SigmaRoc PLC – Final Results

SigmaRoc PLC – Final Results

SigmaRoc plc, the AIM listed buy-and-build construction materials group, is pleased to announce its audited results for the year ended 31 December 2018.

Financial highlights1

31 December 2018

31 December 2017

Change

Underlying revenue

£41.2m

£27.2m

+52.0%

Underlying EBITDA

£9.8m

£5.5m

+78.5%

Underlying profit before tax

£5.5m

£2.6m

+113.8%

Underlying EPS

3.83p

2.02p

+89.6%

Net debt

£16.0m

£11.8m

+35.6%

1 Underlying results are stated before acquisition related expenses, certain finance costs, share option expense and warranty & indemnity insurance

Operational highlights:

  • More than doubled underlying profit before tax and close to doubled underlying EPS while reducing gearing and making substantial investments back into the business;
  • SigmaPPG platform created combining precast products offering and establishing basis for further growth in 2019;
  • 30% year-on-year operational EBITDA improvements versus previous 12 months at newly acquired businesses Allen and Poundfield Products under SigmaPPG ownership;
  • Acquisition of high PSV quarry in South Wales, with 120% resource increase post acquisition, to start third platform
  • Continued execution of strategy with two substantial transactions completed post year-end and acquisition pipeline under continued active development; and
  • Two major acquisitions, post period, which increases the estimated reserves and resources of the Group to approximately 100mt, 26 operational sites and 12 quarries across three platforms.

David Barrett, Executive Chairman, commented:

“I am pleased to report another strong year in 2018 where we were able to exceed our expectations and build a solid business from which to continue to deliver on our growth strategy.”

“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 Limited. While doing this we were also able to achieve a 78.5% uplift in EBITDA compared to the prior year and continued to develop our acquisition pipeline.”

“I am extremely proud of our progress and development and look forward to another successful year in 2019.”

Max Vermorken, CEO, commented:

“On a 52% uplift in revenue, we delivered a c.90% uplift in underlying EPS, while our leverage ratio decreased. I think these are excellent numbers and testimony to the determination of our Group.”

“Financial performance is, however, not everything. We materially improved our safety culture across all new businesses. We ensured our colleagues are engaged and motivated to deliver further improvements. As a result, we were able to deliver three important acquisitions in 2018 and early 2019 without losing focus on the underlying business.”

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