Building products group reports robust performance despite tough environment
SIG, a supplier of specialist insulation and building products, says full year like-for-like sales are down 2% on the prior year, with revenues of £2.76bn, as it releases its trading update for the year ended 31 December 2023.
The Sheffield-headquartered business adds that its underlying operating profit is expected to be in the upper half of the guidance range of £50m to £55m.
And it notes that restructuring and productivity initiatives completed in H2 2023 will deliver about £10m worth of annualised cost savings, most of which will benefit FY24.
SIG says it managed to effectively handle increasingly difficult conditions through the year, delivering solid trading results relative to the market.
Gavin Slark, CEO, said: “Despite challenging market conditions across the European building and construction sector, the group has delivered a robust trading performance, through a strong focus on our customers and the great efforts of all our people.
“In my first year as CEO, I have been impressed by the opportunities that exist within SIG’s portfolio for strengthening our operating performance and accelerating our specialist businesses, and for delivering more profitable growth over the medium term.
“Whilst we expect continued softness in market conditions in 2024, we are confident in our ability to manage through this current phase of the cycle and to continue to strengthen our operations, ready to take advantage of the significant long-term opportunities for the group as markets recover.”
