REG - SIG PLC - Results for the six months to 30 June 2025
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RNS Number : 9265T SIG PLC 05 August 2025
5 August 2025
SIG plc
Results for the six months to 30 June 2025
SIG plc ("SIG", "the Group" or "the Company") today announces its half year
results for the six months ended 30 June 2025 ("H1 2025" or "the period").
( ) H1 2025 H1 2024
Revenue £1,304.4m £1,316.8m
LFL(1) sales growth 1.5% (6.4)%
Gross margin 24.2% 24.7%
Underlying(2) operating profit £15.4m £11.7m
Underlying(2) operating margin 1.2% 0.9%
Underlying(2) loss before tax £(10.3)m £(6.6)m
Underlying(2) loss per share (1.0)p (0.8)p
Net debt £523.5m £476.6m
Statutory results H1 2025 H1 2024
Revenue £1,304.4m £1,316.8m
Operating (loss)/profit £(7.3)m £7.1m
Loss before tax £(33.1)m £(11.3)m
Total loss after tax £(34.4)m £(14.2)m
Basic loss per share (3.0)p (1.2)p
Financial highlights
· Group revenue of £1,304m, representing a like-for-like(1) ("LFL")
growth of 1% versus prior year and reflecting continued market outperformance
· Underlying(2) operating profit of £15.4m at an operating margin of
1.2%, with ongoing impact of productivity initiatives partially offsetting
continued softness in market demand
· Robust H1 cash performance, with progress on initiatives offsetting
much of the normal seasonal increase in working capital; H1 free cash
outflow(3) of £9m (H1 2024: £22m outflow)
· Liquidity of £172m, consisting of period-end cash balances of £82m
(H1 2024: £101m) and undrawn RCF of £90m; net debt of £524m (H1 2024:
£477m), including £333m (H1 2024: £320m) of net lease liabilities
· Group's 2025 full year outlook unchanged
Operational and strategic highlights
· New CEO and Chair designate Pim Vervaat to join SIG from 1 October,
as announced on 8 July
· Strong commercial focus and execution, including targeted product
range extensions into higher growth categories, all supported outperformance
relative to market trends
· Group continues to execute on its strategic initiatives to drive cost
savings and productivity, with
restructuring actions taken since H2 2023 now totalling £38m in permanent
annualised cost savings; total underlying savings in operating costs in the
period of £21m vs the prior year, before inflation
· Positive progress in UK Interiors in H1 as it executes its
turnaround, with 8% H1 LFL sales growth and a return to operating
profitability; £4m improvement in underlying operating profit year over year
Outlook
· The Group's outlook(4) for FY 2025 is unchanged
· Having seen no notable pick-up in demand during the period, the Board
remains cautious as to the prospect of meaningful market improvement during
the second half
· In the near term, productivity and efficiency actions, together with
strong commercial focus, will continue to drive improving performance
· The operational gearing in SIG's business model applies equally
strongly in conditions of rising demand, and, accordingly, the Board believes
the Group remains very well positioned to benefit from the market recovery
when it occurs
Commenting, Ian Ashton, Chief Financial Officer, said:
"The Group's robust trading results in the first half reflect continuing
outperformance of markets that remain subdued.
"Cost, productivity and cash initiatives have remained a key focus in the
period, as has the ongoing implementation of strategic and operational
improvements that are positioning the Group to win in the long term. These
actions have benefited the first half and underpin the anticipated outcome for
the year, and as such our outlook for 2025 remains unchanged.
"We continue to make good progress in creating better performing businesses
across the Group, which will help to significantly improve our future
profitability and cash generation when markets recover."
Notes
1. Like-for-like is defined as sales per working day in constant currency,
excluding completed acquisitions and disposals, and adjusted to exclude the
net impact of branch closures and openings. The latter adjustment for branch
changes was incorporated for the first time in our January 2025 trading
statement, and the previously reported H1 2024 numbers restated accordingly.
The change had an impact of 0.4% on Group LFL growth rates in H1 2024.
2. Underlying represents the results before Other items. Other items relate to
the amortisation of acquired intangibles, impairment charges, net
restructuring costs, cloud based ERP implementation costs and other specific
items. Other items have been disclosed separately in order to give an
indication of the underlying earnings of the Group.
3. Free cash flow is defined as all cash flows excluding M&A transactions,
dividend payments, and financing transactions. Operating cash flow represents
free cash flow before interest and financing and tax.
4. Company collated analyst consensus is for Full Year 2025 underlying
operating profit (EBIT) of £31.6m, within a range of £30m to £35m, as at 4
August 2025.
A virtual webcast presentation and Q&A session, hosted by Ian Ashton, CFO,
will take place at 10.30am UK time today and a recording of both will be
available after the event on the company's website.
Webcast link:
https://www.investis-live.com/sig/687616cc6c0d660016f9db9c/efqf
(https://url.uk.m.mimecastprotect.com/s/DCMvC6Rv8trADJQjspfYi5eoSt?domain=investis-live.com)
Analysts - Phone line to participate in Q&A session
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(Toll-Free): +44 808 189 0158 (tel:+448081890158)
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Enquiries +44 (0) 114 285 6300
SIG plc
Ian Ashton Chief Financial Officer
Sarah Ogilvie Head of Investor Relations
FTI Consulting Richard Mountain +44 (0) 20 3727 1340
About
SIG plc is a leading pan-European supplier of specialist building products to
trade customers across the UK, France, Germany, Ireland, Benelux and Poland.
With leading market positions in specialist insulation, interiors and roofing
products, as well as a growing position in other specialisms, SIG facilitates
one-stop access to an extensive product range, provides expert technical
advice and coordinates often complex delivery requirements. For suppliers, SIG
offers a channel through which products can be brought to a highly fragmented
market of smaller customers and sites that are of insufficient scale to supply
direct. SIG employs approximately 6,600 employees across Europe and is listed
on the London Stock Exchange (SHI). For more information, please visit the
Company's website, www.sigplc.com (http://www.sigplc.com) .
Trading overview
Group LFL sales were up 1% year-on-year in the period, with LFL volumes up 2%.
Continued pricing pressure in the market more than offset modest inflation on
input costs, leading to a net 1% reduction in pricing.
Reported revenues were 1% down on prior year, reflecting an impact of 1% in
aggregate from working days and exchange rates, as well as a 1% net impact
from branch closures and openings.
1 January to 30 June 2025 LFL growth £m
Revenue
UK Interiors 8% 263
UK Roofing 6% 190
UK Specialist Markets (1)% 117
UK 5% 571
France Interiors (7)% 96
France Roofing (4)% 199
Germany 0% 217
Poland 3% 124
Benelux 3% 46
Ireland 3% 51
EU (1)% 733
Group 1% 1,304
Ongoing commercial and operational initiatives are enabling the Group to
outperform the local markets in which it operates. Demand in all markets
remains well below historical levels, with European construction at a low
point in the cycle, and we did not see the typical pick-up in demand towards
the end of the half that we had expected.
Against this backdrop, the UK Interiors business has delivered significantly
improved top and bottom-line performance as a result of actions taken by the
management team over the last nine months, and the UK Roofing business
continues to perform strongly. UK Specialist Markets saw sales volume weaken
in Q2, due to lower than expected early-stage construction project sales.
The German and French businesses are continuing to perform robustly relative
to particularly challenging markets. The French new build residential market
has remained very weak, which continues to impact both of our businesses
there. Our France Interiors business successfully mitigated some of this
market decline by focusing on larger key customer accounts. In Germany, sales
remained flat for H1 2025, against the backdrop of a residential market that
remained in decline and a broadly flat non-residential market.
Poland has delivered LFL sales growth despite a decline in new construction in
the period and competitive price pressure. The Benelux business has delivered
improved results as the management team begin to see the benefits of the
turnaround plan that was initiated towards the end of 2024. Ireland LFL sales
improved year on year as market conditions showed slight improvement.
Strategic progress
During the period the Group made good further progress on strategic actions to
improve its operational performance. Whilst market conditions are creating a
near-term headwind to margin progression, we are taking action in four
strategic areas to improve the way we operate now, to better position our
business to win as markets recover and to take advantage of long-term growth
trends in the industry.
Grow
In H1 2025, our LFL growth rates in our operating companies continued to show
good performance relative to the market.
In UK Roofing, the business has expanded its solar product range over the
course of the last 18 months, to grow the overall market we can reach. We have
supported that product expansion by actively developing demand from our
roofing customers and their technical capability to install solar through
on-site training days and demonstration sessions, where the solar installation
market is currently fragmented. As building markets recover, solar roofing
presents a good adjacent growth opportunity for our business and roofing
customer base. The French Roofing business also continued to develop its solar
offering in H1 2025.
Execute
We are committed to improving execution in all facets of our business in order
to deliver consistent and profitable growth.
The UK Interiors business has delivered material profit improvement through
strong operational execution in the period and the restructuring undertaken in
H2 2024. It has delivered sequential improvement in LFL sales from a low point
of 17% LFL sales decline in Q2 2024 to 12% LFL sales growth in Q2 2025. Sales
growth has been driven by a refreshed commercial strategy, a programme of
reconnecting with key customers and suppliers, and by actively targeting
additional larger contracts in key big cities. Combined with the extensive
cost restructuring undertaken in H2 last year and a c15% reduction in ongoing
headcount since 1 January 2024, the business has delivered a £4m improvement
in underlying operating profit in H1 2025 compared to the prior year, and
returned to profit.
The Benelux business also delivered a materially improved performance in the
period, although with further progress still to be made to complete its return
to profitability. Following restructuring in H2 2024, in which seven
Netherlands branches were closed to narrow focus towards higher value
categories, the business has delivered £1.6m improvement in underlying
operating profit in H1 2025 and, after adjusting for the closed branches,
positive LFL sales growth of 3%.
During H1 2025 we also continued to implement cost and productivity
initiatives elsewhere. In France, we closed five lower growth Roofing branches
that had been consistently underperforming. In both the French Roofing and
Interiors businesses we also progressed an internal supply chain initiative,
through two regional trials, that is aiming to reduce the logistics costs of
our two businesses through sharing warehouse facilities and fleet.
Modernise
The progressive modernisation and digitalisation of our operations creates an
important opportunity for the Group to increase overall profitability and
efficiency, and to offer better service and experience to our customers.
Following the H2 2024 launch of a new omnichannel sales model and e-commerce
platform in Germany, we have seen steady growth in new customers utilising the
platform, although are still at the early stages of adoption.
In France, an e-commerce platform for France Interiors is also being
developed, with a planned launch towards the end of this year.
Specialise
We aim to accelerate our growth in more specialist, higher margin
opportunities.
During H1 2025 our French Roofing and German businesses made good progress on
developing new specialist products under our own private label brands. These
products are targeted towards the needs of our specialist contractor customers
in their different trade areas, and support our margin mix as sales grow and
markets improve over time.
In French Roofing, we have grown sales in our new 'Extanx' waterproofing
range, providing our roofing customers with liquid waterproofing products for
flat roofs with high durability and fast application time. In Germany, our
Wego/Vti business has launched a range of specialist flooring accessories and
drylining accessories to complement our core ranges with additional innovative
product solutions.
In UK Specialist Markets we have continued to develop our offering in the fire
protection product and infrastructure markets, both of which have seen
increased regulation in recent years, which will support growth over the
longer term.
FINANCIAL REVIEW
Revenue
Group revenue of £1,304.4m (H1 2024: £1,316.8m) was 1% lower on a reported
basis, including a 1% negative impact in aggregate from movements in exchange
rates and working days and a net 1% negative impact from branch closures and
openings. LFL revenues increased by 1% year-on-year in the period. Within this
1%, the impact of sales price deflation was approximately 1%, and there was an
increase in volumes of approximately 2%.
Operating costs and profit
Gross profit decreased 2.8% to £315.4m (H1 2024: £324.6m) with a reduced
gross margin of 24.2% (H1 2024: 24.7%). The reduction in gross margin reflects
greater than normal pricing pressure as a result of the weak demand
environment.
The Group's underlying operating costs decreased by 4.1% to £300.0m (H1 2024:
£312.9m). The decrease was primarily due to savings initiatives, including
those from restructuring actions taken from H2 2023 onwards, partially offset
by the impact of inflation, with the biggest impact of the latter being on
wages and salaries. Operating costs in the period also benefited from a £1.6m
profit on the sale of properties in France Roofing.
The Group's underlying operating profit was £15.4m (H1 2024: £11.7m), at an
operating margin of 1.2% (H1 2024: 0.9%). Reported operating loss was £7.3m
(H1 2024: £7.1m profit) after Other items of £22.7m (H1 2024: £4.6m), which
are set out further below.
Segmental analysis
UK
Revenue Revenue LFL sales Underlying operating Underlying operating
H1 2025 H1 2024 H1 2025 profit (loss)/profit
£m £m H1 2025 H1 2024
£m £m
UK Interiors 263.2 250.4 8% 2.8 (1.2)
UK Roofing 190.4 182.1 6% 5.8 4.9
UK Specialist Markets 117.5 120.9 (1)% 2.2 2.3
UK 571.1 553.4 5% 10.8 6.0
Reported revenue in UK Interiors, a specialist insulation and interiors
distribution business, increased 5% to £263.2m (H1 2024: £250.4m), despite a
negative 2% impact from branch closures in 2024. LFL revenue was up 8%
year-on-year with the business clearly outperforming the market. The increase
in revenue and good progress on operating cost reductions, which were only
partially offset by the impact of pricing pressure on the gross margin,
enabled the business to return to profit ahead of expectations and report an
operating profit of £2.8m (H1 2024: £1.2m loss).
Revenue in UK Roofing, a specialist roofing merchant, increased 5% to £190.4m
(H1 2024: £182.1m), with LFL revenue up 6%. This was despite a weak market,
and was driven by the business's successful execution of its multi-year
programme of business development and growth initiatives. Operating margin
improved, with the additional sales being generated from a stable operating
cost base, and this resulted in operating profit of £5.8m (H1 2024: £4.9m).
Reported revenue in our UK Specialist Markets decreased 3% to £117.5m (H1
2024: £120.9m). LFL revenue decreased by 1%, with delays in approvals under
new building safety regulatory requirements affecting our sales into certain
customers. These factors, coupled with operating cost inflation, resulted in a
£0.1m decline in operating profit to £2.2m (H1 2024: £2.3m). Due to
continued challenging market conditions, a non-cash impairment of goodwill and
other intangible assets has been recognised during the period related to the
Miers business within UK Specialist Markets (included within Other items).
France
Revenue Revenue LFL sales Underlying operating Underlying operating
H1 2025 H1 2024 H1 2025 profit profit
£m £m H1 2025 H1 2024
£m £m
France Interiors 96.4 105.1 (7)% 2.2 3.6
France Roofing 199.2 214.9 (4)% 5.0 4.9
France 295.6 320.0 (5)% 7.2 8.5
France Interiors, a structural insulation and interiors business trading as
LiTT, saw revenue decrease 8% to £96.4m (H1 2024: £105.1m), and by 7% on a
LFL basis. This was driven by lower market demand, particularly in the new
build residential segment. The revenue decline, coupled with increased margin
pressure, resulted in a £1.4m decrease in operating profit to £2.2m (H1
2024: £3.6m).
Revenue in France Roofing, a specialist roofing business trading as
Larivière, decreased 7% to £199.2m (H1 2024: £214.9m), including c2% from
the closure of branches, and by 4% on a LFL basis. Demand and volumes were
lower due to continued softening of the new build market and input price
deflation. The decrease in revenue and reduced gross margin was offset by both
reduced operating costs and profit on the disposal of properties of £1.6m,
resulting in an operating profit of £5.0m (H1 2024: £4.9m).
Germany
Revenue Revenue LFL sales Underlying operating Underlying operating
H1 2025 H1 2024 H1 2025 profit profit
£m £m H1 2025 H1 2024
£m £m
Germany 216.9 219.9 0% 0.7 3.0
Revenue in Wego/Vti, our specialist interiors, flooring and insulation
distribution business in Germany, decreased by 1% to £216.9m (H1 2024:
£219.9m). LFL revenue was flat year-on-year, as the business materially
outperformed a soft overall market. Gross margin declined due to pricing
pressure and operating costs increased due to a combination of inflation and
modest ongoing targeted investment, resulting in lower operating profit of
£0.7m (H1 2024: £3.0m).
Poland
Revenue Revenue LFL sales Underlying operating Underlying operating
H1 2025 H1 2024 H1 2025 profit profit
£m £m H1 2025 H1 2024
£m £m
Poland 123.7 118.7 3% 1.4 2.6
In our Polish business, a market leading distributor of insulation and
interiors products, revenue increased to £123.7m (H1 2024: £118.7m),
representing a 3% increase on a LFL basis. The impact of a weak market was
more than offset by further improvements in our market position. Sales growth
was offset by pricing pressure and operating cost inflation, resulted in lower
operating profit of £1.4m (H1 2024: £2.6m).
Benelux
Revenue Revenue LFL sales Underlying operating Underlying operating
H1 2025 H1 2024 H1 2025 loss loss
£m £m H1 2025 H1 2024
£m £m
Benelux 46.0 54.4 3% (0.8) (2.4)
Revenue from the Group's business in Benelux decreased 15% to £46.0m (H1
2024: £54.4m) with a c15% impact from the strategic decision to close seven
branches in late H2 2024. LFL revenue was up 3%, reflecting underlying volume
gains and a small inflationary tailwind. Gross margin improved slightly due to
favourable product mix in the remaining branches, and the closures generated
material operating cost savings. The first half performance resulted in an
operating loss of £0.8m (H1 2024: £2.4m).
Ireland
Revenue Revenue LFL sales Underlying operating Underlying operating
H1 2025 H1 2024 H1 2025 profit profit
£m £m H1 2025 H1 2024
£m £m
Ireland 51.1 50.4 3% 1.4 1.3
Our business in Ireland comprises a specialist distributor of interiors and
exteriors, and three separate specialist contracting businesses offering
office fit-out, industrial infrastructure coatings services and
kitchen/bathroom interiors fit-out. Revenue increased 1% to £51.1m (H1 2024:
£50.4m), and by 3% on a LFL basis, as a result of commercial initiatives to
improve market share, combined with a slightly healthier market backdrop than
the prior year. This was partially offset by operating cost inflation, and
operating profit improved as a result by £0.1m to £1.4m (H1 2024: £1.3m).
Reconciliation of underlying to statutory result
Other items, being items excluded from underlying results, during the period
amounted to £22.8m (H1 2024: £4.7m) on a pre-tax basis and are summarised in
the table below:
H1 2025
£m H1 2024
£m
Underlying loss before tax (10.3) (6.6)
Other items - impacting loss before tax:
Amortisation of acquired intangibles (1.0) (1.1)
Impairment charges (22.1) -
Cloud based ERP implementation costs (0.3) (0.4)
Net restructuring costs 0.2 (2.8)
Other specific items 0.5 (0.3)
Non-underlying finance costs (0.1) (0.1)
Total Other items (22.8) (4.7)
Statutory loss before tax (33.1) (11.3)
Other items are disclosed separately in order to provide a better indication
of the underlying earnings of the Group. Impairment charges in the current
period relate to right-of-use asset impairment in the UK Interiors business
(£6.3m) and impairment of goodwill and other intangible assets in the UK
Specialist Markets business, specifically relating to the Miers business,
(£15.8m) as a result of a reduction in future cash flow forecasts due to
continued challenging market conditions. See Note 1 of the Condensed interim
financial statements for further details.
Taxation
Tax for the six month period ended 30 June 2025 is determined based on
applying full year estimates of the annual effective tax rate for individual
jurisdictions to the underlying (loss)/profit before tax for the six month
period. This results in an effective negative tax rate of 3.9% on the loss
before tax (30 June 2024: 25.6%; 31 December 2024: 8.5%). The tax charge for
the period of £1.3m (30 June 2024: £2.9m; 31 December 2024: £3.8m) is
related to taxable profits made in the majority of the EU businesses. Tax
losses in the UK and Benelux, which cannot be surrendered or utilised cross
border, are not currently recognised as deferred tax assets, and this impacts
the effective tax rate. Due to a reduction in the profit before tax of the
overseas operating companies and the ongoing losses in the UK, the Group has
generated an overall loss before tax, which alongside the positive tax charge
in the overseas operating companies, has resulted in the negative effective
tax rate.
Pensions
The Group operates a number of pension schemes, four of which provide defined
benefits based upon pensionable salary. One of these schemes has assets held
in a separate trustee administered fund, and three are overseas book reserve
schemes. The UK defined benefit pension scheme obligation is calculated on a
year to date basis, using the latest triennial valuation as at 31 December
2022, which was concluded at the end of March 2024.
The IAS 19 valuation conducted as at 31 December 2024 has been updated to
reflect current market conditions, and as a result an actuarial loss of £0.6m
has been recognised within the Condensed consolidated statement of
comprehensive income (30 June 2024: £1.5m gain; 31 December 2024: £0.2m
loss). The total net pension liability in relation to defined benefit schemes
at 30 June 2025 is £17.0m (30 June 2024: £16.4m; 31 December 2024: £18.2m),
including £9.2m deficit (30 June 2024: £8.9m; 31 December 2024: £10.9m) in
the UK scheme. The movement in the period relates principally to the actuarial
loss of £0.6m, offset by the recognition of the scheduled annual contribution
in the UK of £2.5m.
Financial position
Overall, the net assets of the Group decreased by £31.7m to £148.1m from
£179.8m at 31 December 2024, with a cash position at the period end of
£81.7m (30 June 2024: £100.7m; 31 December 2024: £87.4m) and net debt of
£523.5m (30 June 2024: £476.6m; 31 December 2024: £497.3m) which includes
net lease liabilities of £333.4m (30 June 2024: £319.7m, 31 December 2024:
£321.4m).
The movement in net debt in H1 2025 reflects the movement in cash noted below,
a £12.0m increase in net lease liabilities (including a c£6m unfavourable
currency movement) and a c£10m unfavourable currency movement on bond debt.
Cash flow
H1 2025 H1 2024
£m £m
Underlying operating profit 15.4 11.7
Add back: Depreciation 38.4 39.1
Add back: Amortisation 0.3 0.8
Underlying EBITDA 54.1 51.6
Decrease/(increase) in working capital 12.8 (8.0)
Repayment of lease liabilities (35.0) (33.6)
Capital expenditure (8.2) (7.9)
Cash exceptional items (4.6) (3.6)
Other (1.4) (2.0)
Operating cash flow(1) 17.7 (3.5)
Interest and financing (25.3) (17.8)
Tax (1.7) (0.6)
Free cash flow(1) (9.3) (21.9)
Payments related to previous acquisitions - (6.6)
Repayment of debt (0.4) (0.4)
Total cash flow (9.7) (28.9)
Cash and cash equivalents at beginning of the period 87.4 132.2
Effect of foreign exchange rate changes 4.0 (2.6)
Cash and cash equivalents at end of the period 81.7 100.7
1. Free cash flow is defined as all cash flows excluding M&A
transactions, dividend payments, and financing transactions. Operating cash
flow represents free cash flow before interest and financing and tax.
During the period, the Group reported a free cash outflow of £9.3m (H1 2024:
£21.9m). This was a result of higher underlying operating profit and
continued discipline in working capital, which were partially offset by
increased interest costs on the new bond issued in October 2024 together with
slightly increased lease repayments. Capex during the period was £8.2m (H1
2024: £7.9m). Cash exceptional items are the amounts paid relating to amounts
included in Other items and principally related to restructuring costs,
including amounts provided for in 2024 but paid in the current period. "Other"
included the add back of non-cash P&L items, provision movements and
proceeds on sale of property, plant and equipment.
Financing and funding
H1 2025 H1 2024
£m £m
Cash and cash equivalents at end of the period 81.7 100.7
Undrawn RCF at end of the period 90.0 90.0
Liquidity 171.7 190.7
Net debt 523.5 476.6
Leverage 4.9x 4.3x
The Group's debt funding comprises €300m of 9.75% and €13.5m of 5.25%
fixed rate secured notes, maturing in October 2029 and November 2026
respectively, and an RCF of £90m which matures in April 2029. The 9.75% notes
were issued in October 2024 through a refinancing of the Group's previous bond
and RCF, which were both due to mature in 2026. The new secured notes are
subject to incurrence-based covenants only. The RCF has a leverage maintenance
covenant set at 6.5x for 2025, 5.5x for 2026, and 5.0x thereafter, all of
which only apply if the facility is over 40% drawn at a quarter end reporting
date. The RCF was undrawn throughout the period and remains undrawn at the
date of this report. The Group's liquidity position remained robust throughout
H1 2025, and at the end of the period stood at £172m, consisting of cash of
£82m and the £90m undrawn RCF noted above.
Dividend
No interim dividend will be paid for 2025. However, continued successful
execution of the strategy, combined with recovery of European construction
markets to more normal levels, will return the Group to sustainable,
profitable growth and cash generation, supporting a range of capital
allocation options. The Board reiterates its commitment to reinstating a
dividend, appropriately covered by underlying earnings, once the Group is in a
position to do so.
Responsibility Statement
I confirm to the best of my knowledge that:
(a) the condensed interim set of financial statements has been prepared in
accordance with UK adopted IAS 34 "Interim Financial Reporting";
(b) the Interim Report includes a fair review of the information required by
DTR 4.2.7R (indication of important events during the first six months and
description of principal risks and uncertainties for the remaining six months
of the year); and
(c) the Interim Report includes a fair review of the information required by
DTR 4.2.8R (disclosure of related parties' transactions and changes therein).
By order of the Board
Ian Ashton
Director
4 August 2025
Cautionary statement
This Interim Report 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 Interim Report is shown or into whose hands it may
come and such responsibility or liability is expressly disclaimed.
This Interim Report contains forward-looking statements that are subject to
risk factors including the economic and business circumstances occurring from
time to time in countries and markets in which the Group operates and risk
factors associated with the building and construction sectors. By their
nature, forward-looking statements involve a number of risks, uncertainties
and assumptions because they relate to events and/or depend on circumstances
that may or may not occur in the future and could cause actual results and
outcomes to differ materially from those expressed in or implied by the
forward-looking statements. No assurance can be given that the forward-looking
statements in this Interim Report will be realised. Statements about the
Directors' expectations, beliefs, hopes, plans, intentions and strategies are
inherently subject to change and they are based on expectations and
assumptions as to future events, circumstances and other factors which are in
some cases outside the Group's control. Actual results could differ materially
from the Group's current expectations.
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 actual results or trends to differ materially,
including but not limited to, market conditions, competitors and margin
management, commercial relationships, fluctuations in product pricing, changes
in foreign exchange and interest rates, government legislation, availability
of funding, working capital and cash management, IT infrastructure and cyber
security and availability and quality of key resources.
The Company's Shareholders are cautioned not to place undue reliance on the
forward-looking statements. This Interim Report has not been audited or
otherwise independently verified. The information contained in this Interim
Report has been prepared on the basis of the knowledge and information
available to Directors at the date of its preparation and the Company does not
undertake any obligation to update or revise this Interim Report during the
financial year ahead.
Condensed consolidated income statement
For the six months ended 30 June 2025 (unaudited)
Six months ended 30 June 2025 Six months ended 30 June 2024 Year ended 31 December 2024
Underlying(1) Other items(2) Total Underlying(1) Other items(2) Total Underlying(1) Other items(2) Total
Note £m £m £m £m £m £m £m £m £m
Revenue 2 1,304.4 - 1,304.4 1,316.8 - 1,316.8 2,611.8 - 2,611.8
Cost of sales (989.0) - (989.0) (992.2) - (992.2) (1,971.8) - (1,971.8)
Gross profit 315.4 - 315.4 324.6 - 324.6 640.0 - 640.0
Other operating expenses (298.3) (22.7) (321.0) (309.4) (4.6) (314.0) (609.1) (28.9) (638.0)
Impairment losses on financial assets (3.3) - (3.3) (3.5) - (3.5) (5.8) - (5.8)
Gain on disposal of property 1.6 - 1.6 - - - - - -
Operating profit/(loss) 2 15.4 (22.7) (7.3) 11.7 (4.6) 7.1 25.1 (28.9) (3.8)
Finance income 4 1.0 - 1.0 1.7 - 1.7 2.7 - 2.7
Finance costs 4 (26.7) (0.1) (26.8) (20.0) (0.1) (20.1) (42.1) (1.6) (43.7)
Loss before tax (10.3) (22.8) (33.1) (6.6) (4.7) (11.3) (14.3) (30.5) (44.8)
Income tax (expense)/credit 5 (1.1) (0.2) (1.3) (3.1) 0.2 (2.9) (5.4) 1.6 (3.8)
Loss after tax (11.4) (23.0) (34.4) (9.7) (4.5) (14.2) (19.7) (28.9) (48.6)
Attributable to:
Equity holders of the Company (11.4) (23.0) (34.4) (9.7) (4.5) (14.2) (19.7) (28.9) (48.6)
Loss per share
Basic and diluted 6 (3.0)p (1.2)p (4.2)p
(1) Underlying represents the results before Other items.
(2) Other items have been disclosed separately in order to give an indication
of the underlying earnings of the Group. Further details are disclosed in Note
3.
Condensed consolidated statement of comprehensive income
For the six months ended 30 June 2025 (unaudited)
Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December 2024
£m £m £m
Loss after tax (34.4) (14.2) (48.6)
Items that will not subsequently be reclassified to the Consolidated income
statement:
Remeasurement of defined benefit pension liability (Note 12) (0.6) 1.5 (0.2)
(0.6) 1.5 (0.2)
Items that may subsequently be reclassified to the Consolidated income
statement:
Exchange difference on retranslation of foreign currency goodwill and 1.7 (1.1) (2.2)
intangibles
Exchange difference on retranslation of foreign currency net investments 9.7 (6.9) (13.1)
(excluding goodwill and intangibles)
Exchange and fair value movements associated with borrowings and derivative (9.8) 6.2 12.3
financial instruments
Gains and losses on cash flow hedges 0.1 (0.8) (1.1)
Transfer to profit and loss on cash flow hedges 0.9 0.6 1.0
2.6 (2.0) (3.1)
Other comprehensive income/(expense) 2.0 (0.5) (3.3)
Total comprehensive expense (32.4) (14.7) (51.9)
Attributable to:
Equity holders of the Company (32.4) (14.7) (51.9)
Condensed consolidated balance sheet
As at 30 June 2025 (unaudited)
30 June 30 June 31 December
2025 2024 2024
Note £m £m £m
Non-current assets
Property, plant and equipment 66.8 65.3 64.9
Right-of-use assets 259.5 256.5 250.3
Goodwill 116.8 130.1 129.0
Intangible assets 9.3 13.6 12.5
Lease receivables 1.7 2.0 1.9
Deferred tax assets 5.7 4.0 4.6
Non-current financial assets 10 0.2 0.2 0.3
460.0 471.7 463.5
Current assets
Inventories 272.8 269.0 253.8
Lease receivables 0.3 0.7 0.3
Trade and other receivables 448.2 440.9 370.8
Current tax assets 1.0 1.8 2.3
Current financial assets 10 0.4 - 0.1
Cash at bank and on hand 81.7 100.7 87.4
804.4 813.1 714.7
Total assets 1,264.4 1,284.8 1,178.2
Current liabilities
Trade and other payables 459.2 436.5 358.6
Lease liabilities 67.3 64.2 64.9
Interest-bearing loans and borrowings 5.0 0.8 5.2
Deferred consideration - 1.8 -
Derivative financial instruments 10 0.6 1.2 1.3
Current tax liabilities 1.0 7.0 1.7
Provisions 5.5 7.6 7.6
538.6 519.1 439.3
Non-current liabilities
Lease liabilities 268.1 258.2 258.7
Interest-bearing loans and borrowings 266.5 253.7 256.9
Derivative financial instruments 10 0.1 0.1 0.1
Other payables 2.5 2.8 2.8
Retirement benefit obligations 12 17.0 16.4 18.2
Provisions 23.5 19.4 22.4
577.7 550.6 559.1
Total liabilities 1,116.3 1,069.7 998.4
Net assets 148.1 215.1 179.8
Capital and reserves
Called up share capital 11 118.2 118.2 118.2
Treasury shares reserve (5.2) (8.9) (8.6)
Capital redemption reserve 0.3 0.3 0.3
Share option reserve 5.1 6.2 7.8
Hedging and translation reserves 3.3 1.8 0.7
Cost of hedging reserve 0.1 0.1 0.1
Merger reserve 92.5 92.5 92.5
Retained (losses)/profits (66.2) 4.9 (31.2)
Attributable to equity holders of the Company 148.1 215.1 179.8
Total equity 148.1 215.1 179.8
( )
Condensed consolidated cash flow statement
For the six months ended 30 June 2025 (unaudited)
Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December 2024
Note £m £m £m
Net cash flow from operating activities
Cash generated from operating activities 8 57.8 33.6 83.5
Income tax paid (1.7) (0.6) (8.0)
Net cash generated from operating activities 56.1 33.0 75.5
Cash flows from investing activities
Finance income received 1.0 1.7 2.7
Purchase of property, plant and equipment and computer software (8.2) (7.8) (16.1)
Initial direct costs of right-of-use assets - (0.1) (0.6)
Proceeds from sale of property, plant and equipment 3.8 1.2 1.8
Settlement of amounts payable for previous purchases of businesses 7 - (2.6) (4.4)
Net cash used in investing activities (3.4) (7.6) (16.6)
Cash flows from financing activities
Finance costs paid (26.3) (19.5) (37.5)
Repayment of lease liabilities (35.0) (33.6) (67.5)
Repayment of borrowings (0.4) (0.4) (239.7)
Proceeds from borrowings - - 247.0
Acquisition of treasury shares (0.7) (0.8) (0.9)
Net cash used in financing activities (62.4) (54.3) (98.6)
Decrease in cash and cash equivalents in the period 9 (9.7) (28.9) (39.7)
Cash and cash equivalents at beginning of the period 87.4 132.2 132.2
Effect of foreign exchange rate changes 4.0 (2.6) (5.1)
Cash and cash equivalents at end of the period 81.7 100.7 87.4
Condensed consolidated statement of changes in equity
For the six months ended 30 June 2025 (unaudited)
Called up share capital Treasury shares reserve Capital redemption reserve Share option reserve Hedging and translation reserves Cost of hedging reserve Merger reserve Retained Total
losses
For the six months ended 30 June 2025 £m £m £m £m £m £m £m £m £m
At 1 January 2025 118.2 (8.6) 0.3 7.8 0.7 0.1 92.5 (31.2) 179.8
Loss after tax - - - - - - - (34.4) (34.4)
Other comprehensive income/(expense) - - - - 2.6 - - (0.6) 2.0
Total comprehensive income/(expense) - - - - 2.6 - - (35.0) (32.4)
Purchase of treasury shares - (0.7) - - - - - - (0.7)
Credit to share option reserve - - - 1.4 - - - - 1.4
Settlement of share options - 4.1 - (4.1) - - - - -
At 30 June 2025 118.2 (5.2) 0.3 5.1 3.3 0.1 92.5 (66.2) 148.1
Treasury shares reserve Capital redemption reserve Share option reserve Hedging and translation reserves Cost of hedging reserve Merger reserve Retained profits/ (losses) Total
Called up share capital
For the six months ended 30 June 2024 £m £m £m £m £m £m £m £m £m
At 1 January 2024 118.2 (11.6) 0.3 7.6 3.8 0.1 92.5 17.6 228.5
Loss after tax - - - - - - - (14.2) (14.2)
Other comprehensive (expense)/income - - - - (2.0) - - 1.5 (0.5)
Total comprehensive expense - - - - (2.0) - - (12.7) (14.7)
Purchase of treasury shares - (0.8) - - - - - - (0.8)
Credit to share option reserve - - - 2.1 - - - - 2.1
Settlement of share options - 3.5 - (3.5) - - - - -
At 30 June 2024 118.2 (8.9) 0.3 6.2 1.8 0.1 92.5 4.9 215.1
Condensed consolidated statement of changes in equity (continued)
For the six months ended 30 June 2025 (unaudited)
Called up share capital Treasury shares reserve Capital redemption reserve Share option reserve Hedging and translation reserves Cost of hedging reserve Merger reserve Retained profits/ Total
(losses)
For the year ended 31 December 2024 £m £m £m £m £m £m £m £m £m
At 1 January 2024 118.2 (11.6) 0.3 7.6 3.8 0.1 92.5 17.6 228.5
Loss after tax - - - - - - - (48.6) (48.6)
Other comprehensive expense - - - - (3.1) - - (0.2) (3.3)
Total comprehensive expense - - - - (3.1) - - (48.8) (51.9)
Purchase of treasury shares - (0.9) - - - - - - (0.9)
Credit to share option reserve - - - 4.1 - - - - 4.1
Settlement of share options - 3.9 - (3.9) - - - - -
At 31 December 2024 118.2 (8.6) 0.3 7.8 0.7 0.1 92.5 (31.2) 179.8
The share option reserve represents the cumulative equity-settled share option
charge under IFRS 2 "Share-based payment" less the value of any share options
that have been exercised.
The hedging and translation reserves represent movements in the Condensed
consolidated balance sheet as a result of movements in exchange rates and
movements in the fair value of cash flow hedges which are reflected in equity
through other comprehensive income.
Notes to the Condensed interim financial statements
1. Basis of preparation of Condensed interim financial statements
The Condensed interim financial statements were approved by the Board of
Directors on 4 August 2025.
The Group's Condensed interim financial statements have been prepared in
accordance with UK adopted IAS 34 "Interim Financial Reporting" and the
accounting policies included in the Annual Report and Accounts for the year
ended 31 December 2024, which have been applied consistently throughout the
current and preceding periods.
The Condensed interim financial statements do not constitute statutory
accounts as defined in Section 434 of the Companies Act 2006. The interim
results to 30 June 2025 and 30 June 2024 have been subject to an interim
review in accordance with ISRE 2410 by the Company's Auditor.
The financial information for the full preceding year is based on the audited
statutory accounts for the financial year ended 31 December 2024 prepared in
accordance with UK adopted international accounting standards. Those accounts
have been delivered to the Registrar of Companies. The Auditor's Report was
(i) unqualified, (ii) included no matters to which the auditor drew attention
by way of emphasis without modifying their report and (iii) did not contain
statements under Section 498(2) or Section 498(3) of the Companies Act 2006 in
relation to the financial statements.
The preparation of condensed interim financial statements requires management
to make judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets and liabilities, income
and expense. Actual results may subsequently differ from those estimates. The
areas of critical accounting judgements and key sources of estimation
uncertainty set out on page 143 to 145 of the 2024 Annual Report and Accounts
are considered to continue and be consistently applied. In relation to the
impairment of goodwill and non-current assets, as a result of a reduction in
forecast future cash flows for the Miers business unit due to continued
challenging market conditions, an impairment review has been performed for
this cash generating unit ("CGU"), resulting in an impairment of £15.8m being
recognised in the period, allocated against goodwill (£13.8m) and intangible
assets (£2.0m). The key assumptions applied in the forecasts used in the
impairment review are an average revenue growth per annum over the three years
of 6.6%, an average gross margin of 25.9%, a pre-tax discount rate of 13.6%
and a long-term operating profit growth rate of 2.0%. An impairment of £6.3m
has also been recognised in the period against the fleet right-of-use assets
in the UK Interiors CGU, as there is no determinable recoverable value of
these assets, consistent with the impairment recognised at 31 December 2024.
Going concern
The Group closely monitors its funding position throughout the year, including
monitoring compliance with covenants and available facilities to ensure it has
sufficient headroom to fund operations.
The Group's financing facilities comprise €300m fixed rate secured notes,
due October 2029, €13.5m fixed rate secured notes, due November 2026, and a
£90m Revolving Credit Facility ("RCF") that expires in April 2029. The
secured notes are subject to incurrence-based covenants only, and the RCF has
a leverage maintenance covenant which is only effective if the facility is
over 40% (i.e. £36m) drawn at a quarter end reporting date. The RCF was
undrawn at 30 June 2025 and has remained undrawn subsequent to the period end.
The Group has significant available liquidity and on the basis of current
forecasts is expected to remain in compliance with all banking covenants
throughout the forecast period to 30 September 2026 ("the going concern
period").
The Directors have considered the Group's forecasts which support the view
that the Group will be able to continue to operate within its banking
facilities and comply with its banking covenants for the going concern period.
The Directors have considered the principal risks and uncertainties that could
potentially impact the Group's ability to fund its future activities and
adhere to its banking covenants, including:
· prolonged challenging trading conditions in the Group's larger
businesses, leading to lower volumes;
· pricing pressure on sales and modest net input cost deflation;
and
· current economic and political uncertainties, potentially further
impacting market demand.
The forecasts on which the going concern assessment is based have been subject
to sensitivity analysis and stress testing to assess the impact of the above
risks and the Directors have also reviewed mitigating actions that could be
taken. Following two years of market-driven downturn, with a LFL revenue
decline of 2% in 2023 and 4% in 2024, and continued market uncertainty, a
severe but plausible downside scenario has been modelled, which factors in a
2.5% revenue reduction, a reduction in gross margin and a resulting 23%
reduction in underlying operating profit from the base forecast for the period
to 30 September 2026. Certain mitigations are also included, for example
delaying non-essential capital expenditure. Under this scenario the analysis
shows that sufficient cash would be available without triggering a covenant
breach, as the RCF is not expected to be drawn above the £36m at a relevant
quarter end date, and furthermore the leverage covenant would
1. Basis of preparation of Condensed interim financial statements (continued)
also be below the required threshold. Reverse stress testing has also been
performed, which shows that the Group could withstand up to a 13% reduction in
revenue for the period to 30 September 2026 before triggering a covenant
breach. Up to
£90m RCF is available to meet working capital requirements during the month,
providing this is reduced to £36m before the quarter end date if the leverage
covenant is expected to be breached. Further cash phasing mitigations would
also be available to avoid the requirement to draw over £36m at a quarter end
if required.
The Directors have considered the impact of climate related matters on the
going concern assessment and this is not expected to have a significant impact
on the Group's going concern assessment to 30 September 2026.
On consideration of the above, the Directors believe that the Group has
adequate resources to continue in operational existence for the forecast
period to 30 September 2026 and the Directors therefore consider it
appropriate to continue to adopt the going concern basis in preparing the 2025
Interim financial statements.
New standards, interpretations and amendments adopted by the Group
An amendment to IAS 21 "The effects of changes in foreign exchange rates"
applies for the first time in 2025 but does not have an impact on the
Condensed interim financial statements of the Group. The Group has not early
adopted any standard, interpretation or amendment that has been issued but is
not yet effective. IFRS 18 "Presentation and Disclosure in Financial
Statements" is effective from 1 January 2027. The Group is in the process of
assessing the impact on the presentation and disclosure in the financial
statements.
2. Revenue and segmental information
In accordance with IFRS 8 "Operating Segments", the Group identifies its
reportable operating segments based on the way in which financial information
is reviewed and business performance is assessed by the CODM. Reportable
operating segments are grouped on a geographical basis.
UK Interiors UK Roofing UK Total France Interiors France Roofing Total France Germany Benelux Ireland Poland Eliminations Total Group
Specialist Markets UK
Six months ended 30 June 2025 £m £m £m £m £m £m £m £m £m £m £m £m £m
Type of product
Interiors 263.2 - 84.4 347.6 96.4 - 96.4 216.9 46.0 27.7 123.7 - 858.3
Exteriors - 190.4 33.1 223.5 - 199.2 199.2 - - 23.4 - - 446.1
Inter-segment revenue 1.2 0.4 7.3 8.9 0.1 4.5 4.6 - - 0.1 - (13.6) -
Total underlying and statutory revenue 264.4 190.8 124.8 580.0 96.5 203.7 300.2 216.9 46.0 51.2 123.7 (13.6) 1,304.4
Nature of revenue
Goods for resale 264.4 190.8 124.8 580.0 96.5 203.7 300.2 216.9 46.0 47.6 123.7 (13.6) 1,300.8
(recognised at point in time)
Construction contracts - - - - - - - - - 3.6 - - 3.6
(recognised over time)
Total underlying and statutory revenue 264.4 190.8 124.8 580.0 96.5 203.7 300.2 216.9 46.0 51.2 123.7 (13.6) 1,304.4
Segment result before Other items 2.8 5.8 2.2 10.8 2.2 5.0 7.2 0.7 (0.8) 1.4 1.4 - 20.7
Parent company costs (5.3)
Underlying operating profit 15.4
Other items (Note 3) (22.7)
Operating loss (7.3)
Net finance costs before Other items (25.7)
Non-underlying finance costs (0.1)
Loss before tax (33.1)
Income tax expense (1.3)
Loss for the period (34.4)
2. Revenue and segmental information (continued)
UK Interiors UK Roofing UK Specialist Markets Total France Interiors France Roofing Germany Benelux Ireland Poland Eliminations Total Group
UK Total France
Six months ended 30 June 2024 £m £m £m £m £m £m £m £m £m £m £m £m £m
Type of product
Interiors 250.4 - 86.9 337.3 105.1 - 105.1 219.9 54.4 29.5 118.7 - 864.9
Exteriors - 182.1 34.0 216.1 - 214.9 214.9 - - 20.9 - - 451.9
Inter-segment revenue 3.4 0.4 7.2 11.0 0.1 5.0 5.1 - - 0.1 - (16.2) -
Total underlying and statutory revenue 253.8 182.5 128.1 564.4 105.2 219.9 325.1 219.9 54.4 50.5 118.7 (16.2) 1,316.8
Nature of revenue
Goods for resale 253.8 182.5 128.1 564.4 105.2 219.9 325.1 219.9 54.4 47.2 118.7 (16.2) 1,313.5
(recognised at point in time)
Construction contracts - - - - - - - - - 3.3 - - 3.3
(recognised over time)
Total underlying and statutory revenue 253.8 182.5 564.4 105.2 219.9 325.1 219.9 54.4 50.5 118.7 (16.2) 1,316.8
128.1
Segment result before Other items (1.2) 4.9 2.3 6.0 3.6 4.9 8.5 3.0 (2.4) 1.3 2.6 - 19.0
Parent company costs (7.3)
Underlying operating profit 11.7
Other items (Note 3) (4.6)
Operating profit 7.1
Net finance costs before Other items (18.3)
Non-underlying finance costs (0.1)
Loss before tax (11.3)
Income tax expense (2.9)
Loss for the period (14.2)
( )
2. Revenue and segmental information (continued)
UK Interiors UK Roofing UK France Interiors France Roofing Germany Benelux Ireland Poland Eliminations Total Group
Specialist Markets Total Total
UK France
Year ended 31 December 2024 £m £m £m £m £m £m £m £m £m £m £m £m £m
Type of product
Interiors 495.0 - 170.0 665.0 200.4 - 200.4 438.5 103.6 60.1 241.4 - 1,709.0
Exteriors - 380.6 68.1 448.7 - 410.1 410.1 - - 44.0 - - 902.8
Inter-segment revenue 4.1 1.1 15.2 20.4 0.1 11.8 11.9 - - 0.2 - (32.5) -
Total underlying and statutory revenue 499.1 381.7 253.3 1,134.1 200.5 421.9 622.4 438.5 103.6 104.3 241.4 (32.5) 2,611.8
Nature of revenue
Goods for resale 499.1 381.7 253.3 1,134.1 200.5 421.9 622.4 438.5 103.6 96.2 241.4 (32.5) 2,603.7
(recognised at point in time)
Construction contracts - - - - - - - - - 8.1 - - 8.1
(recognised over time)
Total underlying and statutory revenue 499.1 381.7 253.3 1,134.1 200.5 421.9 622.4 438.5 103.6 104.3 241.4 (32.5) 2,611.8
Segment result before Other items (3.5) 13.2 4.8 14.5 6.2 8.0 14.2 4.7 (4.5) 3.3 4.6 - 36.8
Parent company costs (11.7)
Underlying operating profit 25.1
Other items (Note 3) (28.9)
Operating loss (3.8)
Net finance costs before Other items (39.4)
Non-underlying finance costs (1.6)
Loss before tax (44.8)
Income tax expense (3.8)
Loss for the year (48.6)
3. Other items
Loss after tax includes the following Other items which have been disclosed in
a separate column within the Condensed consolidated income statement in order
to provide a better indication of the underlying earnings of the Group:
Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December 2024
£m £m £m
Amortisation of acquired intangibles (1.0) (1.1) (2.1)
Impairment charges(1) (22.1) - (7.3)
Net restructuring costs 0.2 (2.8) (13.4)
Cloud based ERP implementation costs (0.3) (0.4) (1.0)
Costs associated with refinancing - - (3.9)
Other specific items(2 ) 0.5 (0.3) (1.2)
Impact on operating profit/(loss) (22.7) (4.6) (28.9)
Non-underlying finance costs (0.1) (0.1) (1.6)
Impact on loss before tax (22.8) (4.7) (30.5)
Income tax (expense)/credit on Other items (0.2) 0.2 1.6
Impact on loss after tax (23.0) (4.5) (28.9)
(1) Impairment charges in the current period comprises £15.8m impairment of
goodwill and intangible assets in the Miers CGU and £6.3m impairment of
right-of-use assets in the UK Interiors CGU. The charge in the year ended 31
December 2024 related to the impairment of right-of-use assets in the UK
Interiors CGU. See Note 1 for further details.
(2) Other specific items in the current year relates mainly to credits
recognised on the finalisation of amounts recognised in previous years,
together with sublease income received on an investment property not in use by
the Group. Amounts in the previous year to 31 December 2024 related to the
estimated impact of a property lease dispute, including impairment of
right-of-use and fixed assets of £0.7m, and costs relating to an investment
property no longer in use by the Group.
4. Finance income and finance costs
Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December 2024
£m £m £m
Finance income
Interest on bank deposits 1.0 1.7 2.7
Total finance income 1.0 1.7 2.7
Finance costs
On bank loans, overdrafts and other associated items(1) 1.4 1.8 3.5
On secured notes(2) 13.1 6.9 15.9
On obligations under lease contracts 11.9 11.0 22.1
Net finance charge on defined benefit schemes 0.3 0.3 0.6
Total interest expense before Other items 26.7 20.0 42.1
Non-underlying finance costs(3) 0.1 0.1 1.6
Total finance costs 26.8 20.1 43.7
Net finance costs 25.8 18.4 41.0
(1) Other associated items includes the amortisation of arrangement fees of
£0.1m (30 June 2024: £0.1m; 31 December 2024: £0.2m).
(2) Included within finance costs on the secured notes is the amortisation of
arrangement fees of £0.3m (30 June 2024: £0.3m; 31 December 2024: £0.5m).
(3) Non-underlying finance costs in the current period relate to an investment
property no longer in use by the Group (30 June 2024: £0.1m; 31 December
2024: £0.2m). Non-underlying finance costs in the year ended 31 December 2024
also included £1.4m write-off of arrangement fees in relation to the previous
debt arrangements.
5. Income tax
The income tax expense comprises:
Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December 2024
£m £m £m
Total income tax expense for the period 1.3 2.9 3.8
Tax for the six month period ended 30 June 2025 is determined based on
applying full year estimates of the annual effective tax rate for individual
jurisdictions to the underlying (loss)/profit before tax for the six month
period. This results in an effective negative tax rate of 3.9% on the loss
before tax (30 June 2024: 25.6%; 31 December 2024: 8.5%).
The tax charge for the period of £1.3m (30 June 2024: £2.9m; 31 December
2024: £3.8m) is related to taxable profits made in the majority of the EU
businesses. Tax losses in the UK and Benelux, which cannot be surrendered or
utilised cross border, are not currently recognised as deferred tax assets,
and this impacts the effective tax rate. Due to a reduction in the profit
before tax of the overseas operating companies and the ongoing losses in the
UK, the Group has generated an overall loss before tax, which alongside the
positive tax charge in the overseas operating companies, has resulted in the
negative effective tax rate.
6. Loss per share
The calculations of loss per share are based on the following losses and
numbers of shares:
Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December 2024
£m £m £m
Loss attributable to ordinary equity holders of the parent for basic and (34.4) (14.2) (48.6)
diluted earnings per share
Add back:
Other items (see Note 3) 23.0 4.5 28.9
Loss attributable to ordinary equity holders of the parent for basic and (11.4) (9.7) (19.7)
diluted earnings per share before Other items
Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December 2024
Weighted average number of shares Number Number Number
For basic loss per share 1,163,435,442 1,157,919,923 1,159,276,035
Effect of dilution from share options - - -
Adjusted for the effect of dilution 1,163,435,442 1,157,919,923 1,159,276,035
Share options are considered antidilutive in the current and previous periods
as their conversion into ordinary shares would decrease the loss per share.
The calculation of diluted loss per share does not assume conversion,
exercise, or other issue of potential ordinary shares that would have an
antidilutive effect on loss per share.
Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December 2024
Loss per share
Basic and diluted loss per share (3.0)p (1.2)p (4.2)p
Loss per share before Other items(1)
Basic and diluted loss per share before Other items (1.0)p (0.8)p (1.7)p
(1) Loss per share before Other items (also referred to as underlying loss per
share) has been disclosed in order to present the underlying performance of
the Group.
7. Acquisitions
The Group has not made any business acquisitions during the six months to 30
June 2025 or during the year ended 31 December 2024. Certain amounts of
deferred and contingent consideration in relation to previous acquisitions
remained payable at 30 June 2025, 30 June 2024 and 31 December 2024, and a
reconciliation of the movement in each of these balances during the period is
shown below.
Deferred consideration
Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December 2024
£m £m £m
Liability at 1 January - 1.8 1.8
Amounts paid relating to previous acquisitions (included within cash flow from - - (1.8)
investing activities)
Liability at the end of the period - 1.8 -
Included in current liabilities - 1.8 -
Total - 1.8 -
Contingent consideration
Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December 2024
£m £m £m
Liability at 1 January 0.5 3.1 3.1
Amounts paid relating to previous acquisitions (included within cash flow from - (2.6) (2.6)
investing activities)
Liability at the end of the period 0.5 0.5 0.5
Included in current liabilities (within other payables) 0.5 0.5 0.5
Total 0.5 0.5 0.5
Consideration dependent on vendors remaining within the business
Amounts which may be paid to vendors of recent acquisitions who are employed
by the Group and are contingent upon the vendors remaining within the business
are, as required by IFRS 3 'Business Combinations', treated as remuneration
and charged to the consolidated income statement as earned. A reconciliation
of the movement in amounts accrued is as follows:
Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December 2024
£m £m £m
Liability at 1 January - 4.0 4.0
Amounts paid relating to previous acquisitions (included within cash flows - (4.0) (4.0)
from operating activities)
Liability at the end of the period - - -
8. Reconciliation of loss before tax to cash generated from operating
activities
Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December 2024
£m £m £m
Loss before tax (33.1) (11.3) (44.8)
Net finance costs 25.8 18.4 41.0
Depreciation of property, plant and equipment 6.1 6.3 12.5
Depreciation of right-of-use assets 32.3 32.8 66.4
Amortisation of computer software 0.3 0.8 1.2
Amortisation of acquired intangibles 1.0 1.1 2.1
Impairment of property, plant and equipment - 0.4 1.2
Impairment of goodwill 13.8 - -
Impairment of acquired intangibles 2.0 - -
Impairment of right-of-use assets 6.3 0.7 9.8
Gain on lease terminations (1.4) - -
Gain on disposal of property, plant and equipment (2.2) (0.6) (1.0)
Share-based payments 1.4 2.1 4.1
Net foreign exchange differences - (0.3) (0.2)
Decrease in provisions (3.6) (4.3) (1.2)
Working capital movements 9.1 (12.5) (7.6)
Cash generated from operating activities 57.8 33.6 83.5
Included within the cash generated from operating activities is a defined
benefit pension scheme employer's contribution of £2.5m (30 June 2024 and 31
December 2024: £2.5m).
9. Reconciliation of net cash flow to movements in net debt
Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December 2024
£m £m £m
Decrease in cash and cash equivalents in the period (9.7) (28.9) (39.7)
Cash flow from decrease in debt(1) 60.5 44.9 95.3
Increase in net debt resulting from cash flows 50.8 16.0 55.6
Non-cash movement in lease liabilities and lease receivables (52.6) (41.4) (92.0)
Other non-cash items(2) (12.2) (0.5) (17.5)
Exchange differences (12.2) 7.3 14.6
Increase in net debt in the period (26.2) (18.6) (39.3)
Net debt at beginning of period (497.3) (458.0) (458.0)
Net debt at end of the period (523.5) (476.6) (497.3)
(1) Including interest element of lease payments.
(2) Other non-cash items include the fair value movement of debt and
derivative financial instruments recognised in the period which does not give
rise to a cash inflow or outflow.
9. Reconciliation of net cash flow to movements in net debt (continued)
Net debt is defined as follows:
30 June 2025 30 June 2024 31 December 2024
£m £m £m
Non-current assets:
Derivative financial instruments - - 0.1
Lease receivables 1.7 2.0 1.9
Current assets:
Derivative financial instruments 0.4 - 0.1
Lease receivables 0.3 0.7 0.3
Cash at bank and on hand 81.7 100.7 87.4
Current liabilities:
Lease liabilities (67.3) (64.2) (64.9)
Interest-bearing loans and borrowings (5.0) (0.8) (5.2)
Deferred consideration - (1.8) -
Derivative financial instruments (0.6) (1.2) (1.3)
Non-current liabilities:
Lease liabilities (268.1) (258.2) (258.7)
Interest-bearing loans and borrowings (266.5) (253.7) (256.9)
Derivative financial instruments (0.1) (0.1) (0.1)
Net debt (523.5) (476.6) (497.3)
Of the cash at bank and on hand of £81.7m (30 June 2024: £100.7m; 31
December 2024: £87.4m), £nil (30 June 2024 and 31 December 2024: £0.6m) is
required to be held to cover bank guarantees issued to third parties and is
therefore restricted for use by the Group.
Analysis of movements in net debt:
At 31 December 2024 Cash flows Non-cash items(1) Exchange differences At 30 June 2025
£m £m £m £m £m
Cash at bank and on hand 87.4 (9.7) - 4.0 81.7
Lease receivables 2.2 (0.2) - - 2.0
89.6 (9.9) - 4.0 83.7
Liabilities arising from financing activities
Financial assets - derivative financial instruments 0.2 - 0.2 - 0.4
Debts due within one year (6.5) 13.5 (12.6) - (5.6)
Debts due after one year (257.0) - 0.2 (9.8) (266.6)
Lease liabilities (323.6) 47.2 (52.6) (6.4) (335.4)
(586.9) 60.7 (64.8) (16.2) (607.2)
Net debt (497.3) 50.8 (64.8) (12.2) (523.5)
(1) Non-cash items include the fair value movement of debt recognised in the
year which does not give rise to a cash inflow or outflow, movements between
debts due within one year and after one year, interest charges accrued and
other non-cash movements in relation to lease liabilities and lease
receivables.
10. Financial instruments fair value disclosures
At the balance sheet date the Group held the following financial instruments
at fair value:
30 June 2025 30 June 2024 31 December 2024
£m £m £m
Financial assets
Unquoted equity investment 0.2 0.2 0.2
Derivative financial instruments 0.4 - 0.2
0.6 0.2 0.4
Financial liabilities
Derivative financial instruments 0.7 1.3 1.4
Contingent consideration (included within other payables) 0.5 0.5 0.5
1.2 1.8 1.9
The derivative financial instruments above all have fair values which are
calculated by reference to observable inputs (i.e. classified as level 2 in
the fair value hierarchy). The fair values of these derivative financial
instruments, adjusted for credit risk, are calculated by discounting the
associated future cash flows to net present values using appropriate market
rates prevailing at the balance sheet date. The fair value of the contingent
consideration is measured using level 3 inputs and the discounting of forecast
future cash flows.
The carrying value of financial assets and liabilities that are recorded at
amortised cost in the accounts is approximately equal to their fair value.
11. Called up share capital
30 June 2025 30 June 2024 31 December 2024
£m £m £m
Authorised:
1,390,000,000 ordinary shares of 10p each (30 June and 31 December 2024: 139.0 139.0 139.0
1,390,000,000)
Allotted, called up and fully paid:
1,181,556,977 ordinary shares of 10p each (30 June and 31 December 2024: 118.2 118.2 118.2
1,181,556,977)
The Company has one class of ordinary share which carries no right to fixed
income. The Company did not allot any shares during the period (30 June 2024
and 31 December 2024: nil).
12. Retirement benefit schemes
Defined benefit schemes
The Group operates a number of pension schemes, four of which provide defined
benefits based upon pensionable salary. One of these schemes has assets held
in a separate trustee administered fund, and three are overseas book reserve
schemes. The UK defined benefit pension scheme obligation is calculated on a
year to date basis, using the latest triennial valuation as at 31 December
2022 which was concluded at the end of March 2024.
The IAS 19 valuation conducted as at 31 December 2024 has been updated to
reflect current market conditions, and as a result an actuarial loss of £0.6m
has been recognised within the Condensed consolidated statement of
comprehensive income (30 June 2024: £1.5m gain; 31 December 2024: £0.2m
loss). The total net pension liability in relation to defined benefit schemes
at 30 June 2025 is £17.0m (30 June 2024: £16.4m; 31 December 2024: £18.2m),
including £9.2m deficit (30 June 2024: £8.9m; 31 December 2024: £10.9m) in
the UK scheme. The movement in the period relates principally to the actuarial
loss of £0.6m, offset by the recognition of the scheduled annual contribution
in the UK of £2.5m.
13. Interim dividend
No interim dividend is declared for the period (30 June 2024 and 31 December
2024: nil). In accordance with IAS 10 "Events After the Balance Sheet Date",
dividends declared after the balance sheet date are not recognised as a
liability in the financial statements. There was no final dividend for the
year ended 31 December 2024.
14. Related party transactions
Transactions between the Company and its subsidiaries, which are related
parties, have been eliminated on consolidation and have therefore not been
disclosed. In the period to 30 June 2025, the Group incurred expenses of
£0.3m (30 June 2024: £0.2m; 31 December 2024: £0.6m) on behalf of the SIG
plc Retirement Benefits Plan, the UK defined benefit pension scheme.
The Group has not identified any other related party transactions in the six
month period to 30 June 2025.
15. Principal risks and uncertainties
The Directors consider that the principal risks and uncertainties which could
have a material impact upon the Group's performance over the remaining six
months of the 2025 financial year remain consistent with those set out in the
Strategic Report on pages 64 to 67 of the Group's 2024 Annual Report and
Accounts. These risks and uncertainties include, but are not limited to:
(1) cyber security;
(2) health and safety;
(3) macroeconomic uncertainty;
(4) ability to attract, recruit and retain our people;
(5) data quality and governance;
(6) environmental, social and governance;
(7) mergers and acquisitions;
(8) legal or regulatory compliance;
(9) modernisation; and
(10) change management.
The primary risks affecting the Group's performance for the remaining six
months of the year are the risks arising from macro-economic uncertainty and
the prolonged challenging trading conditions in the markets in which the
Group's larger businesses operate. SIG's diverse market sectors are affected
by macroeconomic factors which limit visibility and therefore render the short
to medium-term outlook difficult to predict. The "Outlook" section of the
trading review details the current assessment of the markets in which the
Group operates.
16. Contingent liabilities
As at the balance sheet date, the Group had outstanding obligations under
customer guarantees, claims, standby letters of credit and discounted bills of
up to £10.6m (30 June 2024: £12.6m; 31 December 2024: £10.8m). Of this
amount, £4.1m (30 June 2024: £5.9m; 31 December 2024: £4.3m) relates to a
standby letter of credit issued by HSBC Bank plc in respect of the Group's
insurance arrangements.
As part of the disposal of Building Plastics in 2017 a guarantee was provided
to the landlord of the leasehold properties transferred with the business
covering rentals over the remaining term of the leases in the event that the
acquiring company enters into administration before the end of the lease term.
The maximum liability that could arise from this would be approximately £0.4m
(30 June 2024: £0.6m; 31 December 2024: £0.5m) based on the remaining future
rent commitment at 30 June 2025. No provision has been made in these financial
statements as it is not considered likely that any loss will be incurred in
connection with this.
17. Seasonality
The Group's operations are not normally affected by significant seasonal
variations between the first and second halves of the calendar year. In 2024,
the period to 30 June accounted for 50.4% of the Group's underlying annual
revenue. The "Outlook" section of the trading review details the current
assessment of the expected second half performance for 2025.
Non-statutory information
The Group uses a variety of alternative performance measures, which are
non-IFRS, to describe the Group's performance. The Group considers these
performance measures to provide useful historical financial information to
help investors evaluate the underlying performance of the business.
Alternative performance measures are not a substitute for, or superior to,
statutory IFRS measures.
These measures, as shown below, are used to improve the comparability of
information between reporting periods and geographical units, and to adjust
for Other items. This also reflects how the business is managed and measured
on a day-to-day basis. Measures presented are aligned with the key performance
measures used in the business.
a) Leverage
Leverage is one of the covenants applicable to the RCF and is used as a key
performance metric for the Group. It is calculated as net debt divided by the
last twelve months underlying EBITDA.
Twelve months ended Twelve months ended Twelve months ended
30 June 2025 30 June 2024 31 December 2024
£m £m £m
Underlying operating profit 28.8 32.1 25.1
Add back:
Depreciation of right-of-use assets and property, plant and equipment 78.2 77.9 78.9
Amortisation of computer software 0.7 2.0 1.2
Underlying EBITDA 107.7 112.0 105.2
Reported net debt 523.5 476.6 497.3
Leverage 4.9x 4.3x 4.7x
b) Operating margin
This is used to enhance understanding and comparability of the underlying
financial performance of the Group and is calculated as underlying operating
profit as a percentage of underlying revenue.
Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December 2024
£m £m £m
Underlying revenue 1,304.4 1,316.8 2,611.8
Underlying operating profit 15.4 11.7 25.1
Operating margin 1.2% 0.9% 1.0%
Non-statutory information (continued)
c) Free cash flow
Free cash flow is defined as all cash flows excluding M&A transactions,
dividend payments and financing transactions. Operating cash flow represents
free cash flow before interest and financing and tax. These measures are used
to enhance understanding and comparability of the cash generation of the
Group.
Six months ended Six months ended Year ended
30 June 2025 30 June 2024 31 December 2024
£m £m £m
Decrease in cash and cash equivalents in the period (9.7) (28.9) (39.7)
Add back:
Amounts paid relating to previous acquisitions (included within cash flow from - 2.6 4.4
investing activities)
Amounts paid relating to previous acquisitions (included within cash flow from - 4.0 4.0
operating activities)
Repayment of borrowings 0.4 0.4 239.7
Proceeds from borrowings - - (247.0)
Free cash flow (9.3) (21.9) (38.6)
Add back:
Finance costs paid 26.3 19.5 37.5
Finance income received (1.0) (1.7) (2.7)
Tax paid 1.7 0.6 8.0
Operating cash flow 17.7 (3.5) 4.2
Non-statutory information (continued)
d) Like-for-like sales
Like-for-like sales is calculated on a constant currency basis and represents
the growth in the Group's sales per working day excluding any acquisitions or
disposals completed or agreed in the current and prior year and adjusted to
exclude the net impact of branch closures or openings. This measure shows how
the Group has developed its revenue for comparable business relative to the
prior period. As such it is a key measure of the growth of the Group during
the year. Underlying revenue is revenue from continuing operations excluding
non-core businesses.
UK Interiors UK Roofing UK Specialist Markets Total France Interiors France Roofing Total France Germany Benelux Ireland Poland Total Group
UK
£m £m £m £m £m £m £m £m £m £m £m £m
Statutory and underlying revenue for the period to 30 June 2025 264.4 190.8 124.8 580.0 96.5 203.7 300.2 216.9 46.0 51.2 123.7 1,318.0
Less intersegment revenue (1.2) (0.4) (7.3) (8.9) (0.1) (4.5) (4.6) - - (0.1) - (13.6)
External revenue 263.2 190.4 117.5 571.1 96.4 199.2 295.6 216.9 46.0 51.1 123.7 1,304.4
Statutory and underlying revenue for the period to 30 June 2024 253.8 182.5 564.4 105.2 219.9 325.1 219.9 54.4 50.5 118.7 1,333.0
128.1
Less intersegment revenue (3.4) (0.4) (7.2) (11.0) (0.1) (5.0) (5.1) - - (0.1) - (16.2)
External revenue 250.4 182.1 120.9 553.4 105.1 214.9 320.0 219.9 54.4 50.4 118.7 1,316.8
% change year on year:
Statutory and underlying revenue 5.1% 4.6% (2.8)% 3.2% (8.3)% (7.3)% (7.6)% (1.4)% (15.4)% 1.4% 4.2% (0.9)%
Impact of currency - - - - 1.2% 1.3% 1.3% 1.4% 1.1% 1.4% (0.8)% 0.5%
Impact of branch changes 1.7% 0.1% 1.2% 1.0% (0.6)% 1.6% 0.9% (0.4)% 14.9% - (1.8)% 1.0%
Impact of working days 0.9% 0.8% 0.7% 0.9% 0.9% - 0.2% 0.8% 2.7% 0.7% 0.9% 0.9%
Like-for-like sales 7.7% 5.5% (0.9)% 5.1% (6.8)% (4.4)% (5.2)% 0.4% 3.3% 3.5% 2.5% 1.5%
( )
e) Other non-statutory measures
In addition to the alternative performance measures noted above, the Group
also uses underlying loss per share (as set out in Note 6) and underlying net
finance costs (as set out in Note 4).
INDEPENDENT REVIEW REPORT TO SIG PLC
Conclusion
We have been engaged by the Company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 30
June 2025 which comprises the Condensed consolidated income statement, the
Condensed consolidated statement of comprehensive income, the Condensed
consolidated balance sheet, the Condensed consolidated cash flow statement,
the Condensed consolidated statement of changes in equity, and the related
explanatory notes 1 to 17. We have read the other information contained in the
half yearly financial report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in the
condensed set of financial statements.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 30 June 2025 is not prepared, in all
material respects, in accordance with UK adopted International Accounting
Standard 34 and the Disclosure Guidance and Transparency Rules of the United
Kingdom's Financial Conduct Authority.
Basis for Conclusion
We conducted our review in accordance with International Standard on Review
Engagements 2410 (UK) "Review of Interim Financial Information Performed by
the Independent Auditor of the Entity" (ISRE) issued by the Financial
Reporting Council. A review of interim financial information consists of
making enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and consequently does not enable
us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an audit
opinion.
As disclosed in Note 1, the annual financial statements of the group will be
prepared in accordance with UK adopted international accounting standards. The
condensed set of financial statements included in this half-yearly financial
report has been prepared in accordance with UK adopted International
Accounting Standard 34, "Interim Financial Reporting".
Conclusions Relating to Going Concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis of Conclusion section of this report,
nothing has come to our attention to suggest that management have
inappropriately adopted the going concern basis of accounting or that
management have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
this ISRE, however future events or conditions may cause the entity to cease
to continue as a going concern.
Responsibilities of the directors
The directors are responsible for preparing the half-yearly financial report
in accordance with the Disclosure Guidance and Transparency Rules of the
United Kingdom's Financial Conduct Authority.
In preparing the half-yearly financial report, the directors are responsible
for assessing the company's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to
liquidate the company or to cease operations, or have no realistic alternative
but to do so.
Auditor's Responsibilities for the review of the financial information
In reviewing the half-yearly report, we are responsible for expressing to the
Company a conclusion on the condensed set of financial statements in the
half-yearly financial report. Our conclusion, including our Conclusions
Relating to Going Concern, are based on procedures that are less extensive
than audit procedures, as described in the Basis for Conclusion paragraph of
this report.
Use of our report
This report is made solely to the company in accordance with guidance
contained in International Standard on Review Engagements 2410 (UK) "Review of
Interim Financial Information Performed by the Independent Auditor of the
Entity" issued by the Financial Reporting Council. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other
than the company, for our work, for this report, or for the conclusions we
have formed.
Ernst & Young LLP
Birmingham
4 August 2025
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