REG - SigmaRoc PLC - Investment Pipeline Update and Notice of Results

SigmarocAnnouncement

10/03/2023 07:00

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RNS Number : 5079S  SigmaRoc PLC  10 March 2023

10 March 2023

 

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

 

SIGMAROC PLC

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

 

Investment Pipeline Update and Notice of Results

 

SigmaRoc (AIM: SRC), the quarried materials group is pleased to provide an
update on its acquisition and capital investment project pipeline, set out at
the time of the Group's equity fundraising which was announced on 22 February
2023.

 

Good initial progress has been made in executing the identified transactions,
with the completion of two acquisitions, for an aggregate consideration of
£12m. In addition, the Group continues to trade in line with expectations,
benefitting from its broad European and end market spread, and continued gains
from productivity improvements across the regional platforms. Initial
investment has also been made in identified organic development projects.

 

Acquisition of Goijens Concrete Group

The Group has completed the acquisition of Goijens, a leading supplier of
ready-mixed concrete and pumping solutions, located in the north east of
Belgium. The acquisition was closed at an effective multiple of 5 times
recurring average EBITDA for the years 2020 to 2022, before expected synergies
and operational improvements.

 

Goijens, which generated £16m revenue in 2021, operates two concrete plants
and concrete recycling facilities, as well as pumping and other services. Its
footprint, which is located in the north east of Belgium on c.10 acres of
freehold land, is highly complementary to SigmaRoc's Benelux platform, which
will enable commercial and operational synergies, as well as a swift
integration into the Group.

 

Further information can be found at: www.goijens.be (http://www.goijens.be)

 

Acquisition of Juuan Dolomiittikalkki

The Group has also completed the acquisition of Juuan Dolomiittikalkki ('JD')
in Finland for an effective multiple of 6 times recurring average EBITDA for
the years 2020 to 2022, pre-synergies and operational improvements. JD is a
specialist supplier of high quality dolomitic limestone, used in the
Agricultural and Environmental sectors to improve regulation of soil pH and
water retention. JD's operations are located close to the Group's existing
Finnish business and represent a valuable extension into dolomitic limestone.

 

JD adds approximately 1.5m tonnes of reserves, equating to roughly 30 years of
operating life and €1.5m of revenues to the Group. The existing management
team will continue to operate and grow JD as it is integrated into Nordkalk's
Nordics platform.

 

Further information can be found at: www. (http://www.dolomiittikalkki.fi)
dolomiittikalkki.fi (http://www.dolomiittikalkki.fi)

 

Organic development projects

Significant progress has also been made across the Group's organic development
projects, with required infrastructure and equipment orders placed. The
Nordkalk platform has now taken into use its first fully electric heavy goods
vehicle for the transport of aggregates between production and port operations
in Norway.

 

Notice of Results and Analyst call

The Group will publish its FY22 accounts and annual report on 27 March 2023.

 

An analyst meeting will be held at 9:00am on Monday, 27(th) March 2023 at New
Court, St Swithin's Lane, London, EC4N 8AL, United Kingdom. A recording will
be made available after the event.

 

Please register to attend if interested by emailing: ir@sigmaroc.com
(mailto:ir@sigmaroc.com)

 

Private Investor call

A dedicated private investor call will be organised at 12pm on Monday, 27(th)
March 2023.

 

Please register to attend by emailing: info@sigmaroc.com
(mailto:info@sigmaroc.com)

 

Max Vermorken, CEO of SigmaRoc, commented:

"We are making good progress on the acquisitions pipeline set out at the time
of our recent equity fundraising, with £12m deployed across two completed
transactions. Timelines for the further acquisitions and organic projects
remain as initially expected and updates on these will be made in due course.
The synergistic benefits of the acquisitions in our pipeline, both to growth
and returns, together with the productivity initiatives we have across the
Group, continue to give us confidence in sustaining our momentum."

 

 

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

 Max Vermorken / Garth Palmer

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

 Nicholas How / 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 / Elisa Frenay                        ir@sigmaroc.com

 

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