SigmaRoc PLC Trading Update (3236P)
09 Giugno 2020 - 8:00AM
UK Regulatory
TIDMSRC
RNS Number : 3236P
SigmaRoc PLC
09 June 2020
9 June 2020
(EPIC: SRC / Market: AIM / Sector: Construction Materials)
SIGMAROC PLC
( ' SigmaRoc ' , the 'Company' or the 'Group' )
Trading update
Group returns to normal operating activity levels from May
SigmaRoc plc, a heavy construction materials Group active in the
UK, Channel Islands and the Benelux, is pleased to update the
market on its resilient trading performance across the first five
months of 2020.
Trading performance
For the five-month period ended 31 May 2020, the Group reported
unaudited revenues of GBP42m. This represents 84% of revenues
recorded for the same period in 2019 on a like-for-like basis
adjusting for subsequent acquisitions ('pro-forma'). Comparing
pro-forma monthly performance to the prior year, Group revenues
tracked at 60% in April and recovered to 98% in May. As a result,
each platform within the Group, and the Group itself, has been
EBITDA positive for each month of this year-to-date.
Operations
SigmaRoc has rigorously implemented government recommended
health and social distancing protocols across all its operating
regions. As such, the Group is pleased it could continue to operate
at the majority of its operations and continue to serve customers,
pay suppliers and thereby support its local communities in
difficult times.
Across the months of April and May, restrictions in the Channel
Islands were lifted allowing the Ronez operations to resume more
normal trading, albeit against a backdrop of somewhat reduced
activity in road contracting in Guernsey and certain major projects
in Jersey.
In the UK, the Group's PPG and South Wales platforms scaled up
towards full production at the end of April and into May as RMI and
housing demand recovered. The supply of large-scale precast
concrete products for infrastructure projects helped the PPG
platform deliver good results. South Wales relied more heavily on
the reopening of local road and civil engineering schemes, which
gradually happened across May.
Operations in Belgium remained active throughout April, albeit
at a lower activity level. Production activity returned to full
capacity in May as order books recovered to standard run rates. By
the end of May, shipments of dimension stone materials had returned
to pre-COVID-19 levels. Aggregate supplies resumed with the
reopening of our partner's operations in May.
Financial position
As a result of the solid trading performance and effective cash
management strategies implemented, SigmaRoc's cash position
increased from GBP11m to GBP13.5m during the two months to 31 May
2020, while its long-term debt position remained largely unchanged.
SigmaRoc's adjusted leverage ratio, which was approximately 2 times
underlying EBITDA on 31 March 2020, is expected to remain at
similar levels when covenant tests are calculated on 30 June 2020.
SigmaRoc retains the ability to draw further bank funding within
its existing facilities but does not presently foresee the need to
do so.
Summary and outlook
The Group has delivered excellent results in the face of
uncertainty, rapidly changing conditions and challenging working
environments, thereby further demonstrating the resilience of its
business model.
Providing accurate guidance for the remainder of the year would,
however, be premature. Too many uncertainties remain in terms of
future demand for construction materials in our key markets, as
well as the state of the wider economy. However, the resilience of
the business through April, together with the recovery in activity
levels during May, gives the Board confidence that SigmaRoc will be
able to manage effectively through the crisis and maintain progress
in its growth strategy.
David Barrett, Chairman of SigmaRoc, commented:
"I am very pleased to be reporting relatively strong results in
a time of great uncertainty. The whole economy has felt the heavy
impact the COVID-19 crisis has brought with it and so have we.
However, our business model and management team have allowed us to
respond quickly and effectively. I believe this further
demonstrates the strength of our strategy and its
implementation."
Max Vermorken, CEO of SigmaRoc, commented:
"Firstly, I would like to thank all of the Group's team members,
who have shown exemplary drive and determination in the face of
uncertainty and difficulty. Secondly, I would like to express my
gratitude to our customers and suppliers who continued to support
their local economies while keeping their staff safe. Lastly, I am
proud of the flexibility of the SigmaRoc group in the face of fast
changing conditions. Being a decentralised, local and
entrepreneurial group allows us to be quick in our response in each
area of our business."
Information on the Company is available on the Company's
website, www.sigmaroc.com .
For further information, please contact:
SigmaRoc plc Tel: +44 (0)
Max Vermorken 207 002 1080
Strand Hanson Limited (Nominated and Financial Tel: +44(0) 207
Adviser) 409 3494
James Spinney / James Dance / Jack Botros
Liberum Capital (Co-Broker) Tel: +44 (0)
Neil Patel / Jamie Richards / Jonathan Wilkes-Green 203 100 2000
/ William Hall
Peel Hunt (Co-Broker) Tel: +44 (0)
Mike Bell/Ed Allsop 20 7418 8900
Rubik Communications (Financial PR adviser) Tel: +44 (0)
Andrea Mora / Charlotte Hollinshead 207 002 1080
info@rubikcomms.com
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014. Upon the
publication of this announcement via Regulatory Information
Service, this inside information is now considered to be in the
public domain.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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