SIG sees 'substantial increase' in FY underlying operating profits

10th Jan 2023 07:16

(Sharecast News) - Insulation and building products firm SIG said on Tuesday that it had seen a "substantial increase" in full-year underlying operating profits.

SIG stated full-year like-for-like sales were up 17%, while overall revenues were seen 20% higher at approximately £2.74bn, leading to an almost doubling of underlying operating profits from £41.0m in 2021 to £80.0m a year later.

The London-listed also highlighted that its solid full-year performance was achieved despite a one-off loss of roughly £5.0m in the second half,

SIG added that group revenue growth rates across most geographies moderated in the second half, primarily due to the impact of lower rates of input cost inflation and some broadly based softening in market demand. It estimated the impact on revenue for the full year to be around 17-18%.

Chief executive Steve Francis 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."

As of 1120 GMT, SIG shares were up 1.62% at 31.76p.

Reporting by Iain Gilbert at Sharecast.com