Strong first half for SigmaRoc
Profits and revenue increase following solid performances from Ronez and SigmaGys
FOR the six months ended 30 June 2017, SigmaRoc, the AIM-listed buy-and-build construction materials group, reported a 52.6% increase in operational EBITDA, to £2.9 million, on a like-for-like-basis, compared with the first half of 2016 (£1.9 million).
First-half operational profit rose 100% to £2.0 million (H1 2016: £1.0 million) on revenue that was up 11.8% to £13.1 million (H1 2016: £11.8 million).
As part of the company’s buy-and-build strategy, in January 2017 SigmaRoc successfully acquired Channel Island construction materials producers Ronez Ltd from Aggregate Industries for £45 million, and in April they acquired a dry bulk carrier ship and established a new shipping division, SigmaGys Ltd.
Commenting on the interim results, SigmaRoc’s executive chairman, David Barrett, 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.
‘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’s chief executive officer, 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, chief financial officer and deputy chief executive officer of Aggregate Industries, added: ‘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 their chairman and chief executive.’
