Strong first year for Ronez parent
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 Islands 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, with the Jersey market set to strengthen further. While demand in Guernsey remained below historical trends it too was expected to improve over time, according to SigmaRoc.
Executive chairman David Barrett reported that the company’s strategy had been successfully executed last year with four acquisitions to date and more in the pipeline. Ronez currently employs 150 people in the Channel Islands.
CEO Max Vermorken said that the company has a strong platform from which to grow.
‘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,’ he said.
Mike Osborne, managing director of Ronez, said that 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,’ Mr Osborne said.