UK: SIG recorded US$1.81bn in sales in the first half of 2023, up by 5% year-on-year from US$1.73bn in the first half of 2022. The group noted a decline in its sales volumes, partly offset by positive tailwinds from cost inflation in the comparison period. Its profit after tax declined by 70% to US$5.98m from US$20.2m.
CEO Gavin Slark said “Our performance in the first half of 2023 reflects the challenging market conditions we are currently facing, with the group’s like-for-like revenue growth flat year-on-year. Despite these conditions, I’m very pleased with the progress we are making on many fronts to improve the business notably with the initiatives across our operating companies to improve our ability to drive higher levels of profitable growth when market conditions recover." Slark continued “Looking ahead, while we expect market conditions in the second half of 2023 to remain difficult, we remain confident the business will grasp the opportunities it has to continue to improve its underlying operational performance. This will, in turn, deliver higher levels of profitability as we drive towards our medium-term margin target of 5%. The group is financially and commercially well placed to drive meaningful shareholder value in the medium and long term.”
