Sheffield’s SIG lifts H1 revenue 22% to £1.35bn

SIG plc, the Sheffield-based international building materials supplier, said its revenue rose 22.6% to £1.358 billion in the six months ended June 30, 2022.

SIG said it made first-half profit before tax of £26.2 million compared to a loss of £2.6 million at the same stage last year.

SIG CEO Steve Francis said: “SIG is a structurally different business to two years ago – more specialist, more local, more productive, more flexible.

“Over this time, we have delivered above market performance and enabled a rapid return to robust profitability, along with a rhythm of steady progress.

“The first half of 2022 in particular saw significantly stronger growth than originally planned, which resulted in margin improvement across our operations.

“SIG today is resilient, flexible and sustainable: 80% of our products serve the insulation and building energy efficiency markets.

“We are by far the largest independent supplier in Europe of these products, which are needed now more than ever.

“Our strong market position, growth strategy and decentralised model will continue to enable us to navigate the pricing environment well and drive market share gains.

“In addition, our scale, diversification and resilience in uncertain markets mean that we are confident both in delivering the board’s expectations for the year and in our growth path to 5% operating margin in the medium term.”