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SIG sees 2014 progress slightly lower than previous view

Reuters - UK Focus

(Adds details, share movement)

Nov 12 (Reuters) - SIG Plc (LSE: SHI.L - news) , a European specialist building products distributor, said it expected progress this year to be slightly lower than its previous expectations due to weak trading conditions in Mainland Europe.

Shares in the company fell more than 5 percent in morning trade, making the stock one of the top percentage losers on the FTMC Midcap Index.

The company, which distributes insulation, exteriors and interiors products, said trading conditions weakened in Mainland Europe, particularly Germany and Poland, during July-October due to the deteriorating macroeconomic environment and political uncertainties in Ukraine.

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SIG, which generates more than half of its revenue from Europe, reported a 4.1 percent fall like-for-like revenue in Germany and a 9.8 percent fall in Poland.

Jefferies lowered its target price on the stock to 190 pence from 200 pence, citing weakness in the accelerated slowdown in Europe.

SIG said the strong growth in the UK and Ireland (Other OTC: IRLD - news) , accelerated savings and improving gross margin are expected to partially mitigate the effects of weaker macroeconomic conditions in Mainland Europe and foreign exchange translation in 2014.

SIG shares were down 5.1 percent at 149.5 pence at 0900 GMT on the London Stock Exchange (Other OTC: LDNXF - news) . (Reporting by Aashika Jain in Bangalore; Editing by Gopakumar Warrier)