SigmaRoc 2019 results and coronavirus update
Strong full-year performance expected; action being taken in response to COVID-19 pandemic
AIM quoted buy-and-build construction materials group SigmaRoc expect to report a strong performance from their businesses for the financial year ending 31 December 2019.
Results are expected to exceed analyst estimates, with consolidated unaudited Group revenues reaching £70 million, representing a 71% increase on the previous year, and underlying operational profits (EBITDA) of approximately £14 million, representing a 43% increase on the previous year.
The Group’s consolidated audited results for the year ending 31 December 2019 will be published on 20 April 2020.
In response to the COVID-19 pandemic, the Group has been taking various actions since 28 February 2020, including strict implementation of all government recommendations, the establishment of stringent safety measures, preparation of operational and financial contingency plans, and daily executive management reviews and managerial engagement with the workforce.
As a result, as at 24 March 2020: the Group remains operational across all its sites, though this is under continual review; operating conditions remain in line with government guidelines; all staff who can work from home are doing so; and any employee that displays symptoms or is considered to be at risk is required to stay at home.
Taking into consideration the Group’s current cash position and financial contingency plans, which do not factor in any anticipated government support, SigmaRoc are confident they have sufficient liquidity available to navigate the COVID-19 pandemic. Moreover, the Group’s credit facilities provide additional liquidity headroom.
Assuming safe conditions can be maintained across their operational sites, SigmaRoc say they remain committed to servicing their customers, keeping their workforce employed and supporting local communities.
Should further restrictions be imposed, the Group will remain available to support critical infrastructure projects at the behest of relevant government authorities. The board will continue to monitor the situation closely and further update the market as and when appropriate.
Max Vermorken, chief executive officer of SigmaRoc, commented: ‘I’m extremely pleased with the expected unaudited results for the 2019 financial year and am immensely proud of the way in which management, employees and unions have responded to this unprecedented pandemic.’