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SIG Plc FY19 Underlying Profit Declines; Underlying Revenue Down 9.0% - Quick Facts

SIG Plc (SHI.L) reported a statutory loss before tax from continuing operations of 112.7 million pounds for full year 2019 compared to profit before tax of 10.3 million pounds, last year. The Group noted that the loss for the period reflects 128.3 million pounds of other items, including 90.9 million pounds of impairments. Underlying profit before tax declined to 20.6 million pounds from 52.2 million pounds. Underlying profit before tax, post IFRS 16, was 15.6 million pounds, for the fiscal year. Underlying basic earnings per share was 0.6 pence compared to 6.3 pence, prior year. Post IFRS 16, the Group recorded a basic loss per share of 0.1 pence, for the fiscal year.

Fiscal 2019 revenue declined to 2.08 billion pounds from 2.29 billion pounds, previous year. Underlying revenue declined 9.0%, impacted by market share losses in UK and Germany due to poor execution of transformation initiatives, the Group noted.

As a result of the impacts of declining revenues under the previous strategy and COVID-19 on the construction industry across Europe generally, management expects revenues for 2020 to be approximately 500 million pounds lower than 2019 as reported, post the disposal of the Air Handling division.

SIG plc also announced the appointment of Ian Ashton as Group Financial Officer and Director and Simon King as a Non-Executive Director with effect from 1 July 2020. Ian will join the Group from Low & Bonar plc, where he has served as Group Chief Financial Officer.

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