Sheffield’s SIG in £202m loss, but 2021 starts strong

Sheffield-based building materials supplier SIG plc said on Thursday its 2020 revenue fell about 13% to £1.87 billion and its pretax loss almost doubled to £202.3 million.

However, SIG said it made a strong finish to 2020, ahead of expectations, and trading in 2021 to date “is in line with management expectations, continuing on a similar trajectory to Q4 2020.”

SIG CEO Steve Francis said: “I am delighted that due to our Return to Growth strategy we delivered a solid second half and have begun to return the business to growth after a long period of decline.

“On behalf of the whole board I would like to thank all our employees for their significant efforts, and successes, during the year.

“The new UK management team has rebuilt its business and, everywhere we operate, we have reconnected with our employees, customers and suppliers.

“Their response has reaffirmed that we are at our best when we are a local, sales and technical service-driven business, partnering closely with our key suppliers and operating with empowered and entrepreneurial branch teams.

“That is our strategy for growth and the basis for playing a leading role in our industry in the years to come.

“This, coupled with a strong balance sheet, gives us the right foundations for the business to grow.”

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Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.