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£145m profit gap at building materials group SIG
Full year results from building materials specialist SIG (SHI) for 2017 looked good at first glance with underlying operating profit slightly ahead of expectations at £94m.
However, the company actually reported a statutory loss of £51.2m. The £145.2m gap mainly reflected several exceptional items relating to a restructuring process under new chief executive Meinie Oldersma.
This, plus a warning on the outlook for the business in the UK, may explain why the shares rose and then fell rapidly on the day the numbers were announced (9 Mar), as investors had time to digest the results.