Business
Results for the six months to 30 June 2024
Results for the six months to 30 June 2024.
About this update from Sig Plc
[{"type":"text","content":"\n\n \n\n6 August 2024\n \nSIG plc\nResults for the six months to 30 June 2024\n \nSIG plc (\"SIG\", \"the Group\" or \"the Company\") today announces its half year results for the six months ended 30 June 2024 (\"H1 2024\" or \"the period\").\n\n\n\n\n \n\n\nH1 2024\n\n\nH1 2023\n\n\n\n\nRevenue\n\n\n£1,316.8m\n\n\n£1,423.4m\n\n\n\n\nLFL1 sales growth\n\n\n(6.8)%\n\n\n(0.2)%\n\n\n\n\nGross margin\n\n\n24.7%\n\n\n25.6%\n\n\n\n\nUnderlying2 operating profit\n\n\n£11.7m\n\n\n£32.7m\n\n\n\n\nUnderlying2 operating margin\n\n\n0.9%\n\n\n2.3%\n\n\n\n\nUnderlying2 (loss)/profit before tax\n\n\n£(6.6)m\n\n\n£15.0m\n\n\n\n\nUnderlying2 (loss)/earnings per share\n\n\n(0.8)p\n\n\n0.6p\n\n\n\n\nNet debt\n\n\n£476.6m\n\n\n£468.8m\n\n\n\n\nNet debt (pre-IFRS 16)\n\n\n£178.6m\n\n\n£176.2m\n\n\n\n\n \n\n\n \n\n\n\n\n\n\n\nStatutory results\n\n\nH1 2024\n\n\nH1 2023\n\n\n\n\nRevenue\n\n\n£1,316.8m\n\n\n£1,423.4m\n\n\n\n\nOperating profit\n\n\n£7.1m\n\n\n£30.0m\n\n\n\n\n(Loss)/profit before tax\n\n\n£(11.3)m\n\n\n£12.2m\n\n\n\n\nTotal (loss)/profit after tax\n\n\n£(14.2)m\n\n\n£4.7m\n\n\n\n\nBasic (loss)/earnings per share\n\n\n(1.2)p\n\n\n0.4p\n\n\n\n\n \n \nFinancial highlights\n· Group revenue of £1,317m, representing a like-for-like1 (\"LFL\") revenue decline of 6.8% versus prior year, reflecting:\no Prolonged challenging trading conditions in our larger businesses, leading to lower volumes\no Pricing also down, partly due to modest net input cost deflation \n· Group underlying operating profit of £11.7m at an operating margin of 0.9%, with effective cost actions mitigating in part the impact of lower sales\n· Disciplined cash management; net debt of £477m post‐IFRS 16 and £179m pre‐IFRS 16, both only marginally up vs prior half year\n \nOperational highlights\n· LFL revenue performance reflects challenging conditions in UK Interiors, France and Germany, while Poland and Ireland delivered growth against a stronger local backdrop\n· All businesses continue to perform well relative to their markets, most notably in Germany and UK Roofing\n· Operating margins impacted by the operational gearing effect of reduced volumes and pricing year-on-year\n· Further perm...