SIG warns of weak demand for construction work in Europe leading to profit expectations downgrade. Sales down about 7% in May and June compared to the same time last year.
The company expects to report an underlying profit of 20-30 million, falling far short of analysts' projections of up to 43 million. SIG cites a wider lull in demand, particularly in France and Germany.
SIG has cut costs, modernized, and expects stronger financial performance in the second half of the year. However, it warns of slow improvement in conditions and demand in European markets.
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