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H1 2018 - Interim results for the six months ended 30 June 2018

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SigmaRoc plc/ EPIC: SRC / Market: AIM / Sector: Mining

 

SigmaRoc plc (‘SigmaRoc’, the ‘Company’ or the ‘Group’)

Interim Results

 

SigmaRoc plc, the AIM listed buy-and-build construction materials group is pleased to announce its unaudited interim results for the six months ended 30 June 2018.  

 

Highlights:

 

6 months to 30 June 2018

6 months to 30 June 2017

Change

 

 

 

 

Revenue

£19.9m

£13.1m

+51.7%

Underlying1 EBITDA

£4.8m

£2.3m

+104.2%

Underlying1 EBITDA margin

23.8%

17.7%

+612bp

Underlying1 profit before tax

£2.8m

£1.2m

+139.3%

Underlying EPS

1.97p

1.04p

+90.2%

 

1 Underlying results are stated before acquisition related expenses, certain finance costs, share option expense and warranty & indemnity insurance.

 

Integration & operations:

 

  • Platforms established to facilitate growth in line with the Group’s stated buy and build strategy;
  • SigmaPPG platform created combining the Group’s precast products offering;
  • Commercial & operational excellence plan delivering strong improvements with continuing upside;
  • Back office consolidation underway to maximise benefits of group ownership;
  • Significant improvement plan commencing in Jersey concrete;
  • Shuttabloc agreement with Tarmac successfully delivered first project;
  • Culture of safety being embedded with zero LTIs in the period;
  • The Group now has 225 employees across six main sites.

 

Acquisitions:

 

  • Advanced review programme on multiple opportunities in the acquisition pipeline;
  • Consistent with delivering on the Board’s strategy to grow the existing platforms and establish new platforms that meet the strategic requirements of the Group with managed risk;
  • Strong result and integration of Group businesses achieved in parallel with development of new opportunities;

 

David Barrett, Executive Chairman, commented:

 

“With these results, the Board, management and employees of the Group have demonstrated their ability to deliver on the Group’s strategy. We are pleased that our shareholders will benefit from an EPS up 90.2% in the first half of the year with the group maintaining a comparable capital structure. We look forward to delivering further success and growth to all the stakeholders in our Group over the remainder of the year and beyond.”

 

Max Vermorken, CEO, commented:

 

“With profits more than doubling from sales up 52% against a generally stable market background, the Group has begun to realise the potential that was initially identified in these businesses prior to purchase. The fact this was delivered in parallel with the development of our acquisition pipeline is testament to the ability and capacity of the Group we have been able to build. With the market, industry structure and acquisition pipeline opportunity remaining as good as ever, we look forward to actively developing our Group further and to updating all stakeholders on new opportunities in due course.”

 

 

An analyst meeting will take place at 9.00 a.m. today at the offices of Berenberg, 60 Threadneedle St, London EC2R 8HP with conference call available. Please contact Ben Feder on 02071297828 or email ir@sigmaroc.com for dial-in details. A presentation for the conference call will be available on the company website.

 

The full text of the interim statement is attached, together with detailed financial results.

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain.

 

Enquiries:

 

SigmaRoc

Tel: +44(0)207 129 7828

Max Vermorken / Ian Osburn

 

 

 

Strand Hanson (Nominated and Financial adviser)

Tel: +44(0)207 409 3494

James Spinney / Stuart Faulkner / James Dance

 

 

 

Berenberg (Joint Broker)

Tel: +44(0)203 207 7800

Ben Wright / Laure Fine

 

 

 

Media

Tel: +44(0)207 129 7828

Ben Feder

 

 

Click here to download the full document