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SIG forecasts smaller-than-expected loss as sales recover
StockMarketWire.com
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Building materials group SIG said it expected to post a smaller-than-expected annual loss following a recovery in the fourth quarter.
Underlying operating losses for the year through December were expected in the range of £57 million-to-£61 million, which SIG said that was at the better end of the range of previous expectations.
Profitability continued to improve throughout the second half after an underlying operating loss of £43 million was recorded in the first half.
Like-for-like sales in the fourth quarter grew 4% year-on-year, limiting the full-year fall to 13%.
'This reflects the initial impact of the group's return to growth strategy, which is starting to deliver progress in terms of improved organic sales performance, and has been supported by robust demand in repair, maintenance and improvement segments in certain markets, notably UK and France,' SIG said.
Looking ahead, SIG said although Covid-19 continued to create uncertainty, the fundamentals of its markets remained sound.
'Providing there is no material disruption to either our business or end markets as a result of the pandemic, the board expects the near term benefits of the actions taken in 2020 to deliver organic revenue growth in 2021, including market share gains,' it said.
'The benefits of this will become increasingly evident as the year progresses and should enable us to return to underlying operating profitability during the second half.'
Story provided by StockMarketWire.com
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