SigmaRoc Plc (LON:SRC) CEO Max Vermorken talks to DirectorsTalk about its annual results for 2016. Max talks us through the results, why Q1 was important, what steps were taken to drive the improvement and what the market can expect during 2017.
Nick Chalmers Director of Metals and Mining at Zeus Capital also joins us to chat about the release of the annual results for 2016. Nick explains how the company is looking, how the business gone since SigmaRoc took control of Ronez at the start of 2017, what has driven this improvement and what’s next for the wider group.
The company, which was established to pursue a buy-and-build strategy in construction materials markets, yesterday announced its results for the year ended 31 December 2016. These results pre-date the acquisition of Ronez Limited (‘Ronez’), SigmaRoc’s first acquisition completed in January 2017.
· Change of company name to SigmaRoc plc and approval of new investment strategy
· SigmaRoc raises £50m in December 2016 to fund Ronez acquisition
· Acquistion of Ronez for £45m, with the transaction completing on 5 January 2017
· Ronez 2016 revenue of £24.4m, EBITDA of £4.9m and profit before tax of £3.1m
· Creation of SigmaGsy Limited in April 2017, a subsidiary dedicated to bulk shipping around the British Isles and northern Europe
· Q1 performance to 31 March 2017, which includes Ronez Ltd, has been strong with EBITDA 12% higher for Q1 compared to Q1 in the prior year.
David Barrett, Chairman of SigmaRoc Plc, said: “We are delighted to have successfully acquired Ronez, and have been further encouraged by progress in the first quarter of this year. We are in a strong position, underpinned by a solid cash generative AIM listed platform from which to further deliver on our buy-and-build strategy.”