REG - SigmaRoc PLC - Year-end trading update

SigmarocAnnouncement

31/01/2023 07:00

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RNS Number : 3238O  SigmaRoc PLC  31 January 2023

31 January 2023

 

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

 

SIGMAROC PLC

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

 

Year-end trading update

 

SigmaRoc (AIM: SRC), the quarried materials group, today provides an update on
performance for the year ended 31 December 2022 ('FY22'), ahead of the
publication of its final audited results by the end of March 2023.

 

FY22 highlights

Further to the update of 12 December 2022, trading in the final weeks of the
year was strong, with the Group expecting to report underlying FY22 EBITDA and
EPS slightly ahead of current market consensus expecations(1):

 

-     Revenues expected to be greater than £525m, including organic
like-for-like growth of 19%;

-     Underlying EBITDA expected to be greater than £100m, with margins
increasing year-on-year to approximately 19%;

-     Underlying EPS expected to be greater than 7.7 pence, up over 40% on
the prior year;

-     Following strong cash generation in the second half, year-end
leverage expected to be within the Group's target below 2.0x.

Outlook for FY23

Trading in the early weeks of FY23 has been encouraging, with more favourable
energy cost and availability conditions supporting better than expected demand
in a number of the Group's European industrial products segments. The Group
has continued to take a dynamic position on pricing through inflationary cost
increases, as well as identifying opportunities to improve efficiency across
its network. As such, the Board remains confident in the Group's ability to
achieve further progress in 2023.

 

Throughout 2022 and into 2023, the Group has continued to develop its pipeline
of strategic development projects, both organic and inorganic, with
opportunities identified to accelerate strategic objectives and enhance
financial performance across many of the Group's platforms. The Board
continues to develop these initiatives and will update shareholders on
progress throughout the year.

 

Max Vermorken, CEO of SigmaRoc, commented:

"Whilst 2022 comprised a long series of operational and commercial challenges,
the Group delivered performance well ahead of our original expectations,
demonstrating the strength of our operating model and local management teams.

 

2023 has started in an encouraging way and we have identified accretive
opportunities that we believe can improve performance and accelerate our
strategic goals. We remain mindful that the economic backdrop continues to
present uncertainty and challenge in the near term, but we are equally
confident that the Group can again demonstrate its resilience and achieve
further strategic progress in the year ahead."

 

FY22 annual report and financial statements

The Group intends to publish its audited results for the year ended 31
December 2022 by the end of March 2023, followed by its ESG report in April
2023.

 

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

 

(1)Average of Analyst consensus estimates are revenue of £525m, underlying
EBITDA of £99.5m, underlying EPS of 7.7p and leverage ratio of 2.0x.

 

 

 

 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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