SIG鈥檚 results for the year ended 31st December 2020 show a pre-tax loss on continuing operations of聽 拢202.3m (2019: 拢112.7m loss).
Revenue was down 13% to 拢1,872.7m (2019: 拢2,143.0m).
鈥淲e delivered a solid second half and have begun to return the business to growth after a long period of decline,鈥� said chief executive Steve Francis.
Underlying revenue in UK Distribution, a specialist insulation and interiors distribution business, was down 33% to 拢357.4m (2019: 拢534.3m). The lockdown during March and April contributed to an underlying operating loss of 拢45.4m (2019: 拢7.9m profit).
Despite a strong second half recovery, thanks to the RMI market, UK Exteriors, SIG鈥檚 Roofing and Building Solutions businesses, saw underlying revenue fall by 10.5% to 拢310.1m (2019: 拢346.5m) for the full year. It made an underlying operating loss of 拢7.4m (2019: 拢11.8m profit).
Trading in 2021 to date is in line with management expectations, the board said, and market fundamentals remain strong. 鈥淲e now have the right structure in place for UK Distribution and revenue growth is starting to emerge as planned,鈥� chief executive Steve Francis said.
鈥淐ontinued uncertainty remains regarding Covid-19, as well as rising input prices and early signs of some potential materials shortages. However, providing there is no further material disruption to either our business or end markets as a result of the pandemic, the board expects the near-term benefits of the actions taken in 2020 to deliver organic revenue growth in 2021, including market share gains. The benefits of this will become increasingly evident as the year progresses and should enable us to return to underlying operating profitability and cash generation during the second half.鈥�
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