SIG plc, the Sheffield-based international building materials supplier, said its 2022 underlying operating profit is expected to almost double from £41 million to £80 million, as it prepares for life under a new chief executive.

In a trading update for the year ended December 31, 2022, SIG said revenue rose to £2.74 billion from £2.29 billion in 2021.

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

SIG said like-for-like sales rose 17% annually in 2022, with Poland and Benelux countries growing the most and UK and France the least.

Poland like-for-like sales rose by 28% in 2022, while in Benelux they climbed by 25%. In Ireland, they increased by 24%, and in the EU countries by 18%. German like-for-like sales rose 16% and in the UK they increased 15%. Meanwhile, France’s Exteriors climbed by 15%, the country’s Interiors rose by 12%.

“Group revenue growth rates across most geographies moderated in the second half compared to the first half primarily due to the impact of lower rates of input cost inflation, following the annualisation of significant rises in the second half of 2021, and some broadly based softening in market demand,” said SIG.

“Pass through of input cost inflation added to the top line in all geographies. We estimate the impact on revenue for the full year to be around 17% to 18%.”

Gavin Slark joins SIG as CEO at the start of next month, replacing Steve Francis.

Francis said: “SIG now has strong foundations for the future, and the group remains well-positioned to benefit from the need for governments and end-customers to increase the sustainability and energy efficiency of buildings over time.

“Gavin and I are now completing a very smooth leadership handover, and I am confident that Gavin and the team will build on the progress made in the last three years.”

Reporter: Tom Budszus, Alliance News reporter

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