SigmaRoc PLC (LON:SRC) has revealed that it generated revenues of £42mln during the five months to the end of May 2020.
This represents 84% of revenues recorded for the same period in 2019 on a like-for-like basis, adjusting for subsequent acquisitions.
WATCH: SigmaRoc has been trading profitably each month of this year-to-date
Comparing pro-forma monthly performance to the prior year, group revenues tracked at 60% in April and recovered to 98% in May. Each platform within the group, and the group itself, has been EBITDA positive for each month of this year-to-date, the group said in a trading update.
SigmaRoc has rigorously implemented government recommended health and social distancing protocols across all its operating regions. As such, it continued to operate at the majority of its operations.
Across the months of April and May, restrictions in the Channel Islands were lifted allowing the group's 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 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-coronavirus levels. Aggregate supplies resumed with the reopening of the group's partner operations in May.
As a result, SigmaRoc's cash position increased from £11mln to £13.5mln during the two months to May 31, 2020, while its long-term debt position remained largely unchanged. SigmaRoc retains the ability to draw further bank funding within its existing facilities but said it does not presently foresee the need to do so.