SIG Group (LON:SHI) said that sales had started to pick up towards the end of 2020 but it missed out on the DIY boom in 2020 experienced by the likes of Wickes and Kingfisher.
The insulation and roofing materials specialist confirmed the final quarter of the year to end December had seen a like-for-like improvement of 4%, but this was not enough to make up an earlier shortfall.
Revenues for the year were £1.87bn, down 13% and in line with a trading update though underlying operating losses were slightly better than expected at £53.3mln against a forecast of £57-61mln.
Pre-tax losses were almost doubled at £202mln as SIG took a charge of almost £90mln for impairments and onerous contract write-downs.
Net debt at the year-end was £238mln since when the group has completed the sale of its air handling division for a net cash inflow of £148mln.
Steve Francis, chief executive, said: "I am delighted that due to our Return to Growth strategy we delivered a solid second half and have begun to return the business to growth after a long period of decline.“
There was no dividend, but the intention is to resume payments covered 2-3 times by underlying earnings going forward said the statement.