Avonside was one of SIG’s biggest customers but it went into administration in September 2022.
In a trading update today, SIG said that Avonside’s administration resulted in it writing off a one-off £5m loss in its 2022 accounts.
However, the trading update was otherwise positive, with full year like-for-like sales growth of 17% resulting in revenues of £2.74bn and an increase in underlying operating profit to around £80m (in line with market expectations), up from £41m in 2021.
Reported group revenues were 20% higher in the year, including 4% from acquisitions, slightly offset by 1% adverse currency movements.
UK sales were up 15% during 2022 to £1.15bn. Recent UK acquisitions, including Miers Construction Products acquired in July 2022, were said to be performing well.
Former Grafton Group chief executive Gavin Slark joins SIG on 1st February to succeed Steve Francis as SIG’s group CEO.