REG - SigmaRoc PLC - AGM Statement

SigmarocAnnouncement

12/04/2024 07:00

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RNS Number : 3372K  SigmaRoc PLC  12 April 2024

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
(http://www.sigmaroc.com) .

 

For further information, please contact:

 

 SigmaRoc plc                               Tel: +44 (0) 207 002 1080

 Max Vermorken (Chief Executive Officer)

 Garth Palmer (Chief Financial Officer)     ir@sigmaroc.com (mailto:ir@sigmaroc.com)

 Tom Jenkins (Head of Investor Relations)

 Liberum Capital (Nomad and Co-Broker)      Tel: +44 (0) 203 100 2000

 Dru Danford / Ben Cryer / John More

 Deutsche Numis (Co-Broker)                 Tel: +44 (0) 20 7260 1000

 Richard Thomas / Hannah Boros

 Peel Hunt (Co-Broker)                      Tel: +44 (0) 20 7418 8900

 Mike Bell / Ed Allsopp

 Walbrook PR Ltd (Public Relations)         Tel: +44 20 7933 8780 / sigmaroc@walbrookpr.com

                                          (mailto:sigmaroc@walbrookpr.com)
 Tom Cooper / Nick Rome

                                          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.

 

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