14th Jul 2021 09:48
(Alliance News) - SIG PLC on Wednesday reported growth in revenue for the first half of 2021 and noted a "faster" return to profitability than expected.
Shares in SIG were up 2.5% at 49.10 pence each in London on Wednesday morning. SIG is a Sheffield, England-based international supplier of insulation, roofing, commercial interiors and specialist construction products.
Revenue in the six months to 30 June 2021 was GBP1.11 billion, up 33% on a like-for-like basis from a year earlier, a period hit by Covid-19. Compared to two years earlier, so before the onset of the pandemic, like-for-like sales were 1% higher.
The company also reported underlying operating profit of GBP13.5 million, which is better than previous expectations, and swinging from a GBP43.2 million loss a year earlier.
"The return to profitability in H1 was faster and more significant than previously expected, and we exited the first half with strong demand conditions and the benefits of the Return to Growth strategy coming through clearly," SIG added.
The company has a "cautious view" of the second half, noting a potential hit from a shortage in materials.
"However, providing there is no significant disruption in coming months, we continue to expect H2 to be both profitable and cash generative, with full year underlying operating profit now expected to be ahead of previous forecasts," the company said.
By Amrit Sahota; [email protected]
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