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SigmaRoc plc, which bought Ronez last year, has reported strong first year results with an 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
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.
Pictured: Ronez quarry in Guernsey
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