SIG plc, a key player in the building supplies sector, has reported a widening of its pre-tax losses to £44.8 million for 2024, up from £31.9 million the previous year. The Sheffield-based firm saw a 4% drop in revenues, totaling £2.61 billion. Despite these figures, SIG describes its performance as “robust,” with positive momentum in the year’s second half.
The company attributes its losses to harsh trading conditions, particularly in its French and German markets. However, growth in Ireland and its UK roofing division provided some relief. SIG is focusing on cost-saving measures, including eliminating 430 jobs and closing 17 underperforming sites. These actions are part of its broader strategy to reshape operations, focusing on future profitability as market conditions improve.
SIG’s restructuring efforts are guided by its “GEMS” strategy, which aims to improve sales mix, boost commercial performance, and enhance operational efficiency. The company’s goal is to achieve a 5% medium-term operating margin.
While the company will not issue a dividend for now, SIG has indicated it will consider returning value to shareholders once the financial situation stabilises. The company employs around 6,700 people across its European markets.
