SigmaRoc plc (LON:SRC), the buy-and-build construction materials group delivered a solid underlying performance for the year ended 31 December 2017, with results in-line with management expectations.
– The first year of operations saw operational efficiencies achieved ahead of schedule, resulting in a positive financial performance for the group, further strengthened by the acquisition of two value accretive businesses in Southern and Eastern England.
– Optimisation initiatives for the newly purchased businesses have been launched. The Board expects that these businesses will be structurally embedded and operationally integrated within H1 2018, with further operational improvement to follow as management delivers on its optimisation programme.
– Trading in the Channel Islands has seen a slight increase year-on-year, with a slightly stronger market in Jersey, while Guernsey remains below its historical average performance.
– The precast concrete cluster in Southern and Eastern England has seen good performance in Q4 2017 and a good year 2017 overall.
– The Board looks forward to creating further shareholder value through the continuing delivery of its buy and build strategy and the extraction of further value from synergies of its most recently acquired businesses in 2018.
David Barrett, SigmaRoc plc Chairman, commented: “I am pleased to report that our first full year has produced a performance in line with our expectations and forecasts. We are confident that 2018 will be another year of transformational growth from both our current businesses and pipeline of further opportunities”.
Max Vermorken, CEO, commented: “We are very pleased the roll-out of our strategy is progressing at a solid pace. With our recent acquisitions forming a strong precast cluster we look forward to extracting further value by bringing our assets closer together and extracting synergies”.
