SigmaRoc PLC (LON:SRC) said it has more flexibility for acquisitions after selling a non-core plot of land for £5.5mln cash.
As the land was on the books with a value of £4mln, this has resulted in a £1.5mln net profit on disposal for the construction materials group.
Directors decided the land was no longer of strategic value and the sale would enable debt to be paid down, with gearing ratios now expected to be “significantly reduced”.
The AIM-listed company said the cash “affords the company additional flexibility, as it evaluates its acquisition pipeline and continues to optimise its capital structure”.
Its shares jumped 4% to 41.1p on Thursday afternoon.