SIG insulates against crash with job cuts

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SIG will close 65 depots as it hunkers down for many months of declining sales to its construction industry clients.

The cuts came just a day after plumbing supplies giant Wolseley said it would be axeing 2300 jobs and shutting more than 200 branches.

"There has been a further marked change in sentiment in construction markets, resulting from and reflecting the massive upheaval in financial markets which has occurred since mid-September," SIG warned.

SIG made its announcement along with a warning that it would now only be able to achieve profits at the lower end of City analysts' forecasts of £140 million to £163 million.

It hopes to save about £25 million from the job cuts, which will cost about £19 million to implement.