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

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.

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“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.