Strong year for SigmaRoc exceeds expectations
Targeted improvements exceeded with a 37% EBITDA uplift on 11% sales growth in 2017
AIM-listed buy-and-build construction materials group SigmaRoc have announced that targeted improvements were exceeded in 2017 with audited full-year results showing 37% EBITDA uplift on 11% sales growth for the year ended 31 December. Underlying revenue and EBITDA for the year were £27.1 million and £5.5 million respectively.
Among other key highlights, SigmaRoc completed four acquisitions in their first year across two clusters and saw an upward revaluation of their Channel Island (Ronez) assets from £22 million to £41 million.
David Barrett, executive chairman of SigmaRoc, commented: ‘I am pleased to report a strong year in 2017 where we were able to exceed our expectations and build a solid platform from which to continue to deliver on our growth strategy.
‘We successfully integrated our Channel Islands cluster. With the launch of the trading business and by applying our operational expertise, we were able to deliver a 37% uplift in EBITDA from the cluster compared with the previous year. This highlights the value we are able to create from purchased assets and I look forward to updating the market at the appropriate time on the further development of our acquisition pipeline.’
Mr Barrett continued: ‘I am pleased with the progress of developing our UK specialist concrete business with our two acquisitions late last year. We expect these businesses to contribute to further profit development in 2018. I look forward with confidence and have every expectation of making further substantial progress this year.’
Max Vermorken, SigmaRoc’s chief executive officer, added: ‘Our strategy is performing well, having completed the first four months of 2018 with Group sales on target. The upward revaluation of our Channel Islands fixed assets, together with the freehold land in our UK precast cluster, shows the strong asset backing underpinning our business. This provides a strong platform from which to grow and we look forward to further development in 2018.’