SIG launched a cost-cutting strategy last year to focus on profit rather than turnover.

It said: “At SIG Distribution, the radical actions taken in 2018 to deliver a step change in performance continue to generate benefits. 

“The business intentionally brought a much lower, though more focused, base of business into 2019 which, coupled with the weak market conditions, resulted in like-for-like sales down 15.0% in the period. 

“However, this has been more than offset by the margin and cost actions taken over the last twelve months and as a result, the Board continues to expect significantly improved profitability in SIG Distribution in the current year. “

SIG added: “Trading conditions remain challenging and the outlook in many of our end markets remains uncertain, notably in the UK.”