Results for the year to December 31 2018 reveal a pre-tax profit of £28.5m compared to a £54.7m loss last time as turnover dipped to £2,741.9m from £2,878.4m.

SIG said its leadership team was overhauled as part of an ongoing transformation programme in response to previous losses.

Over the last two years 51 out of 78 senior managers have left the business.

Back office costs have also been slashed and total staff numbers fell 20% to 8,260 from 10,383 with “further headcount reductions” expected this year.

SIG Distribution – the Group’s specialist distributor of insulation and interiors products in the UK – delivered £20.9m of operating profit in 2018, up from £3.5m in 2017.

The turnaround at SIG Distribution has been headed by new Managing Director David Walmsley who “inherited a business that was ineffectively managed, with poor control over prices and costs, and high levels of stock.”

Meinie Oldersma, Chief Executive Officer, said: “As expected, our transformation strategy began to deliver during the year and we saw significant operational and financial progress in the second half.

“Despite challenging market conditions and lower revenue in our largest markets, our focus on pricing and profitability over volume, coupled with tighter control over operating costs, has enabled us to grow our gross margins and profit.”