LONDON (dpa-AFX) - Specialist building products distributor SIG Plc (SHI.L) reported that its profit attributable to equity holders of the Company for the six months ended 30 June 2018 was 15.0 million pounds or 2.5 pence per share, compared to a loss of 20.8 million pounds or 3.5 pence per share in the previous year.
On a statutory basis, the Group made a profit before tax of 19.9 million pounds in the first half of this year, compared to a loss of 15.8 million pounds in the prior year.
Underlying basic earnings per share from operations decreased 1.0 pence to 3.2 pence from 4.2 pence last year. On a statutory basis, the Group reported basic earnings per share of 2.5 pence, compared to a loss per share of 3.5 pence in the prior year.
Meinie Oldersma, Chief Executive Officer, said, 'Given the continuing challenging trading conditions in the UK, we have accelerated certain transformational workstreams and we now have increased visibility over delivery of significant profit improvement during the second half of 2018 and beyond. As a result, we remain optimistic of delivering a full year result in line with our expectations absent any further deterioration in trading conditions, notably in the UK. Whilst there remains considerable work to be done, we remain confident in our ability to deliver our transformational plans.'
Group revenue from underlying operations increased 1.0% to 1.36 billion pounds from last year, benefiting from foreign exchange translation (+1.4%) offset by fewer working days (-0.8%). As a result, LFL sales for the first half of the year were slightly ahead by 0.4%. On a statutory basis, Group revenue declined 4.0% to 1.38 billion pounds from 1.44 billion in the previous year.
SIG declared an interim dividend for 2018 of 1.25 pence, unchanged from last year. The interim dividend will be paid on 9 November 2018 to shareholders on the register at close of business on 5 October 2018. The ex-dividend date is 4 October 2018.
Copyright RTT News/dpa-AFX