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SigmaRoc Plc reveals “very strong” performance, shares rise

SigmaRoc shares (LON: SRC) are trading over 5% higher on Wednesday after the group’s revenue surged by 78%.

The construction materials group posted a rise in revenue to £114m for the 11 months to the end of 30 November 2020.

Full year underlying results are expected to be ahead of current market expectations, commenting in an update: “The Group is optimistic as to the potential normalising market conditions in 2021 and has been buoyed by the UK Government’s commitment to infrastructure investment as part of its COVID-19 recovery strategy.”

SigmaRoc has reported strong cash generation, which has resulted in an increase in cash and equivalents to £14.5m at 30 November 2020, subsequent to acquisition of the remaining 60% equity interest in GDH from cash reserves.

The company plans to repay £250,000 in UK funding assistance.

The SigmaRoc chief executive, Max Vermorken, commented: “The Group’s performance for the eleven months to 30 November 2020 is very strong given the context and risks we faced. The Group has continued to demonstrate that a decentralised business model focussed on local markets is a robust approach in our industry, particularly in challenging times. The Group is supported by a solid asset base and will continue to confront all challenges head-on while executing on its buy-and-build strategy to deliver further shareholder value.”

SigmaRoc shares (LON: SRC) are trading +6.07% higher at 55,95 (1437GMT).

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