Building supplies giant SIG has named a new boss as the group reported an annual pre-tax loss of £106.3m off the back of a “disappointing” 2016.
The FTSE 250-listed firm revealed today that Meinie Oldersma, currently boss of engineering parts distributor Brammer, will join the group as chief executive from next month.
Mr Oldersma, who has been with Brammer for eight months, will take over from SIG interim boss and former Amey chief Mel Ewell.
Mr Ewell has been holding the reins at SIG since previous chief executive Stuart Mitchell left the group suddenly in November following a profit warning.
SIG said today that the statutory pre-tax loss in the year to 31 December was partly caused by a £100.4m impairment charge on its French roofing business Larivière.
On an underlying basis, pre-tax profits from continuing operations slid 12.5 per cent to £77.5m.
Group revenue rose 10.9 per cent to £2.85bn.
Mr Ewell – who will remain as a non-executive director at SIG – said the group, which supplies insulation, roofing, commercial interiors and other building products, was “disappointed” with the results.
He added: “Although the board believes that the group’s strategic direction is correct, implementation has proved challenging.
“Accordingly, since November we have slowed or stopped a number of internal initiatives, which will allow our team to refocus on customers and sales growth in order to generate cash and improve return on capital employed.”
SIG said the first two months of 2017 had been “in line” with the board’s expectations, but added “markets remain competitive” and it was experiencing “some supplier price inflation”.
Shares in SIG were up more than 10 per cent by mid-morning.
Mr Ewell was appointed to the HS2 board as a non executive in September.