(Alliance News) - SIG PLC on Tuesday celebrated its performance for 2023, despite its profit and earnings figures suffering the effects of a "challenging market backdrop".
SIG is a London-based supplier of specialist insulation, roofing and sustainable building products.
In 2023, the company's revenue was GBP2.76 billion, up 0.6% from GBP2.74 billion in 2022.
Underlying profit before tax was down almost three-fold to GBP17.4 million from GBP51.6 million. On a statutory basis, SIG delivered a GBP31.9 million loss before tax, swung from a profit of GBP27.5 million.
The poor profit figures were partially attributable to GBP33.8 million worth of impairment charges over the year relating to goodwill and other non-current assets in its UK interiors segment.
Underlying earnings before interest, tax, depreciation and amortisation was down to GBP132.1 million from GBP156.6 million.
SIG reported a loss in basic earnings per share of 3.8p for the year, compared to a profit for shareholders of 1.3p in 2022.
SIG said that its results reflected "continued strong execution, against a challenging market backdrop", as well as its pan-European portfolio, which helped it manage through tough specific regional circumstances.
The company also said that restructuring efforts undertaken during the second half of 2023 will deliver around GBP10 million in annualised cost savings from financial 24 onwards.
No dividend was declared for 2023. SIG's last dividend was an interim payment dating back to November 2019.
Looking ahead to 2024, SIG said it expected "continued market softness in market conditions", and said it would focus its efforts on optimising productivity in the year.
Chief Executive Officer Gavin Slark said: "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."
Shares in SIG were down 1.0% at 29.75 pence each in London on Tuesday afternoon.
By Hugh Cameron, Alliance News reporter
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SIG (SHI)