24th Jul 2023 11:58
(Alliance News) - SigmaRoc PLC on Monday said its interim revenue grew on higher market demand and said it will maintain its full-year expectations.
The London-based buy-and-build group targeting construction materials assets in the UK and Northern Europe said revenue for the six months ended June 30 rose by 17% to GBP290 million from GBP247 million a year prior.
This was driven by "dynamic pricing", SigmaRoc said, as well as "robust demand" in infrastructure and quicklime markets.
Underlying earnings before interest, tax, depreciation and amortisation for the period was up by 15% to GBP55 million from GBP48 million the year before.
Cash at June 30 was 37% higher at GBP63 million from GBP46 million at the same time a year prior.
SigmaRoc also said on Monday its pipeline of acquisitions, which consists of 12 projects, has been successfully executed and expects it to contribute to an additional GBP8 million in Ebitda.
This comes after the company proposed a GBP30 million fundraise via the issue of up to 55.6 million new shares at an issue price of 54 pence per share back in February.
This was to fund identified strategic acquisitions and organic growth investment projects, which included 10 companies for a total GBP39 million and a further "four organic growth and carbon footprint reduction projects" for a total GBP8 million.
Looking ahead, SigmaRoc said it expects to continue delivering a "resilient performance" and said its full year expectations are unchanged. Market consensus for the company is revenue of GBP597.0 million and an underlying Ebitda of GBP108.7 million.
The company also added it continues to be cash generative and expects cash flow to be more weighted in the second half of the year.
Shares in SigmaRoc were up 1.7% at 63.44 pence each in London on Monday midday.
By Sabrina Penty, Alliance News reporter
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