Business
Half-year Report
Half-year Report.
About this update from Sig Plc
[{"type":"text","content":"\n\n8 August 2023\n \n SIG plc\nResults for the six months to 30 June 2023\n \nSIG plc (\"SIG\", \"the Group\" or \"the Company\") today announces its half year results for the six months ended 30 June 2023 (\"H1 2023\" or \"the period\").\n \n\n\n\n\n \n\n\nH1 2023\n\n\nH1 2022\n\n\n\n\nRevenue\n\n\n£1,423.4m\n\n\n£1,358.5m\n\n\n\n\nLFL1 sales growth\n\n\n(0.2)%\n\n\n21.2%\n\n\n\n\nGross margin\n\n\n25.6%\n\n\n26.2%\n\n\n\n\nUnderlying2 operating profit\n\n\n£32.7m\n\n\n£42.5m\n\n\n\n\nUnderlying2 operating margin\n\n\n2.3%\n\n\n3.1%\n\n\n\n\nUnderlying2 profit before tax\n\n\n£15.0m\n\n\n£28.9m\n\n\n\n\nUnderlying2 earnings per share\n\n\n0.6p\n\n\n1.6p\n\n\n\n\nNet debt\n\n\n£468.8m\n\n\n£431.8m\n\n\n\n\nNet debt (pre-IFRS 16)\n\n\n£176.2m\n\n\n£164.4m\n\n\n\n\n \n\n\n \n\n\n\n\n\n\n\nStatutory results\n\n\nH1 2023\n\n\nH1 2022\n\n\n\n\nRevenue\n\n\n£1,423.4m\n\n\n£1,358.5m\n\n\n\n\nOperating profit\n\n\n£30.0m\n\n\n£39.8m\n\n\n\n\nProfit before tax\n\n\n£12.2m\n\n\n£26.2m\n\n\n\n\nTotal profit after tax\n\n\n£4.7m\n\n\n£15.9m\n\n\n\n\nBasic earnings per share\n\n\n0.4p\n\n\n1.4p\n\n\n\n\n1. Like-for-like (\"LFL\") is defined as the growth/(decline) in sales per working day in constant currency excluding any current and prior year acquisitions and disposals. Sales are not adjusted for branch openings or closures.\n2. Underlying represents the results before Other items. Other items relate to the amortisation of acquired intangibles, impairment charges, costs related to acquisitions, cloud computing configuration and customisation costs and other specific items.\n \n \nFinancial highlights\n· Group revenue of £1,423m, representing flat like-for-like1 (\"LFL\") revenue versus prior year, reflecting volume declines offset by input price inflation:\no Weaker trading conditions across all geographies\no Inflation tailwinds moderated as expected\n· Group underlying operating profit of £33m with operating margin of 2.3%\n· Disciplined cash management; net debt of £468.8m post‐IFRS 16 and £176.2m pre‐IFRS 16\n \nOperational highlights\n· Resilient LFL revenue performance by our largest Operating Companies in challenging markets, with UK Interiors up 4% and France Exteriors up 2%\n· &nb...