SigmaRoc plc Exceeded expectations with 37% EBITDA increase year on year

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.”

Click to view all articles for the EPIC:
Or click to view the full company profile:
    Facebook
    Twitter
    LinkedIn
    SigmaRoc Plc

    More articles like this

    SigmaRoc Plc

    INTERVIEW: SigmaRoc plc Results exceed expectations

    SigmaRoc plc (LON:SRC) CEO Max Vermorken talks to DirectorsTalk about a great set of results published today. Max talks us through the highlights, explains the strategy of operating local businesses as clusters and what this means,

    SigmaRoc Plc

    SigmaRoc PLC Completion of Poundfield Products Group Acquisition

    SigmaRoc Plc (LON:SRC), the AIM quoted buy-and-build construction materials group, has today announced that further to the announcement on 13 December 2017 and following settlement of the Placing, the Company has completed the acquisition of Poundfield

    SigmaRoc Plc

    SigmaRoc PLC Board invest in company

    SigmaRoc PLC (LON:SRC), the AIM quoted buy-and-build construction materials group, announced today that, on 13 December 2017, David Barrett, Executive Chairman, purchased 115,000 ordinary shares of 1 pence each in the Company (“Ordinary Shares”) at a

    SigmaRoc Plc

    SigmaRoc PLC Acquisition of Poundfield Products Group & Placing

    SigmaRoc PLC (LON:SRC), the AIM quoted buy-and-build construction materials group, has today announced that it has entered into a conditional agreement to acquire Poundfield Products (Group) Limited (“Poundfield”), a UK-based group of businesses specialising in patented

    SigmaRoc Plc

    SigmaRoc PLC Strong H1 2017 results – Zeus Capital Comments

    SigmaRoc Plc (LON:SRC) has delivered strong H1 2017 results, its maiden set of financials to incorporate its Ronez vertically-integrated aggregates business on the Channel Islands which was acquired at the turn of the year. Operational level

    SigmaRoc Plc

    SigmaRoc plc Ronez up year-on-year in Q1 ‘17

    Reporting its 2016 results this morning, SigmaRoc Plc (LON:SRC) flagged a solid start to 2017 from its Ronez vertically-integrated aggregates business on the Channel Islands, the acquisition of which post-dates the reporting period. Q1 2017 EBITDA

    SigmaRoc Plc

    INTERVIEW: SigmaRoc Plc First quarter very positive

    SigmaRoc Plc (LON:SRC) CEO Max Vermorken catches up with DirectorsTalk to talk a little bit about the company and where it’s headed. Max provides us with an overview of the sector and its dynamics, how the

    Zeus Capital

    SigmaRoc plc Shipping subsidiary established – Zeus Capital

    SigmaRoc plc (LON:SRC) has established a new bulk-shipping subsidiary to support the material importation requirements of its Ronez vertically-integrated aggregates business on the Channel Islands. The initiative includes the £0.55m acquisition of a dedicated bulk cement

    Zeus Capital

    SigmaRoc plc Building differentiated growth – Zeus Capital

    With its £45m acquisition of Ronez Ltd, a vertically-integrated aggregates producer in the Channel Islands, SigmaRoc plc (LON:SRC) has emerged as a new, growth-orientated construction materials company. But utilising management’s experience with industry majors, its growth