Yesterday SIG PLC issued a trading update for the year ended 31 December 2017 (“FY 2017”) which revealed that roup revenue from continuing operations for the year increased by 7.5% to c. £2.8bn. SIG’s like-for-like (“LFL”) revenues for the year were ahead by 4.0%.
LFL revenues were up by 2.1% in the UK & Ireland during 2017, with the revenues of SIGD, the Group’s Insulation & Interiors business in the UK, continuing to benefit from industry price increases.
Trading conditions in construction markets across Mainland Europe continued to show signs of improvement, with LFL revenues up by 5.8% during the year.
The SIG statement said: “The improvement in confidence in Mainland European markets continues to mitigate a weaker second half margin performance in the UK. As a result, returns on sales have remained stable and our overall expectations for underlying profitability for the full year remain unchanged. Management continues to focus on the execution of key strategic levers to deliver a step change in the operational and financial performance of the Group, as announced at the Group’s Strategy Day in November 2017.”
SIG will announce its full year results on Friday 9 March 2018.