SigmaRoc issue full-year trading update
2020 a year of continued strategic progress with final results expected to be ahead of current market expectations
IN a trading update for the full year ended 31 December 2020, AIM quoted buy-and-build construction materials group SigmaRoc say the strong trading performance set out in their update of 9 December 2020 continued through the end of financial year.
As a result, the Group expects to report final results ahead of current market expectations, with consolidated unaudited revenues of approximately £124 million, representing a 77% increase on the previous year, and EBITDA of approximately £23.8 million, representing a 64% increase.
SigmaRoc say continued focus on cash management, together with the positive trading momentum, resulted in good operational cash generation for the year, with adjusted leverage at 31 December of 1.7x, whilst the year-end cash position was £27.4 million, benefitting from the net proceeds from the equity raise in December 2020 of approximately £12 million.
The strong cash generation, together with the net proceeds of the equity raise and the new £125 million credit facilities also entered into in December, mean the Group is well positioned to accelerate its strategic development in 2021, as opportunities present themselves.
The board reports that good progress is being made in assessing development and acquisition projects to expand the Group’s footprint at three of its four platforms and expects to provide further updates on these activities before the end of the first quarter of 2021.
Max Vermorken (pictured), chief executive officer of SigmaRoc, commented: ‘Despite a very challenging backdrop, we were able to deliver excellent financial results and continued strategic progress in 2020, thanks to nearly 1,000 dedicated colleagues, a good business model and the support of our shareholders.
‘Whilst we remain mindful of the backdrop, we have started 2021 well, with progress on all fronts, be it trading, acquisitions, development of our footprint or the continued operational response to COVID-19. Our confidence in the longer-term prospects for the Group remains very high and we look forward to taking further positive steps in our development this year.’
SigmaRoc’s full-year audited results for 2020 will be published on 13 April 2021.