Transformation of SIG continues '˜at pace'

SIG, the supplier of specialist building material, today reported that its transformation is continuing 'at pace'.

SIG has published a trading update for the City. Photo: Jonathan Brady/PA Wire

SIG has issued a trading update for the year ended December 31 2018.

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In the update. SIG said: “Despite challenging market conditions and lower trading revenues in the second half of the year, particularly in December, the transformation of SIG continues to progress at pace.

“The board believes that the group will report adjusted profit before tax of c.£75m, including the benefit of £2-3m of property profits in the year. The group expects the benefits of the ongoing transformation to drive a further significant increase in profitability in 2019.”

Group revenues from continuing operations decreased by 1.4 per cent in the year, with a further 0.7 per cent decrease from currency and 0.2 per cent from more working days, SIG said in the trading update. As a result, group like-for-like revenues were 2.3 per cent lower.