SIG dives on profit warning

Shares in SIG a British maker of insulation products,  yesterday suffered a 22 per cent nose dive after the company warned that underlying pre-tax profit will be at the bottom end of the range of market expectations in the current year. The group’s shares closed at 99p. The company said European markets had not achieved the usual level of seasonal improvement in the last four weeks and it had implemented additional cost saving measures which it expected to deliver a further £8m of cost savings.