SIG holds guidance as LFL sales rise 1%

4th May 2023 08:14

(Sharecast News) - Specialist insulation and building products supplier SIG held annual guidance as like-for-like sales rose 1% in the first four months of the year.

Revenues were £924m, as the company reported challenging market conditions, "more than offset by input price inflation", with "solid" sales growth from France, Germany, and UK Interiors.

Reported Group revenues were 7% higher in the period, including 3% from acquisitions, together with 3% in aggregate from movements on working days and exchange rates.

"Market conditions remain challenging and group volumes were lower, as expected. This was more than offset by a continued positive tailwind from input price inflation," the company said on Thursday.

"The overall impact of inflation is estimated to have added 11% to group growth over the period. As expected, price inflation has moderated since H2 2022, despite further price increases in early 2023, as we annualise some of the significant prior year price increases."

Reporting by Frank Prenesti for Sharecast.com