SIG PLC Trading Statement (8811P)
22 Octubre 2021 - 1:00AM
UK Regulatory
TIDMSHI
RNS Number : 8811P
SIG PLC
22 October 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK
LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS
(SI 2019/310) ("UK MAR"). UPON THE PUBLICATION OF THIS
ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
22 October 2021
SIG plc: Strong Q3 and positive outlook for full year
SIG plc ("SIG" or "the Group") today issues a trading update for
the third quarter of its financial year ending 31 December 2021
("Q3" or the "period").
Trading update
Further to the update provided at the time of the Group's
interim results, the Board is pleased to confirm that the solid
trading performance seen in July and August continued through
September.
As a result, like for like ("LFL")(1) sales growth in Q3 was 17%
vs the prior year. This follows the 33% reported in H1, a number
distorted by the material Covid impact in 2020. Against pre-Covid
2019 comparatives, Q3 growth was 9%, up from the 1% growth seen in
H1.
UK Distribution performance provided the principal driver for
the acceleration in growth during Q3, with the business moving, as
expected, back to growth against 2019 monthly comparators, as the
strategic and operational changes made since July 2020 continue to
drive the return towards its previous market position and
performance. Our France and UK Exteriors businesses, and our Poland
business, continue to perform very strongly. Ireland was, as
anticipated, a further driver for the Q3 acceleration, rebounding
after the H1 impact of local Covid-related restrictions. As
previously reported, inflation is also adding to the top line in
all geographies, with the Group continuing to pass through cost
increases. Profitability continued to improve in the quarter
compared to the first half, despite the typical modest seasonal dip
in sales volumes in August.
Outlook
Whilst supply issues persist across many product groups, order
books continue to build and the outlook for materials shortages has
become clearer. We are mindful of the potential impact of these
shortages should the situation persist for an extended period, but
remain highly confident in the effectiveness of our supply chain
management and commercial agility. As a result of the continued
strong sales momentum and operating performance, we are now more
confident in our near term outlook and expect full year
underlying(2) operating profit to be ahead of current market
forecasts.
1. Like-for-like ("LFL") is defined as sales per working day in
constant currency, excluding completed acquisitions and
disposals.
2. Underlying represents the results before Other items. Other
items relate to the amortisation of acquired intangibles,
impairment charges, profits and losses on agreed sale or closure of
non-core businesses and associated impairment charges, net
operating profits and losses attributable to businesses identified
as non-core, net restructuring costs, and other non-underlying
profits or losses.
Contacts
SIG plc +44 (0) 114 285 6300
Steve Francis Chief Executive Officer
Ian Ashton Chief Financial Officer
FTI Consulting +44 (0) 20 3727 1340
Richard Mountain
Peel Hunt LLP - Joint broker to SIG +44 (0) 20 7418 8900
Mike Bell / Charles Batten
Jefferies International Limited - Joint
broker to SIG +44 (0) 20 7029 8000
Ed Matthews / Will Soutar
The person responsible for arranging the release of this
announcement on behalf of the Company is Andrew Watkins, Group
General Counsel and Company Secretary.
Cautionary Statement
This announcement does not constitute an offer of securities by
SIG plc. This announcement may include statements that are, or may
be deemed to be, forward-looking statements. By their nature,
forward-looking statements involve risks and uncertainties because
they relate to events and depend on circumstances that may or may
not occur in the future and may be beyond the Group's ability to
control or predict. Forward-looking statements are not guarantees
of future performance. You are advised to read the section headed
'Principal risks and uncertainties' in the Group's Annual Report
and Accounts for the year ended 31 December 2020 for a further
discussion of the factors that could affect its future performance
and the industry in which it operates. Other than in accordance
with its legal or regulatory obligations, SIG plc does not accept
any obligation to update or revise publicly any forward-looking
statement, whether as a result of new information, future events or
otherwise.
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END
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