SigmaRoc plc, which acquired local construction materials and services
business Ronez last year, has reported strong first year results with
underlying profit before tax of £2.6m.
The company has confirmed that there is 40 years’ worth of reserves in the
Channel lslands at the predicted level of demand and Ronez’ assets have
been re-valued upwards from £23m. to £41m.
There was a sustained demand for the company’s products and services in
both islands for road maintenance, infrastructure and housing. The Jersey
market was set to strengthen further and while demand in Guernsey remained
below historical trends it was expected to improve over time.
In the results for the 2017 financial year SigmaRoc Executive Chairman David
Barrett reported that the company’s strategy had been successfully executed
with four acquisitions to date and more in the pipeline.
He said that targeted operational improvements through efficiencies and
synergies had been exceeded.
The board recognised the effort made on the islands to keep all employees
focused on health and safety resulting in a lost time injury-free year.
SigmaRoc CEO Max Vermorken said: “The upward revaluation of our
Channel Islands fixed assets, together with the freehold land in our UK
precast cluster, shows the strong asset backing underpinning our business.
This provides a strong platform from which to grow and we look forward to
further development in 2018.”
Mike Osborne, Managing Director of Ronez, said: “SigmaRoc chose Ronez as
the cornerstone asset upon which to build its business. It is rewarding to be
part of a company showing such strong first year results.”
Ronez employs around 150 people in the Channel Islands.