SIG -2%: surprisingly tough finish to the day for Sigma who substantially upgraded guidance for their FY22 result due out at the end of the month. The pharmaceutical wholesaler upgraded EBITDA guidance to 10-15% growth for the year against previous guidance of -10% as strong demand for COVID RATs helped turnaround performance into the January year end. Despite the big shift in guidance, the result will still be weighed on by further cost issues from the rollout of their ERP software designed to help pharmacies manage stock and workers. It does say a lot about the new system that it’s taken 4 weeks from the end of the financial year to notice a 20% swing in performance, and the upgrade is largely one-off given the nature of the demand for RATs.
MM is not excited about SIG ~50c
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