12 April 2024
(EPIC:
SRC / Market: AIM / Sector: Construction Materials)
SIGMAROC
PLC
('SigmaRoc', the 'Group'
or the
'Company')
AGM
Statement
Solid Q1
trading
SigmaRoc, the Northern European quoted lime and limestone
group, is pleased to announce an update on
its first quarter trading for its 2024 financial year ('Q1' or the
'Period'), in advance of the Annual General Meeting to be held at
12.30 p.m. today at the Washington Mayfair Hotel, 5 Curzon St,
London, W1J 5HE.
Q1 Highlights
· Solid
Q1 performance, with underlying Group EBITDA in line with
management expectations
· Integration of acquired German, Czech and Irish businesses
progressing well
· UK
Call Option exercised with acquisition of the UK lime operations of
CRH plc completed and joined the Group at the end of
March
Q1 trading update
The Group is pleased to report that
it has started 2024 well, with Q1 performance in-line with
management expectations. Volumes were 1% ahead of budget,
contributing to revenue of £214m for the quarter. With tight
control of costs in the Period, the Group has achieved continued
margin improvement, resulting in underlying EBITDA in line with
management's expectations.
Trading outlook
While there is no major change to
underlying economic conditions, with some markets performing well,
and others still experiencing some softness in demand, SigmaRoc's
diversified position, and focus on industrial markets, especially
since the transformational lime acquisitions, puts the Group in a
strong position. The Directors therefore remain confident in
SigmaRoc's ability to make further progress in the current year and
beyond. The Board's outlook for FY24 remains unchanged.
Max Vermorken, Chief Executive
Officer, commented:
"I reported
at the time of our final results that the first two months of the
year had started well, and I am pleased to say that this trend has
continued in March with trading remaining in line with our
expectations.
"The integration of our initial lime
acquisitions is continuing well. We recently completed the UK
acquisition, and we are now focussed on integrating all the
acquired businesses, delivering on synergies and further strategic
initiatives, and progressing to take control of the Polish assets
that are the final part of this transformational deal."
Information on the Company is
available on its website, www.sigmaroc.com.
For
further information, please contact:
|
SigmaRoc plc
Max Vermorken (Chief Executive
Officer)
Garth Palmer (Chief Financial
Officer)
Tom Jenkins (Head of Investor
Relations)
|
Tel: +44 (0) 207 002 1080
ir@sigmaroc.com
|
|
Liberum Capital (Nomad and Co-Broker)
Dru Danford / Ben Cryer / John
More
|
Tel: +44 (0) 203 100 2000
|
|
Deutsche Numis (Co-Broker)
Richard Thomas / Hannah
Boros
Peel Hunt (Co-Broker)
Mike Bell / Ed Allsopp
Walbrook PR Ltd (Public Relations)
Tom Cooper / Nick Rome
|
Tel: +44 (0) 20 7260 1000
Tel: +44 (0) 20 7418 8900
Tel: +44 20 7933 8780 /
sigmaroc@walbrookpr.com
Mob: +44 7971 221972
|
About SigmaRoc plc
SigmaRoc is a quoted lime and
limestone group, targeting quarried materials assets in the UK and
Northern Europe.
Lime and limestone are key resources
in the transition to a more sustainable economy. New applications
for lime and limestone products as part of a drive for
sustainability include the production and recycling of lithium
batteries, the decarbonisation of construction including through
substitution of cementitious material and new building materials,
and environmental applications including lake liming, air pollution
and direct air capture.
SigmaRoc seeks to create value by
purchasing assets in fragmented materials markets and extracting
efficiencies through active management and by forming the assets
into larger groups. It seeks to de- risk its investments through
the selection of projects with strong asset backing.