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    SHI   GB0008025412

SIG PLC

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SIG : sees profitability returning this year as COVID-19 boosts renovations

01/11/2021 | 02:54am EDT

(Reuters) - SIG Plc said on Monday it expects losses for 2020 to be at the "better end" of its expectations and that it could return to profitability in the second half of 2021, as the building materials supplier recovers from a COVID-19 pandemic-led slump.

SIG, which supplies roofing and insulation materials in Britain, France, Germany and Ireland, among others, said its UK and French businesses witnessed solid demand for renovation, maintenance and improvement during the pandemic.

Britain's construction sector extended its robust recovery from a COVID-19-related lockdown early in December, a survey showed last week, with housing being the biggest driver of construction growth.

The company, which has sought to move on from troubles with its financial forecast, saw several changes last year that included a new CEO whose strategy is to focus on sales and margin revival, the sale of its air handling unit, and the entry of the largest shareholder PE firm CD&R after a capital raise.

SIG also said it expected underlying operating loss for 2020 to be between 57 million pounds ($76.99 million) and 61 million pounds. It had reported a profit of 33.5 million pounds in 2019.

All of the company's operations are currently open despite a third national lockdown in England that began last week, SIG said. Construction activity is exempted from the latest restrictions.

The supplier to residential, non-residential as well as renovation maintenance improvement markets, said it expects 2020 revenue to be about 13% lower than last year even as it rose 4% on a like-for-like basis in the fourth-quarter.

($1 = 0.7404 pounds)

(Reporting by Yadarisa Shabong in Bengaluru, Editing by Sherry Jacob-Phillips and Uttaresh.V)


© Reuters 2021
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Financials
Sales 2021 2 057 M 2 876 M 2 876 M
Net income 2021 -27,4 M -38,3 M -38,3 M
Net Debt 2021 240 M 335 M 335 M
P/E ratio 2021 -32,5x
Yield 2021 -
Capitalization 633 M 893 M 886 M
EV / Sales 2021 0,42x
EV / Sales 2022 0,41x
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 0,54 GBX
Spread / Highest target 18 557%
Spread / Average Target 10 074%
Spread / Lowest Target 5 497%
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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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