Sheffield’s SIG returns to profit; shares up 10%

Shares of Sheffield-based international building materials supplier SIG plc rose about 10% on Friday after it published 2021 results showing underlying revenue up 22.4% to £2.291 billion and a return to profit.

SIG reported £41.4 million underlying operating profit compared to a 2020 restated loss of £53.1 million.

Statutory loss before tax for the year was £15.9 million, a major improvement on a 2020 restated loss of £194.6 million.

SIG’s biggest shareholder is US buyout firm Clayton, Dubilier & Rice with a 29% stake.

SIG CEO Steve Francis said: 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.

“In uncertain times, SIG demonstrated in 2021, as it has in previous decades, its ability to manage successfully through inflationary and volatile market conditions, thanks to our strong relationships with suppliers and customers, and the quality of our people.”

“Growth momentum, resilience of our businesses, and experienced leadership all underpin our confidence in the organic growth path towards 5% underlying operating margin in the medium term.”

“I’m proud that SIG has a long-established focus on energy efficient solutions, and we will play a leadership role in the shift to sustainable construction.

“SIG is back to winning ways, and we look forward to 2022 and beyond with confidence.”

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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.