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    SHI   GB0008025412

SIG PLC

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SIG : posts loss on virus hit, lifts 2020 revenue view

09/24/2020 | 03:12am EDT

SIG Plc reported a first-half loss of 53.7 million pounds on Thursday due to the coronavirus hit to construction activity, but the building materials supplier said its 2020 revenue would fall lesser than previously feared.

The Sheffield, UK-based company, which in May expected 2020 revenues to be about 500 million pounds lower than 2019, said the underlying pretax loss for the six months to June 30 compares with a profit of 17.4 million pounds in the year-ago period.

In May, SIG Chief Executive Officer Steve Francis, who took the helm earlier this year, had laid out a new strategy for the business, focusing on sales and reviving margins as the British firm looks to put past troubles with financial forecasts behind it.

"In the short term, significant economic uncertainty remains in all of our markets, although government stimulus for the construction sector, notably in the UK, is welcome," Francis said in a statement on Thursday.

The London-listed company, which supplies roofing and insulation materials to the residential, non-residential as well as renovation, maintenance, improvement markets, said it will incur losses in the second half of the year as well, but at a lower rate than the first half.

Revenue for the reported period fell about 24% to 817.7 million pounds.

Under Francis' leadership, the company also raised 165 million pounds in new equity in July, including an investment by Clayton, Dubilier & Rice (CD&R) in a deal that would see the U.S. buyout firm hold a 25% stake in the company.

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Rashmi Aich)


© Reuters 2020
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Financials
Sales 2021 2 057 M 2 902 M 2 902 M
Net income 2021 -27,4 M -38,7 M -38,7 M
Net Debt 2021 240 M 338 M 338 M
P/E ratio 2021 -33,4x
Yield 2021 -
Capitalization 650 M 916 M 918 M
EV / Sales 2021 0,43x
EV / Sales 2022 0,42x
Nbr of Employees 6 446
Free-Float 56,9%
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Mean consensus HOLD
Number of Analysts 10
Average target price 54,53 GBX
Last Close Price 55,05 GBX
Spread / Highest target 81,7%
Spread / Average Target -0,94%
Spread / Lowest Target -45,5%
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Managers and Directors
NameTitle
Ian Ashton Chief Financial Officer
Andrew James Allner Non-Executive Chairman
Marc Touitou Group Chief Information Officer
Alan Charles Lovell Senior Independent Non-Executive Director
Gillian Dawn Celia Kent Non-Executive Director
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