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SIG (SHI) investor relations material
SIG H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Like-for-like sales grew 1–1.5% year-over-year, with UK operations up 5% and outperforming subdued markets.
Underlying operating profit rose to £15–15.4m, up 30% year-over-year, driven by cost savings and restructuring.
Free cash outflow improved to £9–9.3m, with robust liquidity of £172m and net debt at £524m.
Statutory loss before tax widened to £33.1m, mainly due to significant impairment charges and restructuring costs.
New CEO Pim Vervaat to join in October 2025, with succession to Chair planned after 18 months.
Financial highlights
Revenue: £1,304–1,304.4m (up 1% LFL); gross margin: 24.2% (down 0.5pp year-over-year) due to pricing pressure.
Underlying operating profit: £15–15.4m (up from £11.7–12m prior year); margin improved to 1.2%.
Underlying EBITDA: £54–54.1m; free cash outflow reduced to £9–9.3m.
Net debt (post-leases): £524m; leverage increased to 4.9x LTM EBITDA.
Finance costs rose to £26m, reflecting higher bond coupon rates.
Outlook and guidance
Full-year 2025 outlook remains unchanged; Board remains cautious on near-term market improvement.
Expect modest positive like-for-like sales growth in H2, with pricing flat to -1% for the year.
Operating cost inflation expected at 2–3% for FY 2025; CapEx guidance £15–20m; net interest charge £50–55m.
Analyst consensus for FY 2025 underlying operating profit (EBIT) is £31.6m, range £30m–£35m.
Medium-term target of 5% Group operating margin; focus on margin rebound when markets recover.
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