SIG PLC (LSE:SHI) shares slid 6% as the specialist steel and insulations group posted a loss after flat sales in 2023.
On a like-for-like basis, sales were down 2%, the construction materials group added, with “subdued demand conditions” in many of its markets.
Passing through input cost inflation added an estimated 5% to revenues for the year as a whole, with volumes weaker.
Revenues in the year to December were £2.76 billion (£2.74 billion in 2022) with a pre-tax loss of £31.9 million against a profit of £27.5 million in 2022.
Gavin Slack, chief executive, said the results were robust despite ongoing market weakness, adding the group’s leading market positions will improve further when conditions improve.
No dividend is being paid for the year.
Shares were down 1.85p at 28.2p on Tuesday.