Business
Preliminary Results
Preliminary Results.
About this update from Sig Plc
[{"type":"text","content":"\n RNS Number : 7632I SIG PLC 18 March 2010 \n \n\nP R E S S R E L E A S E\n18 March 2010\nPRELIMINARY RESULTS FOR YEAR ENDED 31 DECEMBER 2009\n \nSIG plc is a leading European specialist supplier of insulation, exteriors, interiors and specialist construction products.\n \n· As outlined in the trading update on 13 January 2010, trading conditions throughout 2009 were exceptionally challenging.\n· Group sales were £2,744m, down 10.2% on 2008 (2008: £3,054m), with like for like† sales down by 11.6% in Sterling and 15.6% in constant currency.\no Total sales in Mainland Europe were £1,417.3m, an increase of 2.4% (2008: £1,384.2m). Like for like sales on a constant currency basis decreased 7.6%.\no Total sales in the UK and Ireland were £1,326.2m, down 20.6% (2008: £1,669.4m). Like for like sales decreased by 21.7%.\n· Underlying* profit before tax was £60.6m, a decrease of 55.9% (2008: £137.3m) and in line with market expectations.\n· Underlying basic earnings per share was 9.0p, a reduction of 84.7% (2008: 58.9p).\n· Following charges of £115.9m (2008: £104.2m) relating primarily to the amortisation of acquired intangibles, restructuring costs and further impairment of SIG's Irish business, the Group recorded a loss before tax of £55.3m (2008: profit before tax £33.1m) and basic EPS amounted to a loss per share of 9.7p (2008: earnings per share 3.8p).\n· Net debt was reduced to £254.5m from £697.1m at 31 December 2008. This was driven by:\no Continued intense focus on cash management with trading cash generated increasing from £156.0m in 2008 to £174.1m in 2009. As a result trading cash conversion^ increased to 216% (2008: 97%); and\no The raising of £325m via a placing and open offer and firm placing of new shares.\n· The Group continued its rigorous cost cutting programme during the year, ensuring the protection of profits whilst also defending the Group's strong market positions and customer relationships.\no Actions taken since mid 2008 have resulted in total annualised cost savings of £100m.\no At the same time as implementing the very substantial change programmes most of the Group's o...