SigmaRoc Sees Strong First Half Following Ronez Reverse Takeover
LONDON (Alliance News) - SigmaRoc PLC on Wednesday said it had a strong first half of 2017, reporting that revenue grew significantly and pretax profit rose following acquisitions earlier in the year.
In January SigmaRoc acquired Ronez Ltd in a reverse takeover, a Channel Island construction materials producer, for GBP45 million.
The company also successfully acquired a dry bulk carrier ship and created SigmaGsy Limited, a shipping division, in April.
Pretax profit for the first half of 2017 grew to GBP387,648 from GBP160,633 in the same period in 2016, despite exceptional items related to the acquisition.
Revenue also rose significantly to GBP13.2 million from GBP36,000 thanks to acquisition of Ronez, and despite a slow market in Guernsey.
The building investment and operational company said the "solid performance" is "significant" given the challenges of an ownership change, the creation of a new back office and the addition of a new shipping division.
Max Vermorken, chief executive officer of SigmaRoc said: "the acquisition of Ronez and integration of our first business was a defining moment in our journey. The first half of this year was not without challenges, but the results to date show we are on track with the delivery of our strategy."
"As a team and as a business we are in a solid position to build on this first step and deliver further shareholder value, through future acquisitions and further operational improvement," Vermorken added.
Sigma Roc said its outlook for the remainder of 2017 and into 2018 remained positive for itself and the businesses its has acquired.
David Barrett, executive chairman said that the company expects demand for building materials in the Channel Islands to remain steady due to several major projects. He also noted that SigmaRoc's efforts to find, acquire and improve local businesses has gain momentum following the successful integration of Ronez.
Shares in SigmaRoc were up 1.5% at 42.00 pence on Wednesday.
By Gem Sofianos; [email protected]
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