Insulation giant SIG says 2021 was pivotal and productive year for the group

The group said it had recorded full year and H2 (second half) sales growth of 8% and 15% respectively against the non Covid-affected 2019 comparators.

SIG said: "The group's return to growth strategy is delivering significant progress, including improved organic sales performance. The performance, driven by our strategic initiatives, has also been supported by robust demand across all key end markets, partially offset by well documented industry wide supply constraints. Inflationary increases in input costs have been well managed, with the direct pass through of these reflected in the reported sales figures."

"As a result of the above, and subject to audit, the board expects to report FY21 revenues from underlying operations of £2,292m and an underlying operating profit no less than £40m, the latter as announced in mid-December."

Commenting on outlook, SIG said: "The board believes the group is well placed to build on the significant progress made in 2021.

"Whilst the Covid-19 backdrop may continue to create some market uncertainty, the fundamentals of the group's markets remain sound, notably with the increasingly robust Europe-wide commitments on energy efficiency and carbon reduction.

"Our order books continue to be robust, and we remain confident in the effectiveness of our supply chain management in meeting customer requirements and continuing to manage any potential volatility in supply and in input costs.

"As a result, the board is confident that the momentum built in 2021 will continue in 2022 and, providing there is no material disruption to either our business or end markets, expects the group to deliver solid organic revenue growth in the coming year.

"The numbers in this update remain subject to final close procedures and to audit".