UK: SIG’s group revenue fell by 37% year-on-year to Euro154m during March and April 2020 due to disruption caused by the coronavirus outbreak. In its annual report for 2019 the insulation producer said that trading had returned to pre Covid-19 levels in most of its companies as it adapted social distancing measures. It also reported cash reserves of around Euro150m following the sale of its Air Handling division.
In 2019 the group‘s statutory revenue fell by 13% year-on-year to Euro2.4bn in 2019 from Euro2.7bn in 2018. It made an operating loss of Euro97m. This was blamed on loss of market share in the UK and Germany. In response the company’s board says it taken ‘decisive’ action including appointing a new leadership team and developing a new customer-centric strategy that reprioritises sales.
