Results for the six months to 30 June 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
LFL1 sales growth	1.5%	(6.4)%
Gross margin	24.2%	24.7%
Underlying2 operating profit	£15.4m	£11.7m
Underlying2 operating margin	1.2%	0.9%
Underlying2 loss before tax	£(10.3)m	£(6.6)m
Underlying2 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-like¹ ("LFL") growth of 1% versus prior year and reflecting continued market outperformance

·    Underlying² 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 outflow³ 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 outlook⁴ 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

Analysts - Phone line to participate in Q&A session

United Kingdom (Local): +44 20 3936 2999 , United Kingdom (Toll-Free): +44 808 189 0158 
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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.

 

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 Revenue	LFL growth	£m
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 H1 2025 £m	Revenue H1 2024 £m	LFL sales H1 2025	Underlying operating profit H1 2025 £m	Underlying operating (loss)/profit H1 2024 £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 H1 2025 £m	Revenue H1 2024 £m	LFL sales H1 2025	Underlying operating profit H1 2025 £m	Underlying operating profit H1 2024 £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 H1 2025 £m	Revenue H1 2024 £m	LFL sales H1 2025	Underlying operating profit H1 2025 £m	Underlying operating profit H1 2024 £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 H1 2025 £m	Revenue H1 2024 £m	LFL sales H1 2025	Underlying operating profit H1 2025 £m	Underlying operating profit H1 2024 £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 H1 2025 £m	Revenue H1 2024 £m	LFL sales H1 2025	Underlying operating  loss H1 2025 £m	Underlying operating  loss H1 2024 £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 H1 2025 £m	Revenue H1 2024 £m	LFL sales H1 2025	Underlying operating profit H1 2025 £m	Underlying operating profit H1 2024 £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 £m	H1 2024 £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 flow1	17.7	(3.5)
Interest and financing	(25.3)	(17.8)
Tax	(1.7)	(0.6)
Free cash flow1	(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 £m	H1 2024 £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.