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SIG (SHI) investor relations material
SIG H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved a marginal uptick in volumes and outperformed local markets despite challenging conditions in FY 2025, with group like-for-like revenue flat.
Operating profit rose 28% year-over-year to GBP 32 million, driven by significant cost reductions, restructuring, and robust cash and working capital management.
Developed and continued execution of Vision 2030 strategy, focusing on evolving the GEM strategy, procurement, working capital, and business portfolio optimization.
Maintained strong liquidity and positioned for future growth through ongoing restructuring and portfolio optimisation.
Financial highlights
Group sales were flat year-over-year on a like-for-like basis, with reported revenue at GBP 2.59 billion.
Gross margin declined by 30 basis points to 24.2% due to pricing pressures.
Underlying operating profit reached GBP 32 million (+28% YoY), but underlying loss before tax was GBP 20 million after finance costs.
Non-cash impairment charges of GBP 30 million and GBP 9 million in restructuring costs impacted results.
Free cash outflow improved to GBP 12 million, with liquidity at GBP 171 million and net debt at GBP 518 million.
Outlook and guidance
Expect continued market softness in H1 2026, with improvement anticipated in H2 as self-help measures take effect.
Targeting further cost savings to offset OpEx inflation (~GBP 15 million in 2026) and aiming for 1% procurement savings from 2027.
CapEx guidance remains GBP 15–20 million; interest charges expected at GBP 54–56 million for 2026.
No significant corporation tax expected in the UK and Benelux due to tax assets; group tax charge and cash tax both in low single-digit GBP millions.
Continued focus on cost efficiencies, procurement, and working capital to maintain liquidity.
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