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LONDON (Alliance News) - SigmaRoc PLC on Friday reported a sharp rise in first half profit and revenue on the back of a contribution from acquisitions and a good performance in the Channel Islands and Jersey market.
The AIM listed buy-and-build construction materials group recorded pretax profit of GBP2.3 million for the six months to June 30, multiplying from GBP387,648 recorded in the year-ago period. Revenue jumped by more than half to GBP19.9 million from GBP13.1 million.
Underlying earnings before interest, taxes, depreciation and amortisation more than doubled to GBP4.8 million from GBP2.3 million.
"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," said Chief Executive Max Vermorken.
SigmaRoc said it remains well positioned for the future and expects to meet board's expectations for the full year.
Shares in the company were trading down 0.2% at 41.40 pence each on Friday afternoon.
