SigmaRoc, the AIM listed buy-and-build UK construction materials group, saw its operational profit double from £1 million to £2 million in the first half of 2017 compared to the same period last year.
Further unaudited interim results for H1 2017 show the company’s revenue rose by 11.8% to £13.1 million, compared to £11.8 million in H1 2016. Meanwhile, Operational EBITDA was up 52.6% in the half year figures to £2.9 million from £1.9 million in the first half of last year.
Other key highlights for SigmaRoc in H1 2017 were:
• Successful acquisition of Ronez Limited (‘Ronez’), the Channel Island construction materials producer in January for £45m
• Successful acquisition of a dry bulk carrier ship and the creation of SigmaGsy Limited (‘SigmaGsy’) shipping division
in April 2017
• Santander Term facility of £18m secured in addition to £2m revolving credit facility;
• Successful creation of back office infrastructure significantly ahead of time and budget;
• Successful launch of the Gold Card initiative for Safety and Operational reporting;
• Creation of share save scheme for colleagues at Ronez and SigmaGsy;
David Barrett, SigmaRoc executive chairman, said: “I am pleased to report a strong first half of 2017, with solid performances by both Ronez and SigmaGsy. This performance is all the more significant, given the challenges created by an ownership change, creation of a new back office and the addition of a new shipping division.
“I am also very pleased to see how our colleagues at Ronez have embraced their independence and helped us deliver these results. Ronez is, as we knew, a high quality business and an excellent example of SigmaRoc’s operating model in practice; buying a local business and improving its ability to perform in highly localised markets.
“Looking ahead, to the rest of the year and beyond, the Company’s prospects are positive. Demand for building materials in the Channel Islands, driven by several major projects, is expected to remain steady, while our efforts to find, acquire and improve local businesses has gained further momentum, now we have successfully integrated Ronez.”
Max Vermorken, SigmaRoc CEO, commented: “The acquisition of Ronez and integration of our first business was a defining moment in our journey. The first half of this year was not without challenges, but the results to date show we are on track with the delivery of our strategy. As a team and as a business we are in a solid position to build on this first step and deliver further shareholder value, through future acquisitions and further operational improvement.”
John Bowater, CFO and Deputy CEO of Aggregate Industries, said: “We are pleased to see that following the sale of Ronez to SigmaRoc, the transition of ownership has been smooth and successful. This is a real testimony to the ability of the team at SigmaRoc under the guidance of its Chairman and Chief Executive.”
