Losses widen at SIG plc as it tackles 'ongoing challenging' trading conditions

Building supplies company SIG plc saw its losses widen in 2024 in what it called an “ongoing challenging market”.

The Sheffield-based company has released results for last year in which its revenues fell 4% from to £2.61bn. That saw the company's pre-tax losses increase from £31.9m a year earlier to £44.8m.

SIG said its performance had been “robust” and that it had seen an improvement in sales in the second half of the year. It also highlighted “good progress” to boost medium and longer term profitability, including a cost savings programme that had taken 430 jobs out of the business and saw the closure of 17 underperforming sites.

SIG said its French and German businesses continued to face the most subdued markets but pointed to sales growth in Ireland and within its UK roofing business.