January 9, 2018 / 7:46 AM / 2 months ago

SIG to review cheque issuance controls due to overstated payables

Jan 9 (Reuters) - SIG Plc, a distributor of specialist building products in Europe, said it would review the controls around cheque issuance after it found a historical overstatement of cash and trade payables.

SIG, which supplies insulation, energy management and roofing products, also said group revenue from continuing operations rose 7.5 percent to 2.8 billion pounds ($3.80 billion) in 2017, with like-for-like sales growing 4 percent.

The company said certain procedures associated with the issue of cheques resulted in an overstatement of cash of about 20 million pounds as of December 2016 and about 27 million pounds at the end of June 2017.

SIG said it expects to be about 1.9 times leveraged at the end of 2017, after adjusting for the overstatement.

The company, which has been battling to recover from weak trading in its UK insulation, interiors and offsite construction businesses, said improvement in confidence in Mainland European markets continued to mitigate a weaker second-half margin performance in Britain. ($1 = 0.7377 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Amrutha Gayathri)

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