SIG, the Sheffield-headquartered building products distributor, is continuing to grow its profits and halved pre-tax losses in a self-described “year of challenge and change”.
For 4 seasons ended 31 December 2017, the firm reported statutory revenue growth to 2.88 billion C up from 2.85 billion in 2016. Pre-tax losses were cut from 51.2 million from 110 million.
SIG said hello had various actions during the year to stabilise this business after a “disappointing” 2016.
Measures have included lowering the distraction from internal initiatives; bringing operating cost increases at bay; reducing levels of capital and debt is simplifying the organization through ongoing portfolio management.
Chief Exec Meinie Oldersma said: “In 1 year of challenge adjust for SIG, I am content to be reporting recent results for 2017 according to expectations, delivering the main improvement in underlying operating profit for several years, like benefit to property profits.
“We now have achieved much this season, starting out stabilise the company, returning SIG Distribution to underlying profitability and rationalising the loss-making UK Offsite Construction division.
“We have started to get a grip on operating costs and capital and we sometimes make significant measures in refocusing the portfolio, exiting from eleven businesses, as we continue to keep strengthen our balance sheet.
“Because the group moves into 2018, there has been increasingly confident markets across Mainland Europe and Ireland, but the first indications of capacity and labour constraint in buoyant construction markets.
“In contrast, there has been an increasingly challenging environment in the UK produced by macro uncertainty and up to date events within the construction industry.”