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SIG Plc Issues Trading Update - Quick Facts

SIG plc (SHI.L) said it is anticipated that underlying profit before tax for the year ended 31 December 2019 will be in line with the guidance of approximately 42 million pounds.

For the first two slower trading months of the current year, the Group has recorded an operating loss of approximately 9 million pounds with like-for-like sales down approximately 11%. SIG plc said, whilst the Group has not experienced any significant sales impact from COVID-19 to date in the UK, trading has continued to be subdued.

The Group said, given the current challenges, it is taking a number of actions across its operations. The Board and Executive leadership team have identified a number of measures to reduce cash outflow. The Board has also decided not to declare a full year dividend and will not consider any return to shareholders of the proceeds of recent disposals.

The Group has cash resources of approximately 135 million pounds and is in dialogue with its lending group in order to release additional liquidity. The Group will also seek to make use of tax relief and other government measures.

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