Business
Trading Update and Strategy Day
Trading Update and Strategy Day.
About this update from Sig Plc
[{"type":"text","content":"\n \nRNS Number : 0187X SIG PLC 21 November 2017 \n\n21 November 2017\n \nSIG plc\n \nTrading Update and Strategy Day\n \nSIG plc (\"SIG\" or \"the Group\"), a leading European supplier of specialist building products\nwith strong positions in its core markets of Insulation & Interiors, Roofing & Exteriors, and Air Handling, today issues a trading update for the period from 1 July 2017 to 31 October 2017 (\"the Period\").\n \nTrading summary\n \nGroup revenues from continuing operations increased by 6.7% in the Period, with currency contributing 2.5% to growth, offset by the effect of fewer working days (0.2)% and the impact of acquisitions (0.2)%. As a result, Group like-for-like1 (\"LFL\") revenues were ahead by 4.6%, in line with expectations. \n \n\n\n\n\nLFL revenue growth\n\n\nJuly to October 2017\n\n\nH1 2017\n\n\nYTD 2017\n\n\n\n\nSIGD\n\n\n4.3%\n\n\n1.6%\n\n\n2.7%\n\n\n\n\nSIGE\n\n\n(2.6)%\n\n\n0.3%\n\n\n(1.0)%\n\n\n\n\nIreland\n\n\n9.6%\n\n\n4.6%\n\n\n6.7%\n\n\n\n\nOffsite Construction\n\n\n8.9%\n\n\n(2.9)%\n\n\n1.1%\n\n\n\n\nUK & Ireland\n\n\n2.5%\n\n\n1.3%\n\n\n1.8%\n\n\n\n\nFrance\n\n\n8.1%\n\n\n5.0%\n\n\n6.2%\n\n\n\n\nGermany\n\n\n5.1%\n\n\n1.8%\n\n\n3.2%\n\n\n\n\nPoland\n\n\n18.2%\n\n\n9.6%\n\n\n13.4%\n\n\n\n\nBenelux\n\n\n(5.0)%\n\n\n(4.8)%\n\n\n(4.9)%\n\n\n\n\nAir Handling\n\n\n1.6%\n\n\n12.0%\n\n\n7.7%\n\n\n\n\nMainland Europe\n\n\n6.6%\n\n\n4.3%\n\n\n5.2%\n\n\n\n\nSIG Group\n\n\n4.6%\n\n\n2.8%\n\n\n3.5%\n\n\n\n\n \n1 like-for-like is defined as sales per day in constant currency excluding acquisitions and disposals.\n \nLFL revenues were up by 2.5% in the UK & Ireland during the Period, with the revenues of SIGD, the Group's Insulation & Interiors business in the UK, continuing to benefit from price increases.\n \nTrading conditions in construction markets across Mainland Europe continued to show signs of improvement, with LFL revenues up by 6.6% during the Period, underpinned by strong performances in France, Germany and Poland.\n \nLeverage\n \nLeverage reduction remains a key medium term priority and the Group remains focused on working capital reduction and profit improvement to drive leverage structurally lower. As previously indicated, SIG anticipates that headline financial leverage at the year end will remain broadly ...