(Correcting SigmaRoc's administrative expenses totalled GBP5.8 million in the six months to June 30, not GBP5.9 million.)
(Alliance News) - Building materials company SigmaRoc PLC on Monday reported a lower interim profit despite revenue rising.
Revenue for the six months to June 30 was GBP29.8 million, up 50% from GBP19.9 million a year ago. However, the firm's pretax profit fell 30% to GBP1.6 million from GBP2.3 million.
The lower profit was largely due to a rise in administrative expenses, up to GBP5.8 million from GBP2.7 million.
The firm said it expects to meet board expectations for the full year and is continuing due diligence on "a number of significant opportunities that we hope will translate into an enlarged footprint before the year ends".
"We have completed another half year with excellent progress on the acquisition and improvement front. Two businesses have joined the group expanding our footprint to South Wales and the North West of England, giving us further scale to the benefit of our group," said Chair David Barrett.
Chief Executive Max Vermorken said: "The second half should see us deliver more from our existing business and enter new markets with significant potential for the group. We remain optimistic as ever about the potential of our strategy and the results we can deliver for shareholders."
Shares in SigmaRoc were down 6.5% at 38.13 pence in London on Monday.
By Lucy Heming; lucyheming@alliancenews.com
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Sigmaroc. (SRC)