Business
Results for the six months ended 30 June 2020
Results for the six months ended 30 June 2020.
About this update from Sig Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9420Z\n SIG PLC\n 24 September 2020\n \n \n \n \n 24 September\n 2020\n \n \n SIG plc\n \n \n Results for the six months ended 30 June 2020\n \n \n Successful recapitalisation provides foundation for new growth strategy \n \n \n \n \n \n SIG plc \n (\"SIG\", \"the Group\" or \"the Company\")\n is a leading supplier of specialist \n building solutions to trade customers across Europe, with strong positions in its core markets as a market leading supplier of insulation and interiors solutions to the construction industry, and a specialist merchant of roofing materials for small to medium sized construction businesses. The Group today announces its half year results for the six months ended 30 June 2020 (\"H1 2020\" or \"the period\").\n \n \n \n \n \n Strategic and operational highlights\n \n \n · \n New leadership team appointed\n \n \n · \n Successful restructuring of the Group's financing facilities and capital raise of £165m, concluded in July, including £83m equity investment by Clayton, Dubilier & Rice LLC\n \n \n · \n Post capital raise, substantial liquidity headroom provides security against ongoing market uncertainty and confidence to invest in new growth strategy, with a net cash position at 31 August of £29m, pre IFRS 16\n \n \n · \n Branch and customer-centric restructuring in the UK progressing to plan; Germany and Benelux also refocusing under new combined team\n \n \n · \n The Group has been able to trade safely, working closely and flexibly with our employees, customers and suppliers to adapt to new Covid-19 norms\n \n \n \n \n \n Financial results\n \n \n · \n Like-for-like H1 sales down 23.9% on prior year, impacted by \n Covid\n -19\n \n \n · \n Gross margin down 50bps due to lower volumes. Group underlying operating loss of £43.2m\n (H1 2019: £29.1m profit) \n \n \n · \n Underlying LBT of £53.7m (H1 2019: £17.4m profit) and underlying loss per share of 9.1p (H1 2019: 2.1p earning per share)\n \n \n ·\n Statutory loss before tax from continuing operations of £125.4m (H1 2019: profit before tax of £2.2m) reflecting £71.7m of Other items, including £42.8m of impairment of goodwill in the UK businesses, mainly reflecting the impact of Covid-19\n \n \n · \n Net debt, pre IFRS 16, down to £90.0m (H1 2019: £158.2m), helped by sale of Air Handling divisi...