Business
Interim Results
Interim Results.
About this update from Sig Plc
[{"type":"text","content":"\n RNS Number : 5803R SIG PLC 25 August 2010 \n \n\n \nP R E S S R E L E A S E\n25 August 2010\nINTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2010\n \nSIG plc is a leading European specialist supplier of insulation, exteriors, interiors and specialist construction products.\n \n· As outlined in the Group's Trading Update on 9 July 2010, trading conditions improved in the latter part of the first half of 2010 following the extreme weather experienced in all of the Group's geographies during Q1 2010.\n· Sales for the first half of 2010 were in line with management's expectations at £1,291m, down 4% on the first half of 2009. At constant currency, sales were down 3%.\no In the UK and Ireland sales were £633.7m, down 5.0% on H1 2009.\no In Mainland Europe sales were £657.0m, down 3.0% on H1 2009 in Sterling and down 1.3% in constant currency.\no Having entered 2010 with declining sales trends, the rate of decline slowed in Q1 despite the adverse weather and moved into positive territory in Q2.\no Encouraging start to H2 2010 - Sales per day in July 2010 up 4% in constant currency against prior year.\n· Underlying* operating profit was £25.8m, a decrease of 26% on H1 2009.\no In the UK and Ireland underlying operating profit was £14.9m, a decrease of 18% on H1 2009.\no In Mainland Europe underlying operating profit was £14.2m, down 31% on H1 2009.\n· Total operating profit increased from £2.7m in H1 2009 to £11.4m in H1 2010.\n· Underlying profit before tax was £18.5m, a decrease of 16% on the first half of 2009.\n· Total loss before tax reduced from £9.2m in H1 2009 to a loss before tax of £2.2m in H2 2010.\n· Underlying basic earnings per share decreased to 2.1p, a reduction of 51%.\n· Net debt reduced by £28m from £255m at 31 December 2009 to £227m at 30 June 2010.\n \nLes Tench, Chairman, commented:\n\"Although overall sales trends since the end of the first quarter have been encouraging, SIG's management remains cautious on how its markets will develop over the next few months. This caution is based on the continuing macroeconomic uncertainty and concer...