City briefs: SIG and WANdisco
SIG, a supplier of specialist insulation and building products, says its results for FY22 reflect continued successful delivery of its Return to Growth strategy and the resilience of its diversified business model
In a trading update for the year ended 31 December 2022, the Sheffield-headquartered group reports full year like-for-like sales growth of 17%, with revenues of £2.74bn.
SIG also enjoyed a substantial increase in underlying operating profit, which is expected to be at around £80m, in line with market expectations and up from £41m in 2021.
Steve Francis, CEO, said: “SIG’s performance in 2022 demonstrated the resilience, flexibility and diversity of its pan-European business.
“Thanks to strong employee and customer engagement, the group has continued to drive strong profit growth, even as market conditions became increasingly challenging as the year progressed.
“SIG now has strong foundations for the future, and the group remains well-positioned to benefit from the need for governments and end-customers to increase the sustainability and energy efficiency of buildings over time.”
The group’s success came in spite of a one-off loss of around £5m in H2, resulting from the administration of Avonside, a major UK roofing contractor and one of SIG’s largest customers.
SIG adds that while this was disappointing, it believes this situation arose from “company-specific factors”, with customer bad debt metrics generally remaining in line with management’s expectations.
The group says it continues to benefit from a balanced geographic spread of country revenues, with 58% of its revenues derived from the EU in FY22, and 42% from the UK.
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David Richards
Live data business, WANdisco, has signed an initial agreement worth $6.6m/£5.4m with a European-based global telecommunications service provider.
It involves a one-off migration which provides for Internet of Things (IoT) data in the Client’s data centre to be migrated to the cloud.
Once the migration is complete, it is expected the client will launch a range of IoT-related services.
David Richards, CEO and chairman of Sheffield-based WANdisco, said: “This is the third tier one global telecommunications company to choose our solutions since the start of 2022, underpinning our unique ability to seamlessly and securely migrate large scale data from edge platforms to the cloud.
“As the company has seen with other customers, WANdisco believes there is potential for significant expansion opportunities with this customer.
“The IoT use case of moving data from edge platforms to the cloud, is continuing to drive a significant pipeline of opportunities for our business.
“Companies across multiple industry verticals face significant challenges in successfully executing this data movement and unlocking the full capabilities of the cloud.”
