LONDON (dpa-AFX) - Specialty building products supplier SIG plc (SHI.L) reported Tuesday that its first-half profit before tax declined to 12.2 million pounds from last year's 26.2 million pounds.
Basic earnings per share were 0.4 pence, down from 1.4 pence a year ago.
Underlying profit before tax was 15.0 million pounds, compared to 28.9 million pounds a year earlier. Underlying earnings per share were 0.6 pence, compared to 1.6 pence in the prior year.
Revenue, however, grew to 1.42 billion pounds from last year's 1.36 billion pounds. Like-for-like revenue edged down 0.2 percent, reflecting volume declines offset by input price inflation.
Looking ahead, the company said market conditions are expected to remain challenging across its geographic end markets in the second half, alongside further moderation in price inflation.
The second half is expected to see greater benefit from productivity initiatives, and its full year underlying operating profit is expected to be in line with the Board's recently revised guidance.
SIG further said its Board remains confident in improving operating margin to 5% in the medium term.
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