25th Mar 2021 12:32
(Alliance News) - SIG PLC posted a widened loss and reduced revenue in 2020, though the building materials firm said it traded ahead of expectations at the end of the year.
Revenue in 2002 dropped 13% to GBP1.87 billion from GBP2.14 billion. SIG's pretax loss almost doubled to GBP202.3 million from GBP112.7 million.
"Our teams have shown great resilience and commitment in the face of the challenging circumstances for much of the year, the effects of which clearly impacted our first half, and hence full year, results," Chief Executive Officer Steve Francis said.
SIG did not propose an annual dividend, after a 1.25 pence payout for 2019.
Francis added: "I am delighted that due to our 'Return to Growth' strategy we delivered a solid second half and have begun to return the business to growth after a long period of decline."
SIG said it made a promising finish to 2020 with trading "ahead of expectations". Like-for-like sales rose 4% annually in the fourth quarter.
Trading so far in 2021 has been "in line with management expectations".
SIG shares were 7.5% lower at 36.95 pence each in London on Thursday afternoon.
By Eric Cunha; [email protected]
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