SIG plc, the Sheffield-based international building materials supplier, said its 2023 revenue was 1% higher at £2.761 billion “including 1% from acquisitions, 1% from movements on exchange rates and a marginal impact from differences in the number of working days.”

However, like-for-like (LFL) revenue was down 2% year-on-year. Within this figure, volumes declined in the majority of our markets.

“LFL revenues declined 2% compared to prior year, reflecting the subdued demand conditions in many of the group’s key markets,” said the firm.

Underlying profit before tax fell to £17.4 million from £51.6 million but SIG reported a statutory loss before tax of £31.9 million “reflecting £49.3m of other items, including £33.8m non-cash impairment of UK Interiors business.”

SIG shares fell about 4% and they are down about 30% for the past 12 months.

No dividend will be paid for 2023.

In its outlook, SIG said: “Looking ahead, the group expects continued softness in market conditions in 2024.

“However, during this period of market weakness we will continue to strengthen our execution and organisation such that we deliver higher margin growth and performance for the medium-term.

“We remain confident in our ability to manage through this current phase of the cycle and to ensure that we are more than ready to take advantage of the significant long-term opportunities for the group as markets recover.”

SIG CEO Gavin Slark said: “The group delivered robust results in 2023, despite ongoing market weakness, demonstrating the benefits and resilience of our diversified geographic and end-market profile.

“Alongside this, the group has also been effective in executing restructuring and productivity initiatives across the business.

“These are a key element of our strategic plan to drive operating margin growth over the medium-term to our target of 5%.

“By increasing focus on driving operational efficiencies, stronger commercial execution and employee engagement, the board is confident that the group’s leading market positions will continue to strengthen further when conditions improve across our markets.

“We remain financially and commercially well placed and are taking proactive steps to drive meaningful shareholder value in the medium and long-term.”