Sheffield Insulations Group (SHI) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

and welcome to our full year results for SIG for the year to December 2024. I think most of you know us pretty well, but just in case any of you don't, I'm Gavin Slark. I'm the CEO, joined today by Ian Ashton, who is our CFO. Really appreciate you all turning out today. I know it's a really busy day in the markets as well. So appreciate your time. Our program this morning, again, I think is a well-trodden path. I'll give you a very short introduction and overview. I'll then pass you on to Ian, who will take you through the detail of all of the numbers. And then I will come back at the end and give you a brief overview of the business. And that should still leave us plenty of time at the end for some interesting Q&A. In terms of 2024 you don't need me to tell you how tough the markets have been out there during the past 12 months, but I think we've delivered a robust performance on the backdrop of those markets. Group revenue down just 4% to 2.6 billion, but as you work your way down what what's on that chart there you'll see some really good performances. in particular from UK roofing and Germany. And I think Germany deserves a particular call out from a really strong performance in actually what was really quite a weak market and outperformed the market by some considerable way. We've made sure that as we've gone through the last 12 months that we've maintained a really disciplined approach to both cost and cash management. And you'll get a lot more from that from Ian in just a few moments, talking through some of the actions that we've taken on cost savings, the actions that we've taken on restructuring. But you'll see there at a headline level, £42 million worth of operating cost reduction prior to inflation. We have continued to invest in the business in a very t...