SigmaRoc nets £1.5m from non-core land disposal
AIM-listed construction materials company SigmaRoc said on Thursday that it has disposed of a non-core plot of land for £5.5m in cash.
The historical book value was £4m, meaning the company will make a net profit on disposal of £1.5m, which will be used to reduce net debt.
The land holdings formed part of the group's Sigma PPG platform and the board deemed that they were no longer of strategic value.
As a result of the sale, SigmaRoc's gearing ratios are expected to be significantly reduced.
"The additional cash realised from the disposal affords the company additional flexibility, as it evaluates its acquisition pipeline and continues to optimise its capital structure," it said.