Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

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  Print      Mail a friend       Annual reports

Thursday 12 January, 2012


Trading Update for the year ended 31 December 2011

RNS Number : 4192V
12 January 2012




SIG plc


Trading Update for the year ended 31 December 2011


SIG plc ("SIG") is a leading distributor of specialist building products in Europe, with strong positions in its core markets of insulation & energy management, interior fit out and roofing.


Group sales from continuing operations for 2011 were approximately £2,740m, an increase of nearly 8% (c.7% on a constant currency basis) compared with 2010.  Based on this performance the Board is confident that underlying* profit before tax will be marginally above the upper end of the range of analyst expectations for 2011 (Bloomberg upper end of range: £80.4m**).


Trading towards the end of the year benefited from the relatively mild weather, particularly in comparison to the exceptionally severe conditions in December 2010.  The Group expects gross margin for 2011 to be maintained at a similar level to 2010.


In Mainland Europe (2011: c.56% of Group sales) revenues were up by c.11% and by c.10% on a constant currency basis, with France demonstrating the strongest progress of the countries in which SIG operates, where revenues increased by c.14%.  The strong performance in Mainland Europe is in part attributable to the Group's investment in new branches in recent years, which contribute additional sales and profit as they mature.


In the UK & Ireland (2011: c.44% of Group sales) revenues from continuing operations were up by c.3.5%, with sales in the UK up by c.4% and down by c.1% in Ireland on a constant currency basis.


Financial Position


The Group expects net debt to have reduced from £163m at 30 June 2011 to c.£120m at 31 December 2011, reflecting the Group's continued tight management of working capital.


Organisation and Structure


Following the disposals of its Interiors Manufacturing, Scaffolding and Safety & Workwear businesses in 2011, the Group is now strategically focused on its three core markets of insulation & energy management, interior fit out and roofing, which will strengthen its competitive advantage going forward.  Accordingly, future growth initiatives will be based on carefully selected investments in new trading sites concentrated in these areas.


Following John Chivers' retirement from the Group, SIG has streamlined its management structure and appointed Robert Barclay, previously Managing Director of SIG Distribution, to the new post of Managing Director UK & Ireland.  This new structure will enable SIG to increase opportunities for revenue growth through cross-selling in the region and drive further operational efficiencies.


In this regard the Group has identified approximately £5m of further annual cost savings principally related to the rationalisation of its branch network.  The Group intends to implement these initiatives during 2012 and will gain the full benefit of the savings in 2013.  Exceptional costs of c.£12m relating to this rationalisation and previous branch closures will be charged to the 2011 accounts.  Going forward SIG will continue to assess market conditions and adjust its cost base appropriately.





Whilst trading in the last quarter of 2011 remained resilient, the recent weakening in the macroeconomic outlook for both the UK and Mainland Europe leads the Group to expect that market volumes will be slightly down overall in 2012.  Nonetheless, management anticipates that SIG will continue to gain market share, not least from the maturing of branches opened in recent years, but also from other growth initiatives.


Preliminary results


SIG will announce its Preliminary results for the year ended 31 December 2011 on 14 March 2012.


Conference call


There will be a conference call with management at 8.00am to discuss this statement.  The dial in number is +44 (0)20 3140 0668; Participant Pin: 614367#.




Chris Davies, Chief Executive

Doug Robertson, Finance Director

Simon Bielecki, Head of Investor Relations


SIG plc

0114 285 6300


07515 794 359

Richard Mountain / Nick Hasell

FTI Consulting

020 7269 7291



* Underlying is before the amortisation of acquired intangibles, impairment charges, restructuring costs, profit and loss arising on sale of businesses, trading profits and losses associated with disposed businesses and gains and losses on derivative financial instruments.


** Source: Bloomberg as at 11 January 2012


Cautionary Statement


This Trading Update is prepared for and addressed only to the Company's shareholders as a whole and to no other person.  The Company, its directors, employees, agents or advisors do not accept or assume responsibility to any other person to whom this Trading Update is shown or into whose hands it may come and any such responsibility or liability is expressly disclaimed.


Certain information included in this Trading Update is forward looking and involves risks and uncertainties that could cause the actual results to differ materially from those expressed or implied by forward looking statements.  It is believed that the expectations set out in these forward looking statements are reasonable but they may be affected by a wide range of variables which could cause future outcomes to differ from those foreseen in forward looking statements, including but not limited to, changes in risks associated with the level of market demand, product availability and pricing, competitor risk, credit risk, credit insurance, restructuring of SIG and exchange rates.  More information about the risks and uncertainties that may affect the Group's performance is contained in the Annual Report to Shareholders for the year ended 31 December 2010.  All statements in this release are based upon information known to the Company at the date of this Trading Update.  The Company undertakes no obligation to publicly update or revise any forward looking statement, whether as a result of new information, future events or otherwise.

This information is provided by RNS
The company news service from the London Stock Exchange

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