Sig shrinks losses and boosts sales amid ‘strong turnaround in the UK’
Sustainable building and insulation specialist Sig has shrunk its losses over the last year, following a tough 2020, as sales rise above pre-pandemic levels.
Revenue jumped over 22 per cent to around £2.3bn in the year to 31 December.
While the company’s operating profit swung from a £160m loss in the year the pandemic hit the UK to a £14m profit over the past 12-months.
The London-listed company also swallowed a statutory loss before tax of £15.9m for the full-year, far below last year’s loss of £194.6m.
Group like-for-like sales shot up 24 per cent in comparison with 2020, and eight per cent above 2019 levels, as the company inches towards recovery.
“2021 was a pivotal year – accelerating progress on our strategy has returned the group to profitability ahead of expectations, delivering above market growth rates and consistent margin improvement, the result of record performance in France and Poland, and strong turnaround in the UK,” CEO Steve Francis said in a statement.
“SIG is back to winning ways, and we look forward to 2022 and beyond with confidence.”