SIG’s CEO is “disappointed” with 2015 performance- Hopes for better 2016

Full Statement on SIG’s website here http://bit.ly/1M6mzJd

Commenting on the results and outlook, Stuart Mitchell, Chief Executive, said:

“While making good progress on the Strategic Initiatives and infill acquisition programme, we were disappointed by the Group’s 2015 performance, having been adversely affected by weak trading conditions in Mainland Europe and the UK RMI market, as well as movements in foreign exchange.

 “We have already taken a number of actions to improve performance including further increasing our customer focus, reducing procurement and supply chain costs, and growing our value added businesses.

 “This year we continue to expect good growth in the UK new build construction market, primarily driven by the residential segment.  Lead indicators also suggest that demand should pick up in the UK RMI sector as 2016 progresses.  

 “In Mainland Europe, while the trajectory of any recovery at this stage remains uncertain, trading conditions in France have improved, with the housing market stabilising and a return to growth for SIG in Q4 2015.  

 “Following an encouraging start to the year, with positive LFLs in both the UK & Ireland and Mainland Europe, the scope for further cost savings and growth opportunities within the Group mean that we expect to make progress in 2016