Construction products supplier SIG has almost doubled underlying operating profit thanks to improved trading across its UK and overseas business.
The Sheffield-based plc said that, despite a squeeze on margins and inflation-driven increases in operating costs, the business underlying operating profit jumped from £41.4m to £80.2m in 2022, as underlying revenues increased from £2.29bn to £2.74m. Investors were told the performance was down to improved profitability in the countries where SIG operates, which includes a network of 440 sites and more than 7,000 people.
SIG has been embarked on a successful turnaround plan, which has led to a return to profit and recovery of market share for its UK Interiors business, improvement in like-for-like sales and underlying margins in its German business and margins exceeding 5% across its French business. Bosses at the insulation, roofing and commercial interiors distributor said they expect weaker demand during 2023, offset by continued price inflation.
