c. £25m, and the 4 August results set £50m run-rate profit uplift by mid-2028, at least £100m cash by end-2027 and leverage below 3.0x. On 9 Oct 2026 the Board named CFO Kesterton as CEO from 1 May 2027, with Vervaat becoming Chair, to keep the plan on course.
Announced: 13 Jan 2026 · Early-phase portfolio review; Mayplas closed
Latest: 9 Oct 2026 · Succession set; CFO search under way
Profit target: £50m run-rate operating profit improvement by mid-2028
Net debt: £531.6m at 30 June 2026; liquidity £154m
Leverage target: Net debt to EBITDA below 3.0x
Margin target: 3%-5% operating margin through the cycle
H1 2026 result: Underlying operating profit £10.5m (H1 2025: £15.4m); FY26 expected c. £25m
New CEO: Simon Kesterton, currently CFO, from 1 May 2027
Vervaat: CEO until 1 May 2027, then non-executive Chair
CFO successor: Search started 9 Oct 2026; no name yet

What comes next

CFO successor announcement; CEO handover on 1 May 2027 (1 May 2027).

Briefing

SIG in 5 minutes

SIG is a European distributor of insulation, interiors and roofing materials with about £1.3bn of sales in the first half of 2026. Construction demand has stayed weak since 2023, and SIG's operating profit has fallen...

Act 1Inflation faded, volumes sank
Act 2Refinancing at a high price
Act 3Cost cuts lifted profit, but the shares kept sliding

Read the briefing →

From the company's own announcements. Not investment advice.

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