REG - SigmaRoc PLC - Trading Update and Appointment of Independent NED

SigmarocAnnouncement

16/12/2021 07:00

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RNS Number : 8133V  SigmaRoc PLC  16 December 2021

16 December 2021

 

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

 

SIGMAROC PLC

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

 

Update on Trading and Greenbloc

 

Appointment of Independent NED

SigmaRoc (AIM: SRC), the AIM quoted buy-and-build construction materials
group, is pleased to update the market on its performance for the 11 months to
30 November 2021 (the 'period'), as well as several key developments in the
Group:

Trading Update

 

-     Group revenues for the period were £236.5m, up 107% over the prior
year.

-     Like-for-like revenues increased 13.4% year-on-year in the period,
including like-for-like growth of 9% against a strong comparative period in
H2.

-     Cost inflation continues to be effectively managed, supported by
contractual pass through.

-     Product availability has remained good, in spite of supply chain
challenges.

 

The Group has traded well through the period, with sustained demand maintained
in all key end market and customer segments. The outlook for residential and
infrastructure construction remains very encouraging across the Group's UK and
Northern European markets, with demand for higher grade materials for pulp,
board, steel, environmental and chemical applications also supported by
structural growth drivers.

 

As a result of the continued solid trading, the Board remains confident in the
Company delivering an underlying EBITDA performance for the full year ahead of
analyst consensus.

 

The business is carrying good momentum into the year end, which should support
further organic progress in 2022. In addition, there are a number of active
initiatives currently in process, supported by the Group's strong cash
generation, which have the potential to further accelerate growth and
strategic development of the business.

 

Nordkalk integration

 

Since completing the acquisition of Nordkalk on 31 August 2021, work to
integrate the Nordkalk business within SigmaRoc's platform setup has
progressed well. A series of eight integration initiatives have been completed
or are ongoing, covering reporting, finance, IT, governance, safety, trading,
production and investment. The integration process has engendered a strong
collaborative approach between Nordkalk and SigmaRoc, which is already
identifying potential incremental value opportunities from the combination.
Several workstreams on product development and investment initiatives are
underway, with the aim to increase materials utilisation within various
Nordkalk quarries.

 

Updates on Greenbloc

 

The Group is also pleased to announce several key developments for Greenbloc,
its ultra-low carbon concrete products line. The Group has significantly
expanded the channel base for its Greenbloc products, which are now available
through a number of merchants and buying groups across the UK, including
Travis Perkins, Jewson, Buildbase, Huws Gray, MKM, EH Smith, H&B and
Fortis. The Group is also currently working with several major contractors on
significant commercial and infrastructure projects.

 

As of January 2022, the Group will offer Greenbloc technology across its
concrete products business, becoming the first concrete products supplier in
Europe to offer ultra-low carbon concrete products across its entire range.

 

Proposed appointment of Independent Non-Executive Director Axelle Henry

 

SigmaRoc is also very pleased to announce the proposed appointment of Ms
Axelle Henry as an Independent Non-Executive Director, with effect from March
2022, subject to satisfaction of customary new director due diligence and
onboarding processes.

 

Ms Henry has served as Chief Financial Officer for Verlinvest Group, a
Brussels-based international investment business, since April 2014 and also
serves on the board of directors for a number of their private companies, as
well as Nasdaq quoted Vita Coco. She has held a variety of senior executive
positions, including as Deputy Chief Financial Officer of Groupe Bruxelles
Lambert. Ms Henry has over 20 years' experience in the Private Equity and
Investment Sector, starting her career with KPMG as senior auditor. She holds
degrees in commercial engineering from the Solvay Business School (Université
Libre de Bruxelles).

 

David Barrett, Chairman of SigmaRoc, commented:

 

"We look forward to welcoming Axelle Henry to the board of the business. Her
experience and profile will not only reinforce the quality of the board but
bring a fresh perspective on building companies based around innovation,
brands and consumer focused products. We look forward to starting a new year
with a high quality Group of businesses and plenty of potential to drive them
forward."

 

Max Vermorken, CEO of SigmaRoc, commented:

 

"I am very pleased we can end a very busy year on such a positive note. The
Group is trading well, we have a large number of projects and initiatives in
the pipeline, our Greenbloc products are gaining more and more attention and
our board is set to gain a very talented new member. 2022 is expected to bring
further development of the Group as we build on the six platforms across the
UK and Northern Europe."

 

This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014, which forms part of United Kingdom domestic law by
virtue of the European (Withdrawal) Act 2018.

 

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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