SIG reshuffles board, reiterates guidance
Construction products supplier SIG revamped its executive team on Tuesday and told shareholders that full-year results were anticipated to be in line with guidance, with underlying pre-tax profits of roughly £42m.
The company revealed a major shakeup of its boardroom, with Meinie Oldersma resigning from the role of chief executive and Nick Maddock standing down as chief financial officer, both with immediate effect.
SIG appointed Steve Francis as CEO on an initial contract until 31 December and tapped Kath Kearney-Croft to take on the role of interim CFO.
Management also said trading in the early part of 2020 had seen a continuation of the trends in the last quarter of 2019, leaving the group is in a "strong financial position" following the completion of the sale of the air handling unit.
The FTSE 250-listed group added that it anticipates completion of the sale of its building solutions wing to take place in the first half of the year.
"These disposals complete the transition to a robust balance sheet with a net cash position on a pro forma basis. This will provide flexibility and scope for investment in the business where attractive returns can be made," said SIG.
As of 0845 GMT, SIG shares had slid 10.96% to 74.30p.