Building products distributor SIG says its turnaround strategy has brought more success in the shape of a big boost in underlying operating profit.
The listed firm hailed sales growth of 17%, resulting in revenues of £2.74bn and an increase in underlying operating profit from £41m to around £80m. SIG announced full year results for 2022 and said its "return to growth" plan - mounted three years ago - continued to drive positive results despite an easing off of demand and strong price inflation in the second half of the year.
Just over half of SIG revenues came from the EU which generated about £1.5bn compared with the UK's £1.1bn. Volumes were down in the UK due to what the firm called weaker market conditions and against particularly strong 2021 - although the domestic business was said to be moving towards its previous performance and market position under the turnaround plan.
