UK's SIG first-half profit slides 31% on weak demand, higher costs

SIG's First-Half Profit Drops 31% on Weak UK Construction Demand, Higher Costs

First-Half Financial Results and Market Outlook

Profit Decline Driven by Market Weakness and Rising Costs

Aug 4 (Reuters) - British building materials supplier SIG reported a 31% slump in first-half profit on Tuesday, hurt by lower demand in a weak construction market and rising costs, and again warned its markets would not recover this year and possibly not in 2027.

Underlying Operating Profit Figures

The company reported underlying operating profit of £10.5 million ($14.10 million) for the six months ended June 30, down from £15.4 million a year earlier, but a touch above the £10 million forecast by analysts in a company-compiled poll.

Currency Exchange Rate

($1 = 0.7446 pounds)

Reporting and Editorial Credits

(Reporting by Amna Mariyam; Editing by Subhranshu Sahu)