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SIG expects lower losses after patching up in second half

Like-for-like revenues for the fourth quarter were up 4% versus the prior year, after a 24% decline in the first half

SIG PLC -

SIG PLC (LON:SHI) said it made a smaller loss than expected in 2020, as profitability continued to improve throughout the second half of the year.

The underlying operating loss is expected to be £57mln-£61mln, the building and roofing supplier said, after making a loss of £43mln in the first half.

The company expects £1.87bn of revenues from ongoing operations for the calendar year, subject to audit, including its Building Solutions arm that previously was excluded as non-core but is now being retained.

Like-for-like (LFL) revenues for the fourth quarter were up 4% versus the prior year, after a 24% decline in the first half of the year and an 8% fall in the third quarter.

Exteriors continued to perform strongest in the final quarter, in the UK and France, while the Building Solutions arm also returned to LFL growth.

Net debt was £5mln at the year-end on a pre-IFRS 16 basis, or £240mln in full, with gross cash balances of £233mln.

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Price: 49.98 GBX

Market Cap: £590.54 m

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