Building products supplier reaps rewards of investment strategy
SIG, which supplies specialist insulation and sustainable building products, says its two-year strategy of investing for growth has driven sustainable structural improvements across the group’s businesses.
The Sheffield-based group has today published its results for the six months to 30 June 2022, which feature a 21% increase in its like-for-like revenue over the same period last year, with underlying revenue up to £1,358bn (H1 2021: £1,108bn).
SIG also reports an underlying pre-tax profit of £28.9m (H1 2021: £3.3m) and robust liquidity, with gross cash of £113m.
Steve Francis, chief executive officer, said: “SIG is a structurally different business to two years ago – more specialist, more local, more productive, more flexible.
“Over this time, we have delivered above market performance and enabled a rapid return to robust profitability, along with a rhythm of steady progress.
“The first half of 2022 in particular saw significantly stronger growth than originally planned, which resulted in margin improvement across our operations.
“Our scale, diversification and resilience in uncertain markets mean we are confident both in delivering the Board’s expectations for the year and in our growth path to 5% operating margin in the medium term.”
SIG adds that growth has been delivered across the business, with continued strength demonstrated in France, Poland, Ireland and UK Exteriors and its UK Interiors operation “in continuous improvement mode”.
It also acquired two businesses in July 2022, after the period-end. These include Miers Construction Products, a UK supplier of specialist construction materials, and Thermodämm a technical insulations business in Germany.