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SIG Plc 4-month LFL Revenues Down; Sees FY Underlying Profit In Line With View

Specialist building products distributor SIG Plc (SHI.L), in its trading update for the period from January 1 to April 30, reported that its Group like-for-like or LFL revenues dropped 2.6 percent, compared to a decline of 0.3 percent last year.

Group revenues from continuing operations were 3.4 percent lower in the period. This included an adverse 1.3 percent currency movement offset by a 0.5 percent improvement from more working days.

UK & Ireland LFL revenues for the four months fell 9.2 percent, partly offset by a growth in 2.7 percent in LFL revenues in Mainland Europe.

In the UK & Ireland region, SIG Distribution LFL revenues fell 15 percent., while SIG Exteriors revenues edged up 0.4 percent.

In the Mainland Europe region, all countries except Germany recorded growth in LFL revenues. Revenues in Germany were affected by ongoing actions to reduce the Group's exposure to unprofitable business.

SIG said it has made further significant operational and financial progress in the first months of the year, reflecting the good momentum brought into 2019 as a result of the margin and cost actions taken in 2018.

Looking ahead, the company said trading conditions remain challenging and the outlook in many of its end markets remains uncertain, notably in the UK.

The Board said it remains confident, despite any impact of the French ransomware attack, that the underlying profitability for the full year will be delivered in line with management expectations.

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