SIG shares fell to four-month lows today after it said like-for-like revenue so far this year declined 18 per cent on a constant currency basis.
Europe's largest supplier of insulation and roofing materials said it will cut 170 more jobs in mainland Europe after 2009 revenue dropped 7.2 per cent on bad weather and falling prices and volumes.
SIG dropped 14 per cent to 119.75 pence as of 11.57am the biggest fall since January 13th.
SIG, which has already eliminated 1,020 jobs and closed 80 branches amid a homebuilding slump in the UK and Ireland, plans 100 additional cuts in Germany, 30 in France, and 40 in Poland, it said.
"Weather was clearly a factor in the first quarter, but in places like Poland there was no real pick-up in April and the signs elsewhere are that no definitive trading pattern has emerged," Flor O'Donoghue, an analyst at Davy stockbrokers in Dublin, said in a note.
"Private non-residential looks to be very weak, especially the commercial office segment."
The additional cost measures will boost savings to £27 million from a previously targeted £15 million, the company said. Rival Kingspan Group, Europe's largest maker of flooring and insulation panels, also fell today by 10 per cent, the most since January 20th.