David Barrett, Executive Chairman, 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 EBITDA2 from the cluster compared to the previous year. That 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. 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.”
SigmaRoc plc, the AIM listed buy-and-build construction materials group, this morning announced its audited results for the year ended 31 December 2017.
|
Financial highlights1 |
31 December 2017 |
31 December 2016 |
|
Underlying Revenue |
£27.1m |
£0.0m |
|
Underlying EBITDA |
£5.5m |
(£2.4m) |
|
Underlying EBITDA margin |
20.3% |
n/a |
|
Underlying profit before tax |
£2.6m |
(£2.4m) |
|
Underlying EPS |
2.0p |
(1.4p) |
|
Cash |
£7.0m |
£0.2m |
1 Underlying results are stated before acquisition related expenses, certain finance costs, share option expense and warranty & indemnity insurance. References to an underlying profit measure throughout this Annual Report are defined on this basis.
Highlights
§ Targeted improvements exceeded: 37% EBITDA2 uplift on 11% sales growth
§ Platform for growth established: four acquisitions in first year across two clusters
§ Solid asset backing confirmed: £41m Ronez asset valuation up from £22m
§ Ronez drill results successful: Expected quarry life of 40 years
§ Employee engagement strengthened: delivered Lost Time Injury free year
§ Overall execution of strategy successful: Group ready for further growth
2 Year on year unaudited operational improvements when comparing Ronez unlevered operational results for 31/12/2016 with unlevered operational results (operational results exclude parent Company) of the Group for 31/12/2017.
Max Vermorken, CEO, commented: “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.”
