Sheffield Insulations Group (SHI) Q4 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to our results presentation for SIG for 2023. Just in case you don't know, I'm Gavin Slark. I'm the CEO, joined today by Ian Ashton, who is our CFO. Thank you all for coming. I know it's a very busy day, a very busy week, but great to see so many people in the room physically. And welcome to anyone who's watching on the webcast as well. Our overall schedule for this morning is relatively simple, a very brief overview from myself. Ian will then take you through the detail of the financials, and then I'll come back and give you an update on a business review at the end of the session. I think in terms of the overview on where we are, first of all, I'd just like to start off by saying thank you to all of our colleagues all the way across the business for their sort of hard work and commitment during 2023. It's always easy when the markets are good, but when the markets are more challenging, the efforts of your colleagues are really appreciated and really make a difference. In terms of the actual performance for last year, I'm not going to go through every one of the points on every one of the slides, but I would say obviously a robust performance in terms of sales going through 2023, but particularly pleasing on the financial side to see that strong operating cash flow conversion of 100% of the operating profit being converted into cash flow. In terms of strategic actions to improve the underlying operations, many of you will have been at the capital markets event that we held last year. And later on, we'll give you a little update on where we are there. Obviously, we have undertaken some restructuring in the business over the past few months, which is going to give us around 10 million pounds of annualized savings. Predominantly, those savings are in headcount ...