By Sabela Ojea
SIG PLC reported Friday a swing to pretax loss for 2019 and said current trading levels are lower than a year earlier, and that it expects a 500 million-pound ($614.4 million) hit to 2020 revenue from the coronavirus pandemic, with profitability, cash generation and debt levels also hurt.
The building-materials supplier posted a pretax loss of GBP112.7 million pounds compared with a profit of GBP10.3 million for the same period a year earlier. The company said the loss included GBP90.9 million of impairments.
Underlying pretax profit fell 70% to GBP15.6 million which, apart from impairments, also included restructuring costs of GBP27.1 million.
Revenue fell to GBP2.08 billion from GBP2.29 billion, it said.
The board hasn't declared a final dividend for 2019. SIG said it had negative distributable reserves of GBP158.4 million and that it will be required to review its medium-term plan and reserves position to recommence these payments.
Write to Sabela Ojea at email@example.com; @sabelaojeaguix