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LONDON (Alliance News) - SigmaRoc PLC said on Monday that it swung to a profit in 2017 as a result of acquiring Ronez Ltd.
For the year ended December 31, the construction company made a pretax profit of GBP849,494, swinging from a GBP2.4 million loss the year before.
Total revenue was GBP27.1 million, compared to practically nothing in 2016. Of the GBP27.1 million revenue, GBP26 million was the result of SigmaRoc's Ronez acquisition.
SigmaRoc acquired Ronez, a Jersey-based quarry operator and producer of construction materials, for GBP45.2 million in January 2017. Ronez made a GBP2.6 million pretax profit in 2017.
SigmaRoc says it does not intend to pay a dividend for the 2017 year as it is focused on "delivering capital growth for shareholders."
"The outlook for the group is very good. The markets in the Channel Islands are performing as expected. Jersey remains on trend...In Guernsey, after a number of subdued years, we are seeing volumes slightly up in 2018. The trend remains below some of its historically stronger years and we see potential for continued recovery over time," said SigmaRoc Executive Chairman David Barrett.
The company's chief executive officer, Max Vermorken, said that the company has progressed in the first quarter of this year and that SigmaRoc's "strategy is performing well, having completed the first four months of 2018 with group sales on target."
Shares in SigmaRoc were up 3.3% at 39.58p each on Monday.
