Sheffield Insulations Group (SHI) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hi, good morning, everybody. Nice to see so many of you here in person. I know it's a busy time, very, very busy day. And also welcome to anybody who's watching online. For those of you who don't know, I'm Gavin Slark. I'm the CEO, joined today by Ian Ashton, who is our CFO. We're going to follow now what I think you'll recognize as a well-trodden path for this morning, a very brief overview from myself, the detail on the financial results from Ian, a little bit of a business overview from myself after Ian's finished, and that should leave us time at the end for some reasonable Q&A. So in terms of the overview for the first half of this year, you don't need me to tell you how challenging the markets have been in which we operate. But we are reporting this morning revenue of 1.3 billion with an operating profit of 11.7 million pounds. Primarily, our larger markets have been the weakest when you look at UK, France and Germany. But we do believe in many of those markets using data that's available to us that we have delivered a robust sales performance relative to the markets in which we operate. We have seen Poland and Ireland showing some growth. They are a little bit further through the cycle for us. And although you might think that Ireland and Poland are relatively small businesses in terms of the SIG group, which they are, but they still account for almost 20% of our profit in the first half of this year. We have maintained a very disciplined approach in terms of costs and in terms of cash management during the first half of this year. And Ian will talk a little bit more later about the £24 million of cost savings in the first half of this year compared to the first half of last year, which is a very significant impact on the overall performance of the group. And ...