SIG insulates against crash with job cuts

The property market crash claimed another 900 jobs today as buildings insulation giant SIG wielded the axe.

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.