Company reports another strong year of growth; changes to the Group’s board of directors
AIM listed buy-and-build construction materials group SigmaRoc have today (20 April) announced their audited results for the year ended 31 December 2019.
Revenue increased by 70.6% to £70.4 million (2018: £41.2 million), with underlying EBITDA up by 47.6% year on year to £14.5 (£9.8 million) and underlying pre-tax profit up 51.3% to £8.4 million (£5.5 million).
Four acquisitions were made during 2019 including Carrieres du Hainaut and Stone Holdings Ltd in Belgium, as well as CCP Building Products Ltd and a 40% holding in GDH (Holdings) Ltd in the UK. New ready-mixed concrete operations were also opened at Ronez in Jersey in February 2019.
David Barrett, SigmaRoc’s executive chairman (pictured), commented: ‘I am pleased to report another strong year in 2019 when we were able to substantially grow the Group, meeting our ambitious expectations for the year. We made four acquisitions during the year which collectively and on a pro-forma basis add £112 million in revenue and £17 million in EBITDA annually.
‘I am extremely proud of our continued progress and believe we are well positioned to successfully manage the challenges presented to our business by the COVID-19 pandemic.’
Max Vermorken, the company’s chief executive officer, said: ‘I would like to thank the great team we have at SigmaRoc for another excellent year. Through a combination of organic and acquisitive growth we increased revenue by 71% to £70.4 million, underlying EBITDA by 48% to £14.5 million and underlying EPS by 10% to 4.2p.
‘Looking forward, we have the COVID-19 crisis to navigate. The Group is well prepared to confront the potential consequences of the crisis and to then continue its growth story, thanks to the resilience of its great workforce and supportive unions. I am, therefore, optimistic about what we can achieve in the months ahead of us this year and beyond.’
A number of changes to SigmaRoc’s board of directors have also been announced today, all with immediate effect.
Further to the announcement of 11 September 2019, renowned industrialist Jacques Emsens, who was instrumental in building SCR-Sibelco NV into a world-leading materials solutions company, has now joined SigmaRoc’s board as an independent non-executive director. Mr Emsens’ expertise in the sand and minerals sector will be extremely valuable to SigmaRoc.
Simon Chisholm has also joined SigmaRoc’s board as an independent non-executive director and chairman of the audit committee. Mr Chisholm, who qualified as a chartered accountant and has over 20 years of experience working in the investment arena, is currently founder and managing director of Feros Advisers Ltd and has previously worked as a fund manager investing in European equities at Singer & Friedlander, Henderson Global Investors and other large institutions.
In addition, chartered accountant Dean Masefield has joined SigmaRoc’s board as an executive director and chief financial officer (CFO). Mr Masefield joined SigmaRoc in 2017 taking on the roles of financial director for the Ronez Platform and then deputy CFO to the Group in 2019.
Prior to joining SigmaRoc, Mr Masefield served as head of finance of BNP Paribas Channel Islands and Isle of Man and later Equiom Channel Islands, overseeing all accounting, reporting, regulatory and systems aspects for tens of billions of US dollars in assets under management.
Commenting on the appointments, chairman David Barrett said: ‘We would like to extend a very warm welcome to Jacques and Simon upon their appointments to the board and congratulate Dean on his promotion to CFO and board member. Each party brings valuable and relevant expertise to the Group and we look forward to their contributions as we continue our buy-and-build growth strategy.’
