SIG (SHI) Trading Update summary

Trading performance and revenue

• Like-for-like revenue declined 4% year-on-year in Q3, improving from a 7% decline in H1.

• Sequential improvement seen across most businesses, with UK, France Roofing, Ireland, and Benelux showing the largest gains.

• Poland experienced weaker performance due to a slowdown in the non-residential market.

• Group revenue for Q3 was £662m, with Ireland up 20% and UK Roofing up 4%.

• Strategic branch closures in the UK, Germany, and France impacted LFL performance by about 1%.

Operational initiatives and cost management

• Ongoing cost reduction and efficiency programs are supporting near-term performance and future profitability.

• Permanent cost restructuring has lowered central and operating company overheads.

• The German e-commerce platform was launched successfully during the period.

Financial outlook and guidance

• Full-year underlying operating profit guidance remains unchanged and in line with market expectations (£25.4m, range £24.0m–£27.0m).

• Cash performance was in line with expectations, and the revolving credit facility remains undrawn.

• Strategic and commercial initiatives are expected to benefit medium-term margin and profit growth.

• Continued focus on cash generation supports strong liquidity and refinancing flexibility.