SIG and Breedon both flag warnings about demand for rest of 2023

Construction products supplier SIG returned to the black last year but warned it expects demand to be weaker for the rest of 2023.

The firm, which has undergone a significant restructuring in the past couple of years, said pre-tax profit last year stood at 拢27.5m from a 拢15.9m loss last time.

Revenue at the business was up 20% to 拢2.7bn but chief executive Gavin Slark admitted: 鈥淢arket conditions continue to vary across our geographic footprint but overall we expect weaker demand conditions to prevail during 2023, offset by a continued tailwind from input price inflation, albeit the latter will continue to moderate further this year.鈥�

Operating profit was up from 拢14m to 拢56m.

Meanwhile, materials firm Breedon said this morning that results last year were ahead of expectations, with revenue in 2022 rising 13% to 拢1.4bn with pre-tax profit up 19% to 拢136m.

The firm said the UK economic outlook was 鈥渦ncertain particularly with regard to residential housebuilding鈥� but added the infrastructure and industrial markets would continue to grow because of ongoing demand.