Avonside was one of SIG鈥檚 biggest customers but it went into administration in September 2022.
In a trading update today, SIG said that Avonside鈥檚 administration resulted in it writing off a one-off 拢5m loss in its 2022 accounts.
However, the trading update was otherwise positive, with full year like-for-like sales growth of 17% resulting in revenues of 拢2.74bn and an increase in underlying operating profit to around 拢80m (in line with market expectations), up from 拢41m in 2021.
Reported group revenues were 20% higher in the year, including 4% from acquisitions, slightly offset by 1% adverse currency movements.聽
UK sales were up 15% during 2022 to 拢1.15bn. Recent UK acquisitions, including Miers Construction Products acquired in July 2022, were said to be performing well.
Former Grafton Group chief executive Gavin Slark joins SIG on 1st February to succeed Steve Francis as SIG鈥檚 group CEO.
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