Sig Share Discussion Threads

[kingl] 13/1/2020 15:10

75p ... the deeply discounted placing price ... I've been saying it for years.

[robtiger1] 11/1/2020 21:19

The decline continues with the exodus of their best staff. A broken business top heavy with a ceo who knows nothing about roofing or insulation. Sad demise of a once good business. One to avoid I'm afraid at the moment.

[kingl] 07/10/2019 13:18

It makes me laugh when I read their news announcements about selling off "non-core" businesses ... that would be almost every business they've bought since 1997, perhaps earlier.

[kingl] 07/10/2019 13:11

I've always said these shares are worth 75p. It's no coincidence that 75p was the price investors were prepared to pay in the highly diluted share placing in 2009. That marked the end of a once excellent insulation materials business after their disastrous strategy to become a diverse construction conglomerate with a variety of totally unrelated businesses. It saddens me that the excellent business built up by N Adsetts, W Forrester (Mk I) and F Prust operating in a niche sector was destroyed by W Forrester (Mk II), D Williams and G Davies. I agree with Ianio5691, I wouldn't touch with a bargepole. Maybe when they have decided what they are for and the shares at 75p or less I will think again.

[ianio5691] 07/10/2019 09:23

From bad to worse. Staff still leaving on a monthly basis. Worsening macro-economic environment for construction and interiors, its core markets.. What are the BOD doing to turn this around - other than selling off assets? Where is the bottom for this? Dog - wouldn't - bargepole - touch!

[nickjedwards] 07/8/2018 18:21

Anybody aware of any news on the accounting issues?

[sirgainalot] 04/7/2018 08:07

Anyone see this? Seems the market has missed this. Does not bode well. hxxps://www.frc.org.uk/news/june-2018/investigation-into-the-financial-statements-of-sig

[philanderer] 04/6/2018 16:27

Building products firm SIG was rising after being upgraded to ‘buy’ from ‘sell’ by Liberum Capital Markets, with an unchanged target price. The broker said it saw sizeable potential for SIG’s new management team to increase efficiency lift the company’s operating margin to its goal of 5%, from the current 2.9% excluding property. HTTPS://uk.webfg.com/news/risers-and-fallers/ftse-250-movers-stobart-surges-amid-boardroom-tussle-alfa-financial-sinks--3327953.html

[puzzler2] 09/3/2018 08:11

SHI results announced today - another year where the "underlying" results are fine - and another year where the statutory P&L shows a huge loss - companies really shouldn't be allowed to manipulate their numbers in this way.

[kingl] 06/2/2018 11:34

If the fraud lies in the insulation part of the business, which is likely, then the rebates will be proportionally huge and volume related. For some reason insulation evolved rather exaggerated levels of rebate compared to other building materials, and complicated. Some will be monthly, and quarterly, but a large amount will be annual. Easy to manipulate, and bamboozle auditors, if you want. The issue I was trying to highlight in my last post is the claim that 2017 expectations remain unchanged. That seems like BS to me. Expectations for 2017 rebates will be built on those for 2016, and now that 2016 have been shown to be overstated the expectations for 2017 rebates must be reduced.

[puzzler2] 01/2/2018 16:18

I don't think it works like that KingL. We Supply to SIG and rebates are calculated every month on that month's sales, so relatively easy to calculate (and get right). That said, we don't pay a volume or other contrived rebate which is perhaps where the fraud lies. I am aware though that some suppliers were asked for rebates now in respect of later period sales, so today's RNS does not surprise me.

[kingl] 01/2/2018 14:06

"expectations for underlying profitability for the year ended 31 December 2017 remain unchanged." I'm sorry, but that is BS. Clearly it is easy for the auditors to check the 2016 debtor for supplier rebates and check against the receipts in 2017. They are probably large in value, and small in number. But the results for 2017 haven't been published yet, so making a statement that expectations for "underlying profitability" is meaningless waffle. The expectation for 2017 rebates will be based in 2016 rebates, at least in percent to sales. Having £3.7m knocked off the 2016 base will inevitably reduce expectations for 2017, it's simply common sense.

[puzzler2] 01/2/2018 07:55

Lol phowdo

[phowdo] 01/2/2018 07:49

There seems to be a missing T on the epic for this one...

[pugugly] 01/2/2018 07:35

OH dear - Accounting fraud yet another company where staff (for whatever reasons and the rns suggests bonus manipulation) have played fast and loose with rebates - The external accountants seem to have had the wool pulled over their eyes - but not difficult to do !! https://www.investegate.co.uk/sig-plc--shi-/rns/historical-overstatement-of-profit/201802010700085557D/

[puzzler2] 18/1/2018 08:37

Not sure Mach100 - turnover wise the business is probably performing just about OK due to the underlying strength in the economy, despite their internal structural issues. I'm still hearing that management has a stiff task ahead, motivating everyone and getting them "on message". Apparently, they had a conference this last week or so for their top 100 managers, when it was denied that they have £9M of exposure re Carillion. However, I received a fax on Friday from our credit insurers requesting a quick response to our trading history with and exposure to SIG. As is often said, there's no smoke without fire - I wouldn't be surprised if their 2017 results now have to include a large provision. Not on my buy list.

[mach100] 09/1/2018 11:36

Puzzler2, is today's update the final piece in the jigsaw? I sold out myself at 160p which was too soon but would have been unhappy with today's update. I am surprised it hasn't been hammered as the market is usually unforgiving on these matters.

[kingl] 09/1/2018 11:06

Just lost some cash down the back of the sofa I see ... lol

[puzzler2] 01/11/2017 09:15

I'm hearing that all is not good with regard to the SIG management structure - everyone running around like headless chickens because of a lack of management direction - trading hasn't been great either, apparently. All hear-say, I know, but couple that with the chart appearing to roll over after a year of rises and imo it's good for a short - I've opened one today.

[kingl] 08/8/2017 08:43

This company must hold some sort of record for classifying costs as "non-underlying".

[mach100] 08/8/2017 06:31

Divi cut. Brilliant debt reduction. Hiving off non essentials and or underperforming segments. Recovery very much on track but challwnges ahead. I wonder how the market will perceive this? A small sell off as the share price has got slightly ahead of itself I fear.

[mach100] 22/7/2017 19:49

Recovering very well even though it seems to be hitting resistance at 160p. Interims coming up in two weeks so I wonder will some of those who rode the wave up jump ship? Will watch the trading myself in the run up as I am 25% up on this share but don't want to get whammied for holding too long. I saw a flooring company issue a PF this week so maybe this will be reflected by SHI too, though it is just part of their business.