Business
Trading Update and Appointment of External Auditor
Trading Update and Appointment of External Auditor.
About this update from Sig Plc
[{"type":"text","content":"\n \nRNS Number : 5019T SIG PLC 04 July 2018 \n\n \n4 July 2018\n \nSIG plc: Half Year Trading Update and Appointment of External Auditor\nBoard expectations for 2018 remain unchanged\n \nSIG plc (\"SIG\" or \"the Group\"), a leading European supplier of specialist building products with strong positions in its core markets of Insulation & Interiors, Roofing & Exteriors, and Air Handling, today issues a trading update for the six months ended 30 June 2018 and announces the appointment of Ernst & Young LLP as its external auditor.\n \nTrading summary \nGroup revenues from continuing operations over the period increased by 0.6%, with currency contributing 1.4% to growth, offset by the effect of fewer working days (0.8)%. As a result, Group like-for-like (\"LFL\") revenues for the first half of the year were in line with prior year.\n \n \n\n\n\n\n \n\n\nH1 2018\n\n\nH1 2017\n\n\n\n\nSIG Distribution\n\n\n(2.7)%\n\n\n+1.9%\n\n\n\n\nSIG Exteriors\n\n\n(7.1)%\n\n\n+0.3%\n\n\n\n\nIreland & Other UK\n\n\n+10.1%\n\n\n+4.6%\n\n\n\n\nUK & Ireland\n\n\n(3.1)%\n\n\n+1.5%\n\n\n\n\n \n\n\n \n\n\n \n\n\n\n\nFrance\n\n\n+1.0%\n\n\n+5.0%\n\n\n\n\nGermany\n\n\n+2.8%\n\n\n+1.8%\n\n\n\n\nPoland\n\n\n+10.7%\n\n\n+9.6%\n\n\n\n\nAir Handling\n\n\n+2.1%\n\n\n+11.3%\n\n\n\n\nBenelux\n\n\n+6.0%\n\n\n(4.8)%\n\n\n\n\nMainland Europe\n\n\n+2.9%\n\n\n+4.2%\n\n\n\n\n \n\n\n \n\n\n \n\n\n\n\nGroup\n\n\n0.0%\n\n\n+2.9%\n\n\n\n\n \n \nLFL revenues in the UK & Ireland were down by 3.1%, reflecting an improved performance during May and June following the significant adverse impact from poor weather conditions earlier in the year. The Group's businesses across Mainland Europe continue to perform well, with LFL revenues up by 2.9% during the first half of the year.\n \nLeverage\nLeverage reduction remains a key medium term priority and the Board has continued to take actions to strengthen the Group's balance sheet, including the recently announced disposal of VJ Technology for consideration of £29.7m, which completed on 29 June 2018. As a result, debt and leverage are expected to show year-on-year improvement at 30 June 2018 and the Group remains on course to deliver headline financial leverage in a 1.0 - 1.5x range during 2018.\n \nT...