Plus   Neg

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
McDonald's said Monday that the introduction of fresh beef at its restaurants just over one year ago has helped it gain market share in the informal eating out or IEO category for the first time in five years. In May 2018, the burger chain switched to fresh beef quarter-pound burgers from frozen beef across the U.S., as part of its efforts to provide customers with a "hotter, juicer burger." 'Toy Story 4' has broken global office box records for an animated movie, according to media reports. The movie is the fourth instalment in the 'Toy Story' series and is the sequel to 2010's 'Toy Story 3.' The Disney and Pixar film has reportedly earned $238 million after opening worldwide over the weekend and performed particularly well in Latin America and Europe. FedEx Corp. said it missed delivery of a Huawei Technologies package in the U.S. due to an "operational error" and has apologized for the incident, according to reports. The package delivery giant also reportedly said it will accept and deliver all Huawei products, except for shipments to addresses of Huawei and affiliates listed on the U.S. Entity List.
Follow RTT