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SigmaRoc report strong year in 2018

David Barrett

Full-year results for the 12 months ended 31 December show pre-tax profit more than doubled

AIM listed buy-and-build construction materials group SigmaRoc have reported another strong 12-month period in their audited results for the full year ended 31 December 2018.

The company saw underlying profit before tax increase by 113.8% to £5.5 million (2017: £2.6 million) and underlying EPS rise by 89.6% to 3.83p (2017: 2.02p) while reducing gearing and making substantial investments back into the business.

Underlying revenue increased by 52% to £41.2 million (2017: £27.2 million), while underlying EBITDA was up 78.5% to £9.8 million (2017: 35.5 million).  

SigmaRoc also saw 30% year-on-year operational EBITDA improvements versus the previous 12 months at newly acquired businesses Allen Concrete and Poundfield Products under SigmaPPG ownership.

Meanwhile, two major acquisitions completed post year end, including a high-PSV quarry in South Wales, increased the estimated reserves and resources of the Group to approximately 100 million tonnes, with 26 operational sites and 12 quarries across three platforms.

Commenting on the results, SigmaRoc’s executive chairman, David Barrett (pictured), said: ‘I am pleased to report another strong year in 2018 where we were able to exceed our expectations and build a solid business from which to continue to deliver on our growth strategy.

‘We successfully integrated the two UK specialist concrete businesses acquired late in 2017 and formed the SigmaPPG platform, expanding this further in January 2019 with the acquisition of CCP Building Products Ltd.

‘While doing this we were also able to achieve a 78.5% uplift in EBITDA compared with the prior year and continued to develop our acquisition pipeline. I am extremely proud of our progress and development and look forward to another successful year in 2019.’

Chief executive officer Max Vermorken commented: ‘On a 52% uplift in revenue, we delivered a c.90% uplift in underlying EPS, while our leverage ratio decreased. I think these are excellent numbers and testimony to the determination of our Group.

‘Financial performance is, however, not everything. We materially improved our safety culture across all new businesses, and we ensured our colleagues are engaged and motivated to deliver further improvements. As a result, we were able to deliver three important acquisitions in 2018 and early 2019 without losing focus on the underlying business.’

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