LONDON (dpa-AFX) - Specialist building products distributor SIG Plc (SHI.L) reported Friday that its fiscal 2018 profit before tax was 28.5 million pounds, compared to prior year's loss of 54.7 million pounds. Basic earnings per share were 3 pence, compared to loss of 10.2 pence last year.
Underlying profit before tax was 75.3 million pounds, compared to 69.4 million pounds a year ago. Underlying profit before tax excluding property profits was 72.7 million pounds, compared to prior year's 58.1 million pounds, in line with expectations.
Underlying basic earnings per share were 9.3 pence, compared to last year's 8.6 pence.
Revenue for the year dropped to 2.742 billion pounds from 2.878 billion pounds last year. Underlying revenues were 2.683 billion pounds, down 1.2 percent due to challenging market conditions and focus on profitability over volume.
Further, the company said its Board is recommending payment of a final dividend for the year of 2.5p, same as last year. This gives a total dividend for the year of 3.75p, flat with last year.
Looking ahead, Meinie Oldersma, Chief Executive Officer, said, 'Trading conditions remain challenging, with the outlook in many of our end markets uncertain, and the Group expects continuing like-for-like sales declines in the first part of the year. Notwithstanding these headwinds, the margin and cost actions taken in 2018 give us good visibility of further significant progress in the current year.'
The company also said that the Board is reviewing strategic options for its Air Handling business and has engaged financial advisers to help with this review.
Separately, SIG announced that Janet Ashdown, a Non-Executive Director and Chair of the Remuneration Committee, will retire from the Board at the conclusion of the forthcoming Annual General Meeting on May 8.
The search for a new Non-Executive Director and Remuneration Committee Chair is well advanced and an announcement will be made in due course.
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