REG - SigmaRoc PLC - AGM, Trading Update & ESG Report

SigmarocAnnouncement

26/04/2022 07:16

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RNS Number : 2841J  SigmaRoc PLC  26 April 2022

26 April 2022

 

(EPIC: SRC / Market: AIM / Sector: Construction Materials)

 

SIGMAROC PLC

 ('SigmaRoc', the 'Group' or the 'Company')

 

AGM, Trading Update & ESG Report

 

SigmaRoc, the specialist quarried materials group, is pleased to announce that
its Annual General Meeting will take place today, at 3:00 p.m. BST at The
Washington Mayfair Hotel, 5 Curzon Street, London, W1J 5HE for the purpose of
considering and, if thought fit, passing the resolutions set out in the Notice
of Annual General Meeting (AGM) published on 23 March 2022. In advance of the
AGM, the Company is pleased to provide the following updates.

 

Highlights:

 

·      Group trading in line with management expectations;

·      First quarter in 2022 was strong, with revenue 19% ahead of the
same period in 2021 on an adjusted like-for-like basis, supported by good end
customer demand in all key Group markets;

·    Headwinds in relation to energy and Ukraine conflict actively
managed;

·    UPM strike resolved with catch up volumes expected in Finland;

·    Tailwinds taken advantage of in respect of trading and commercial
position;

·    New limestone deposit opened in Poland with planned reserve
extensions expected to add a total of 35 million tonnes to the Group's
reserves and resources;

·      Full ESG report published outlining our strategy and net-zero
timeline.

 

Trading:

 

The Group recorded a strong first quarter of 2022 with revenues at £111.2m,
being 19% ahead of the same period in 2021 on a like-for-like basis after
adjusting for the impacts of the UPM strike, long term customer breakdowns
plus forex and 6% ahead on an unadjusted basis.  Customer demand has remained
strong across all products and regions, with the Group also benefitting from
its ongoing efficiency and commercial initiatives. The Nordkalk business has
continued to trade well, in spite of some specific customer disruption during
the quarter, with volumes expected to be in line with plan for the year.

 

Demand for construction materials remained strong across the UK
infrastructure, housebuilding and RMI markets. The Benelux platform traded
well, in particular in Dimension Stone, as a consequence of increased housing
and RMI demand. More generally, concrete and aggregates sales have been strong
and ahead of expectation at some sites.

 

With a strong demand backdrop and continued commercial momentum, the Group has
been able to mitigate effectively the headwinds created by the volatile
macroeconomic conditions. Whilst the macroeconomic backdrop remains uncertain,
particularly with respect to potential impacts arising from the ongoing
conflict in Ukraine, the Board remains confident about the Group's prospects
for FY22.

 

ESG:

The Group is pleased to publish today its first ESG report which contains
extended detail on its Environmental, Social and Governance policies and
initiatives, as well as a detailed roadmap to Net-Zero. The report provides
further detail on a large number of initiatives already in place across the
Group to manage its energy use and sourcing, as well as accelerate its
successful track record in innovation to both meet demanding ESG targets and
further enhance competitiveness. The report can be found on the Company's
website at www.sigmaroc.com (http://www.sigmaroc.com) . In summary of the ESG
report, we aim to:

·      provide option for 100% of manufactured products to utilise
waste/recycled materials by 2025;

·      utilise 100% of production materials by 2027;

·      be free of fossil fuel use by 2032; and

·      achieve net-zero by 2040.

 

 

Max Vermorken, CEO, commented:

 

"As expected, the first quarter of 2022 saw both a continuation of the strong
demand we had seen through the end of 2021 as well as the operational and cost
headwinds that have been experienced across the industry over recent months.
Our proactive and localised model has enabled us to manage these dynamics
effectively and as a result, we end the quarter in a good position. We are
continuing to progress a number of strategic growth initiatives across the
business and remain agile and responsive to the volatile backdrop. We approach
the remainder of 2022 with confidence."

 

Information on the Company is available on its website, www.sigmaroc.com
(http://www.sigmaroc.com) .

 

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

 Max Vermorken

 Strand Hanson Limited (Nominated and Financial Adviser)  Tel: +44(0) 207 409 3494

 James Spinney / James Dance / Rob Patrick

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

 Neil Patel / Jamie Richards / Ben Cryer

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

 Mike Bell / Ed Allsopp

 Investor Relations                                       Tel: +44 (0) 207 002 1080

 Dean Masefield / Florian Werner                          ir@sigmaroc.com

 

 

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