SigmaRoc's half-year revenue rises before changing direction of company

AIM-listed SigmaRoc’s half-year revenues rose before it de-listed its TeleMessage subsidiary post-period end and changed its name from Messaging International, as it shifted its sector focus and strategy in order to pursue acquisitions in the construction materials space .

In August, the company approved that a consortium of shareholders take TeleMessage private, with the cash shell left in its wake turning into the starting point for a new venture whose focus will be to buy and build in the construction materials market which is thriving in emerging markets.

For the six months ended 30 June, before the company sold its software business, revenues increased 13% to £1.9m, in comparison to the same period last year.

Pre-tax profit swing to a profit to £272,509 from a previous loss of £85,502.

At the end of August, the company raised £500,000 through a placing of 208.3m shares of 0.001p each at 0.0024p, to provide working capital for potential acquisitions.

Chief executive Max Vermorken, said: “The board looks forward to using the opportunity granted by the investment community to build out its strategy into a solid cash flow generative business with significant growth potential.

“Its focus is entirely on generating long-term attractive returns for investors. It will therefore continue its current efforts of identifying the right opportunities for the Company and mobilising its intellectual capital, aiming to achieve an excellent result for shareholders.”

The company could follow in the footsteps of the Breedon Group, which is one of the biggest companies on AIM valued at around £1bn, after it built up a portfolio of suppliers through acquisitions, after being admitted in 2008.

David Barrett, co-founder of London Concrete, and Dominic Traynor are on the board as non-executive directors and have experience of the construction materials sector and acquisitions.

Shares in SigmaRoc were up 11.43% to 0.390p at 1359 BST.