(Alliance News) - SigmaRoc PLC on Monday reported surging top and bottom line growth, boosted by acquisitions made in the past six months.
The quarried materials group posted pretax profit of GBP7.1 million for the half-year that ended June 30, more than double GBP3.5 million a year before.
Revenue grew 56% to GBP84.8 million from GBP54.5 million a year previously.
The positive financial results were partly attributed to acquisitions made in Belgium, which provided a "meaningful contribution" to the group's growth.
"In what remain challenging times, I am extremely pleased that our businesses have continued to perform so well. During the six-month period we have taken full control of the quarrying operations at Carrieres du Hainaut and have delivered the acquisition of the B-Mix Group," commented Executive Chair David Barrett.
Looking to the future, Chief Executive Max Vermorken said the conditionally agreed upon acquisition of limestone-based products manufacturer Nordkalk will be a "great stepping stone in the evolution of the group", and should expand SigmaRoc's footprint across Northern European markets, bringing significant earnings growth and cash generation.
Following the EUR470 million reverse takeover of Nordkalk, Sigma is targetting organic revenue growth of around 5% annually and return on invested capital of approximately 15%.
Shares in SigmaRoc were 2.9% higher at 104.44 pence on Monday morning in London.
By Will Paige; willpaige@alliancenews.com
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