LONDON (dpa-AFX) - Specialist building products distributor SIG Plc (SHI.L) reported Tuesday that its fiscal 2018 group like-for-like revenues dropped 2.3 percent.
In its trading update, the company said its group revenues from continuing operations decreased 1.4% in the year, with a further 0.7% decrease from currency and 0.2% from more working days.
UK & Ireland LFL revenues dropped 5.7 percent, while Mainland Europe LFL revenues edged up 0.7%.
For the year, the company expects to report adjusted profit before tax of about 75 million pounds, including the benefit of 2-3 million pounds of property profits in the year. Despite challenging market conditions and lower trading revenues in the second half of the year, particularly in December, the transformation of SIG continues to progress at pace.
In 2017, underlying profit before tax was 65.5 million pounds.
The Group expects the benefits of the ongoing transformation to drive a further significant increase in profitability in 2019.
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