Sigmaroc Share Discussion Threads

[mfhmfh] 20/4/2020 11:51

Liberium Capital today reiterates buy rating with a 60p target price.

[arregius] 20/4/2020 09:59

Very happy to hold through turmoil

[masurenguy] 20/4/2020 08:21

Topped up on my initial 25 March investment !

[konkel] 20/4/2020 08:15

Onwards and upwards :-)

[masurenguy] 20/4/2020 07:46

Annual Results Summary

I am very pleased to report a strong year financially for the Group, during which we exceeded our ambitious financial targets, while continuing to expand our business. We completed four acquisitions during the year, with CCP in January, GDH in April, Stone in September and then CDH in October.

In our full 2019 financial year, the Group generated revenue of £70.4 million (2018: £41.2 million) and underlying EBITDA of £14.5 million (2018: £9.8 million). The underlying profit before taxation for the Group for the year ended 31 December 2019 was £8.4 million (2017: £5.5 million).

The loss for the Company for the year ended 31 December 2019 before taxation amounts to £4.7 million (2018: loss £0.9 million), which includes £3.6 million of non-underlying expenses.

The Board monitors the activities and performance of the Group on a regular basis. The Board uses financial indicators based on budget versus actual to assess the performance of the Group. The indicators set out below will continue to be used by the Board to assess performance over the period to 31 December 2020.


2019 2018
------------------------- ------------- -------------
Cash and cash equivalents £9,867,696 £3,771,735
------------------------- ------------- -------------
Revenue £70,362,472 £41,241,673
------------------------- ------------- -------------
Underlying EBITDA £14,534,647 £9,823,080
------------------------- ------------- -------------
Capital expenditure £3,384,363 £6,670,447
------------------------- ------------- -------------

Cash generated from operations was £2.1 million (2018: £5.5 million) with a net increase in cash of £6.1 million (2018: net decrease of £3.2 million). In October 2019, the Group raised in aggregate,£33 million in relation to the acquisition of CDH, which resulted in a net cash surplus of £5 million after paying cash consideration and associated transaction costs. Revenue and underlying EBITDA is in line with expectations and management forecasts.

CORONAVIRUS UPDATE

Since the end of February 2020, we have been working to prepare our business for scenarios that I do not think anyone could have anticipated, namely, those brought about by the impact of the Coronavirus pandemic. Fortunately, as a team, we believe were ahead of most and found ourselves in a good position to help protect our staff and our business from the potential consequences of COVID-19.

Government regulations in the UK and Belgium indicated our activities could continue, as long as all health recommendations were followed. In the Channel Islands the indications changed over time. As a management team, we debated the matter extensively, to conclude that if we could guarantee correct social distancing and hygiene measures, staying open where permitted was the right answer. While keeping our staff out of harm was our key focus, our second priority had to be supporting our local economies and communities by paying our bills and supplying materials required for projects such as hospitals and road infrastructure. If we could continue to operate and trade, we were not a burden to the economy, but in fact, contributing to it. This ultimately felt like the right approach.

As a result, the Group had to close all but essential infrastructure maintenance operations, in both Guernsey and Jersey, for a period of 14 days commencing effective from 26 March 2020 and 4 April 2020 respectively. Guernsey has remained closed up until the publication of these Accounts, however, there is an expectation of an easing of restrictions and a controlled restart of business activity during the week commencing 20 April 2020. The Jersey Government has implemented a permitting system that is progressively facilitating the reopening of accredited construction sites and small works. At the time of writing modest supplies have commenced, with an acceleration in the Group's operations expected to commence from 20 April 2020.

In the UK, the Group remains active across all sites, albeit at reduced volume levels, supplying product where doing so is an economically viable proposition for its customers. In this context, the Group has decided to suspend some of its production capacity and supply from stock. In Wales, G.D. Harries remains active across a number of civil engineering and road maintenance contracts, having reduced production and haulage capacity in-line with current local demand. The Group's Belgian businesses also remain operational with the support of staff and unions, supplying bluestone to a reduced number of active customers. The Group's partner in the sale of aggregates from its Soignies quarry has decided to close its production entirely until further notice. However, the Group continues to supply customers from its other aggregate quarries near the town of Huy.

We firmly believe that the Group is in a strong position. We have remained operational where permitted and where deemed safe, selling product, collecting cash and paying suppliers. We are supplying products to those who needed them for their activities, including hospitals and for maintenance of roads. Wherever possible we have helped local communities without forgetting our mandate to our shareholders.

[zcaprd7] 16/4/2020 17:21

Canny timing as well...

[konkel] 14/4/2020 07:18

AKA Peter Tom, formerly of Breedon!!

[konkel] 14/4/2020 07:18

Should keep the Board on its toes :-)

[arregius] 14/4/2020 07:05

Hermco Property Limited

[konkel] 09/4/2020 10:31

The buyer will be more interesting...

[arregius] 09/4/2020 10:04

Polar capital was the seller...

[zcaprd7] 08/4/2020 12:41

I mean top up strictly speaking, still waiting, but then I thought the drop was a bit over done...

[arregius] 08/4/2020 09:31

Nowis a very good entry point

[zcaprd7] 07/4/2020 12:35

Sigh, been looking for an entry point...

[masurenguy] 07/4/2020 10:30

Had to resort to a Limit Order in order to add earlier this morning at under 25p but I could only get 70% of the volume at the Offer price that I was seeking at that time.

[arregius] 07/4/2020 09:53

Lets go uppp uppp

[jonny_five111] 07/4/2020 09:25

NT to buy for the last half hour

[konkel] 07/4/2020 09:04

Polar Cap have sold, awaiting news on the buyer.
Only declared seller now out of the way...onwards and upwards :-)

[jonny_five111] 07/4/2020 08:59

I'm scaling in now. That big print is the sign to start buying.

[arregius] 07/4/2020 08:54

Maybe is what have kept share price down?

[itsnotmeitsy0u] 07/4/2020 08:25

Reckon it was Polar Cap imo

[masurenguy] 07/4/2020 08:23

A large Sell of 16.68m shares (6.6% of the shares in issue) @17p - 25% below the Bid - this morning. This must have been one of their 3 largest institutional shareholders - M&G Investment Management, Ravenscroft Investment Management or Polar Capital - who all hold a greater position than this. It will be interesting to see who has sold - and who has acquired - such a significant chunk of the equity, when the RNS is duly published.

[johnyee 7] 07/4/2020 08:20

That was a big dump,16.6 million shares.Wonder if anyone else picked them up?