14th Jan 2016 07:55
LONDON (Alliance News) - Building products distributor SIG PLC on Thursday said it recorded only marginal like-for-like sales growth in 2015 and that its reported revenue has taken a hit from the weak euro and a tough UK market.
The FTSE 250-listed company said group sales for 2015 hit GBP2.57 billion, down 1.4% due to the group taking a hit in its European operations from the weak euro. In constant currencies, revenue rose 3.6%, though the majority of this was derived from acquisitions, with only 0.2% like-for-like, constant currency growth in sales.
SIG also maintained its underlying pretax profit guidance for the year and said its gross margin should be broadly flat year-on-year.
UK & Ireland like-for-like sales were down 1.0% in the fourth quarter, as trading conditions in the repair, maintenance and improvement market remained challenging, particularly for its exteriors business. In Europe, like-for-like sales were up 1.8% in the fourth quarter, with good growth in France, but Germany still tough.
By Sam Unsted; [email protected]; @SamUAtAlliance
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