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SIG upgrades guidances as sales bounce back
StockMarketWire.com
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Building materials group SIG upgraded its annual guidance, having achieved a stronger-than-expected start to the year, with sales in the four months through April up 29% year-on-year.
Compared with the same period in 2019, which was unaffected by the pandemic, sales in 2021 were down 4%.
'After a solid start in January and February sales volumes then picked up strongly, and March and April traded ahead of management's expectations,' SIG said.
It added that it now expected to deliver an underlying operating profit in the first half, returning the company to profitability earlier than expected.
'Given the prevailing macro-economic uncertainties, we retain a cautious view of the second half at this stage,' SIG said.
'We do however continue to expect the second half to be both profitable and cash generative, and in light of the stronger-than-anticipated recent performance we now expect full-year revenues to be slightly ahead of prior expectations, and profits also to be higher than previously expected.'
Story provided by StockMarketWire.com
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