LONDON (Alliance News) - Sigmaroc PLC on Thursday said profit more than quadrupled in 2018 following its acquisitions of Ronez Ltd, Topcrete Ltd, and Poundfield Products Group Ltd.
Shares in SigmaRoc were up 2.8% at 46.75 pence in London at midday.
Sigmaroc, a buy-and build construction materials firm, posted a GBP3.9 million pretax profit in 2018 - over four times its GBP849,494 profit in 2017. 2018 was the first full year consolidating all three acquired companies into Sigmaroc's annual results.
SigmaRoc bought quarry operator and construction materials business Ronez in January 2017 for GBP45.2 million. This was followed by another construction materials business, Topcrete, in October 2017 for GBP9.0 million and then concrete products supplier Poundfield for GBP10.25 million in December 2017.
The company's revenue for the year was GBP41.2 million, a rise of 52% from GBP27.1 million in 2017.
In 2019, the company raised GBP12.4 million through a share placing in order to part-fund its CCP Building Products Ltd GBP15.2 million acquisition and issued GBP2 million worth of shares to CCP's vendors to satisfy a deferred consideration payment of GBP750,000.
In April 2019, the company acquired a 40% equity interest in South Wales quarrying firm GDH Holdings Ltd for GBP4.9 million and has a GBP7.5 million option agreement for the remaining 60%.
SigmaRoc Executive Chair David Barrett said: "We successfully integrated the two UK specialist concrete businesses acquired late in 2017 and formed the SigmaPPG platform, expanding this further in January 2019 with the acquisition of CCP Building Products Ltd."
Chief Executive Max Vermorken said: "On a 52% uplift in revenue, we delivered [an approximately] 90% uplift in underlying [earnings per share] while our leverage ratio decreased. I think these are excellent numbers and testimony to the determination of our group."
Sigmaroc. (SRC)