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(Alliance News) - SigmaRoc PLC on Monday said its first-half earnings climbed as the construction materials firm benefited from its "locally focused business model".
Revenue in the six months to June 30, was 83% higher year-on-year at GBP54.5 million from GBP29.8 million. Pretax profit surged to GBP3.5 million from GBP1.6 million.
"Despite this year's ongoing pandemic, the group's performance across the first six months of 2020 was extremely strong. Our decentralised, locally focused business model continues to prove successful in our industry, allowing us to operate and perform even in the face of global adversity," Chief Executive Officer David Barrett said.
In August, SigmaRoc exercised an option to buy the remaining 60% stake of aggregates supplier GD Harries for GBP7.3 million.
SigmaRoc added: "On the basis of no further significant impacts on the group's markets as a result of the pandemic, the board expects the recovery trends experienced through the third quarter to be maintained over the remainder of the year. As a result and with the benefit of the GD Harries acquisition, the board expects 2020 financial performance to reflect further significant year on year progress which could be further accelerated by a continued recovery in end-market conditions in 2021."
Shares in the company were 5.6% higher at 50.70 pence each in London on Monday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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