RNS Number : 3820Y
SigmaRoc PLC
08 September 2025
(EPIC: SRC / Market: AIM / Sector: Construction Materials)
8 September 2025
SIGMAROC PLC
('SigmaRoc', the 'Group' or the 'Company')
Interim results 2025
Analyst Briefing & Investor Presentation
Strong first half performance underpins confidence in our full year expectations
SigmaRoc, the European lime and minerals group, announces unaudited results for the six months ended 30 June 2025 ('H1 2025' or the 'Period').
Statutory results
Underlying results1
30 June 2025
30 June 20242
YoY change
30 June 2025
30 June 20242
YoY change
Revenue
£510.3m
£450.1m
+13.4%
£510.3m
£450.1m
+13.4%
EBITDA
£108.8m
£79.5m
+36.9%
£117.8m
£97.2m
+21.2%
EBITDA margin
21.3%
17.7%
+370bps
23.1%
21.6%
+150bps
Profit before tax
£39.5m
£14.4m
+61.8%
£67.4m
£47.6m
+41.6%
EPS
2.24p
0.23p
+873.9%
4.66p
3.07p
51.8%
Net debt3
£498.4m
£532.6m
-6.4%
Covenant Leverage
2.04x
2.57x
-20.6%
ROIC
5.9%
4.9%4
+100bps
FCF5
£61.9m
£44.9m
+37.9%
FCF Conversion6
52.5%
46.2%
+640bps
Proforma statutory results7
Proforma underlying results7
30 June 2025
30 June 2024
YoY change
30 June 2025
30 June 2024
YoY change
Revenue
£510.3m
£515.9m
-1.1%
£510.3m
£515.9m
-1.1%
EBITDA
£108.8m
£98.2m
+10.8%
£117.8m
£116.0m
+1.6%
EBITDA margin
21.3%
19.0%
230bps
23.1%
22.5%
+60bps
EPS
4.66p
4.27p
+9.1%
Covenant Leverage
2.04x
2.30x
-11.3%
FINANCIAL HIGHLIGHTS
Resilient trading despite challenging market conditions
· Underlying revenue up 13% YoY;
· Underlying EBITDA up 21% YoY with EBITDA margin up 150bps to 23.1%;
· Underlying EPS of 4.66p, up over 50%, a record for the Group.
Proforma highlights
· H1 revenues reduced 1% due to volume reduction;
· Underlying EBITDA increased 2% versus H1 2024 due to a focus on synergy delivery and continued cost control;
· Underlying EBITDA margin up 60bps.
Strong financial position and improved returns
· Effective cash management during the period with covenant leverage at 2.0x and on target to close the year below 2.0x;
· Free cash conversion of 52.5%, up 640bps;
· ROIC improved 100bps YoY to 5.9%, on path to medium term target of 15%;
· Asset backed and underpinned by 2.7 billion tonnes of high-quality resource.
OPERATING AND STRATEGIC HIGHLIGHTS
· Core volumes c.3% lower due to softness in the construction and steel markets along with some temporary external headwinds such as customer maintenance shutdowns;
· Planned synergy initiatives reduced volumes by a further c.6% through plant network and commercial optimisation and the end of a temporary supply arrangement at lower margins;
· Synergies in the period were strong with a net total of £13m delivered from commercial (£7m) and operational initiatives (£6m) including a 6% headcount reduction in Central region;
· The synergy programme continues to demonstrate its success, allowing the Group to outperform;
· Completion of second tranche of the ready-mix asset divestment in Northern France;
· SkreenHouse, SigmaRoc's venture arm, participated in fundraisings for Adaptavate and Koncrete, as part of our ambition of leading the industry in ultra‑low carbon building materials and sustainable innovation;
· Improved CDP Climate Change rating of B, reflecting stronger performance in climate-related risk management and disclosure.
CURRENT TRADING AND OUTLOOK
· We expect H2 to be similar to H1 in terms of the underlying market conditions, which we do not expect to improve before the end of the year;
· We remain focussed on delivering improved operational efficiency along with the careful management of costs;
· Synergies for 2025 are expected to exceed guidance given at the May CMD (€15-20m), with at least £21m for the full year assuming steady market conditions to the end of the year;
· A cyclical recovery in construction and steel markets will reverse current volume weakness;
· The now confirmed German infrastructure stimulus is expected to impact German infrastructure spending by c.20%9. Germany represents around 25% of SigmaRoc revenue;
· An expected increase in European defence spending will also positively impact volumes;
· We have had an encouraging start to the seasonally stronger second half, albeit we remain mindful of the wider macro and geopolitical environment;
· The Board's expectations for the year remain unchanged and in line with consensus.8
Max Vermorken, CEO, commented:
"The Group has performed very strongly in a challenging market backdrop and demonstrates again how skilled the local teams are. Certain customers experienced disruptions or temporary shutdowns making the task even harder. The market certainly did us no favours in the first half, a trend which is likely to continue in H2.
Looking at specific regions we saw strong performance in the UK and Ireland where the business really outperformed versus the general market. Similarly, the Nordics region performed well generally while certain sectors including construction and paper have remained weak. Poland had a strong start of the year but recent government changes have slowed the delivery of larger infrastructure projects. The Belgian and German markets remained at historically low levels of demand, however, optimism seems to be returning resulting in higher mortgage applications. This should translate into a slow recovery in construction output into next year.
Our synergy programme continues to progress well. Total synergies for 2025 are now expected to exceed previous guidance with a minimum of £21m now expected for 2025. The operational benefits from this programme should increase further as volumes return to more normal levels.
Over the longer term we expect to benefit from normalisation of cyclical markets, supported by structural demand drivers in construction and steel. The impact of the German infrastructure fund and a general increase in European defence spending will add to infrastructure demand from 2026 onwards. In addition, the reconstruction of Ukraine will require significant volumes of lime, aggregates and building materials, and SigmaRoc is well positioned to contribute when this occurs.
Following a robust first half, achieved despite challenging market conditions, we enter the second half with cautious optimism. With 2.7 billion tonnes of high-quality resource, essential to Europe's construction, industrial and environmental markets, SigmaRoc is well positioned to capitalise on increasing volumes when they occur. We remain focused on our strategic priorities and are confident in the Group's ability to capture the opportunities that lie ahead."
The full text of the interim statement is set out below, together with detailed financial results, and will be available on the Company's website at www.sigmaroc.com
Notes:
1. Underlying results are stated before acquisition related expenses, certain finance costs, redundancy and reorganisation costs, impairments, amortisation of acquisition intangibles and share option expense. References to an Underlying profit measure throughout this interim statement are defined on this basis. Non-underlying items are described further in the Executive Statement. These measures are not defined by UK IAS and therefore may not be directly comparable to similar measures adopted by other companies.
2. Consistent with IFRS5, prior period numbers have been restated for divestments.
3. Net debt including IFRS 16 lease liabilities.
4. ROIC for the period ended 30 June 2024 has been amended to use the days-weighted average capital method to normalise the post 2024 net debt position after acquisition related drawdowns.
5. Underlying Free Cash Flow takes net cash flows from operating activities and adjusts for CapEx, net interest paid and working capital payments relating to pre-acquisition accruals or purchase price adjustments.
6. Free Cash Flow Conversion is FCF relative to underlying EBITDA.
7. Proforma calculation includes all continuing operations in full for 2024 and 2025.
8. Consensus expectations for SigmaRoc, being the average of forecasts for the year ending 31 December 2025 provided by Analysts covering the Company, are revenue of £1,072m and underlying EBITDA of £251m.
9. Leading investment bank estimate for 2027 infrastructure spending over 2024 baseline.
ANALYST BRIEFING
SigmaRoc will host an online briefing for analysts on Monday, 8 September 2025 at 08:30 GMT. For more details and to register to attend please email ir@sigmaroc.com.
INVESTOR PRESENTATION
SigmaRoc's Executive team will provide a live presentation to private investors reviewing the 2025 interim results and prospects via Investor Meet Company on Monday, 8 September at 14.00 GMT.
The presentation is open to all existing and potential shareholders. Questions can be submitted before the event via your Investor Meet Company dashboard up until 9.00am the day before the meeting or at any time during the live presentation. Investors can sign up to Investor Meet Company for free and add to meet SigmaRoc via:
https://www.investormeetcompany.com/sigmaroc-plc/register-investor
Investors who already follow SigmaRoc on the Investor Meet Company platform will automatically be invited.
Information on the Company is available on its website, www.sigmaroc.com.
For further information, please contact:
SigmaRoc plc Max Vermorken (Chief Executive Officer) Jan van Beek (Chief Financial Officer) Tom Jenkins (Head of Investor Relations)
Tel: +44 (0) 207 002 1080 ir@sigmaroc.com
Panmure Liberum (Nomad and Co-Broker) Scott Mathieson / John More / Dru Danford Deutsche Numis (Co-Broker) Richard Thomas / Hannah Boros
About SigmaRoc
SigmaRoc is a quoted European lime and minerals Group.
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 invests in and acquires businesses in the lime and minerals sector. The principal activity of the Group is the production of lime and minerals products. The Group's aim is to create value for shareholders through the successful execution of its strategy in the lime and minerals sector.
SigmaRoc seeks to create value by purchasing assets in fragmented 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. The Group seeks to implement operational efficiencies that improve safety, enhance productivity, increase profitability and ultimately create value for Shareholders.
SIGMAROC PLC
Interim results (unaudited) for the six months ended 30 June 2025
EXECUTIVE STATEMENT
The first half of 2025 has been another positive period for SigmaRoc. We continued to consolidate our position as the leading quoted European lime and minerals Group. Underlying EBITDA reached £118m, up more than 20% compared with last year. EBITDA margin rose by 150 bps to 23.1%, reflecting strict cost control and the delivery of synergies. Underlying EPS was up over 50% to 4.6p. We thank all our staff for helping to position the Group well to meet market expectations for the full year.
These results have been achieved despite continued challenging conditions in many of our core markets. It demonstrates the strength of our diversified business, both by end market and by geography. Core volumes were modestly lower due to the challenging market conditions, with additional volume reduction as a result of network optimisation and the cessation of some lower margin business leading to an improved overall mix.
Market trends remain mixed in most geographies. Residential construction and steel demand remained soft, but the UK, Ireland, the Nordics and Poland have all demonstrated robust results. Germany remained weak but the government's upcoming infrastructure programme is beginning to create some optimism, with recovery expected from 2026 onwards. In Poland, government funding was temporarily redirected away from infrastructure in the latter part of the Period, a position we expect to reverse in the near term.
The synergy programme continues to outperform, with total synergies for 2025 now expected to be above previous guidance. The operational benefits from this programme should increase further as volumes return to more normal levels.
During the Period, we completed the divestment of the French ready-mix business. We continue to look at the rationalisation of our portfolio though the disposal of a small number of remaining non-core assets. Meanwhile, our acquisitions pipeline is building again. With a strong balance sheet from continued de-gearing, we are in a position to pursue value-enhancing bolt-on M&A. Growth investment also continued, with a new aggregates plant in Belgium, along with some small reserve extensions the main capex projects in the Period.
Beyond financial results, we have continued to improve in ESG and safety. Safety performance improved across all key indicators. Through our newly formed Skreenhouse ventures team, we have made two investments as part of our ambition of leading the industry in ultra‑low carbon building materials and sustainable innovation.
The Group has made solid progress in the Period, a testament to the resilience of our markets and all of our employees.
Overall segment review
European construction slowed in the first half of 2025, continuing the trend of the past two years. The steel market also remained weak. Signs of improvement in the long-term drivers of the market are emerging, along with optimism from European government led policies expected to drive growth. SigmaRoc is well positioned to benefit when demand strengthens.
· Industrial minerals markets (32% of H1 2025 Group revenues: H1 2024 35%): The segment remained generally soft. Steel demand was impacted by customer-specific maintenance shutdowns.
Outlook: Overall, market conditions are expected to remain consistent in the latter part of the year with steel expected to remain soft, and weakness continuing in the pulp & paper market. Metals & mining, energy and chemicals should maintain momentum. The EU's critical raw materials act also creates longer-term opportunities in mining.
· Environmental and agriculture markets (23% of H1 2025 Group revenues: H1 2024 21%): Demand for water purification and flue gas treatment remained strong. Gas and coal power generation requires active capacity allocation management due to high variability in electricity supply. Agricultural demand was partially offset by a late start to the season.
Outlook: Agriculture and water markets are expected to remain resilient throughout the remainder of the year. Soil stabilisation projects present additional upsides.
· Construction markets (45% of H1 2025 Group revenues: H1 2024 44%): Infrastructure demand was stable, with the residential side remaining subdued. While some regions reported higher building permit approvals in some regions, markets such as the UK, Scandinavia and Germany show no clear recovery yet.
Outlook: Residential activity has stabilised at low levels, with early signs of recovery in the UK and other parts of Europe. German housing permissions turned positive in June, and the German infrastructure plan, along with an increase in European defence spending, which includes roads, rail, bridges and military airfields, should provide a catalyst for growth from 2026.
Regional breakdown
The below segmental analysis translates into the following regional performance for H1 2025, with further commentary provided by region:
Underlying results:
Underlying £'M
Revenue
EBITDA
EBITDA margin
H1 2025
H1 2024
H1 2025
H1 2024
H1 2025
H1 2024
UK & Ireland
132.0
104.5
28.6
23.8
21.6%
22.8%
Western Europe
31.5
31.8
8.4
6.7
26.8%
20.9%
Central Europe
225.0
189.3
59.1
46.5
26.2%
24.6%
Nordics
121.8
124.5
25.5
25.4
20.9%
20.4%
Corporate
-
-
(3.8)
(5.2)
-
-
Group
510.3
450.1
117.8
97.2
23.1%
21.6%
Proforma results:
Underlying £'M
Revenue
EBITDA
EBITDA margin
H1 2025
H1 2024
H1 2025
H1 2024
H1 2025
H1 2024
UK & Ireland
132.0
127.0
28.6
27.4
21.6%
21.6%
Western Europe
31.5
31.8
8.4
6.7
26.8%
20.9%
Central Europe
225.0
232.6
59.1
61.7
26.2%
26.5%
Nordics
121.8
124.5
25.5
25.4
20.9%
20.4%
Corporate
-
-
(3.8)
(5.2)
-
-
Group
510.3
515.9
117.8
116.0
23.1%
22.5%
UK & Ireland: At an underlying level the full year impact of the Buxton lime acquisition drove significant growth. Demand for lime in UK & Ireland has continued to be strong, supported by major infrastructure projects, despite moderation of volumes to HS2. Whilst the UK residential construction sector continues to be subdued, we have seen a like for like increase in volumes through improved commercial excellence. Investment made last year in a new asphalt plant in South Wales is also helping to drive additional volume and margin, whilst Johnson Quarry Group progressed through a planned transitional period as we brought the Ropsley quarry development to completion. With operations now live, we're well-placed to capitalise on future demand
Margins were flat in the Period despite the subdued market and were also impacted by product mix and the timing of infrastructure projects, however we expect them to improve over the full year. H1 was also impacted by a major quarry being closed for a period of planned transformation, which is now operational and performing as expected.
Western Europe: The West region, fully focused on construction markets, faced a decline in volumes across both aggregates and dimensional stone. Despite this, profitability improved thanks to strong cost control measures and operational efficiency, in addition to a recovery in margin over 2024 which had seen a reduction as a result of a stock write down that year. At GDH, aggregates are now sold directly without intermediaries, which has structurally increased selling prices and margin through disintermediation. While current trends are expected to persist, structural drivers support a rebound in demand once residential construction recovers.
Central Europe: The Central region within the Group comprises Germany, Poland, Czech Republic and the Baltics. All countries performed in line with budget and post-acquisition expectations despite weaknesses, especially in residential construction and industry as reduced steel demand from automotive was bolstered by increasing volumes to the environmental sector. Agriculture was stable with a positive outlook for H2.
The whole region accelerated its focus on efficiency and operational excellence combined with a flexible approach to meeting fluctuating customer demands. There was some price pressure in Czech and Polish lime offset by cost reductions through the synergy program.
The effects of the German stimulus are not visible in the numbers, but the first signs of a recovery are present with an increase in building permissions in H1 year on year in Germany, along with higher mortgage applications.
Nordics: Nordkalk had a stable and solid first half. The end of a temporary customer supply arrangement led to marginally lower revenue, but tight control of costs led to an improved margin. On the whole, market conditions in the Period have been similar to the prior year, although there has been some weakness in the pulp & paper market which may continue into the second half. Metals & mining, agriculture, chemicals, energy and water have all been solid. The EU critical minerals act is supportive of Nordkalk's mining activity, whilst on the agriculture side there are currently a record number of soil stabilisation projects starting in Finland.
We have been rationalising our production capacity in the Nordics in anticipation of Ameli's efficient and clean production coming on stream, enabling us to utilize our allocated share from Ameli's project.
Synergies
Our synergy programme, initially targeting €30m - €60m (circa £25m - £51m) by 2027, was increased to €40m to €60m (circa £34m - £51m), with €15m (£12.7m) originally targeted for 2025. We now expect to exceed the 2025 target, having delivered £13m in the first half of 2025 alone. This comprises of £7m of commercial synergies and £6m of operational synergies, including a 6% overall headcount reduction. A minimum of £21m for the full year is now expected.
The programme continues to evolve and deliver results despite weak markets. As volumes normalise, we expect further operational leverage from the initiatives already in place.
Safety
The Group continues to see year on year improvement in all key safety indicators. Hazard and near hit reporting increased, while lost time injuries and harm frequency rates fell.
This progress reflects leadership focus at every level, strong employee engagement, and a comprehensive audit process. The safety team was expanded to enable the majority of our sites to be audited 4 times per year, driving continuous improvement across the Group.
Environmental, Social and Governance (ESG)
In April, the Group published its latest ESG report as part of the annual report, showcasing significant progress across all aspects of ESG.
Our commitment to becoming a more environmentally and socially responsible business continues to advance. We are reducing CO2 emissions by switching to low carbon fuels in our kiln network and leveraging machine learning software to optimise and further reduce kiln emissions. Our first fuel switch to a biomass plant is being installed in the Central region and is expected to be operational by the end of September. Additionally, we are paying close attention to environmental management at our quarries with ongoing improvements in dust, noise and water management to benefit our neighbours and enhance biodiversity.
We have made good progress in our CO2 reduction through the roll out of AI fuel optimisation across our kilns. Our efforts and progress across ESG have been recognised with an improved CDP Climate Change rating of B, up from D, reflecting stronger performance in climate-related risk management and disclosure.
Innovation and research
During the Period, SkreenHouse Ventures, SigmaRoc's recently established innovation and investment arm, made two pivotal contributions to advancing sustainable construction technology:
· Investment in Koncrete: In June 2025, SkreenHouse led a €1 million seed funding round for Koncrete, a French construction technology startup. Koncrete's digital platform streamlines procurement and logistics, achieving over 2,800 supplier references and serving more than 10,000 construction sites in its first year. The funding supports scalability in France with a clear focus on efficiency, digitalisation and carbon reducing logistics practices.
· Partnership with Adaptavate: In April 2025, SkreenHouse led a £2.7 million pre-Series A funding round for Adaptavate and entered a strategic partnership with the company. Together, they signed a Memorandum of Understanding committing to codevelop Project Crystal, an upcoming industrial demonstrator facility. This collaboration aims to scale production of 'Breathaboard', a calcium carbonate-based wallboard that can reduce CO₂ emissions by up to 4 kg per m², while supporting a resilient European supply chain.
These strategic investments reinforce our mission of scaling solutions with strategic relevance to our sector. They mark significant advances toward our ambition of leading the industry in ultra‑low carbon building materials and sustainable innovation.
Finance review
For the six months ending 30 June 2025, the Group generated revenue of £510.3m (H1 2024: £450.1m) and underlying EBITDA of £117.8m (H1 2024: £97.2m). Underlying profit before taxation for the Group was £67.4m (H1 2024: £47.6m).
Non-underlying items
The Group recorded £26.5m (H1 2024: £32.0m) of non-underlying items during the Period, of which £9m are cash outflows. These items relate to eight categories:
1. £1.9m in exclusivity, introducer, advisor, consulting, legal fees, accounting fees, insurance and other direct costs relating to acquisitions.
2. £3.1m in prior acquisition earn out agreement expenses relating to the Retaining UK business.
3. £1.5m on amortisation of finance costs, from the syndicated 5-year debt facilities established in November 2023.
4. £5.5m in share-based payments relating to grants of options.
5. £5.4m amortisation of acquired assets and adjustments to acquired assets.
6. £1.7m legal and restructuring expenses relating to the reorganisation and integration of recently acquired subsidiaries, including costs associated with discontinuing sites and operations, transitional salary costs, redundancies, severance and recruitment fees, and costs associated with financial reporting and system migrations.
7. £4.9m on reversal of non-underlying gains previously recognised.
8. £2.5m on unwinding of discounts on deferred consideration payments for Harries and other non-cash balance sheet adjustments.
Interest and tax
Net finance costs in the Period totalled £20.7m (H1 2024: £26.1m) including associated interest on bank finance facilities, as well as interest on finance leases (including IFRS 16 adjustments) and hire purchase agreements, plus £1.7m of non-underlying finance costs.
A tax charge of £12.2m (H1 2024: £9.3m) was recognised in the Period, resulting in a tax charge on profitability generated from mineral extraction in the Channel Islands and profits generated through the Group's UK, Ireland, Belgium, Germany, Czech, Poland and Nordic based operations.
Earnings per share
Statutory basic EPS for the continuing operations for the Period was 2.24p (H1 2024: 0.23p) and underlying basic EPS for the continuing operations (adjusted for the non-underlying items mentioned above) for the Period totalled 4.66p (H1 2024: 3.07p).
Statement of financial position
Net assets at 30 June 2025 were £779.4m (2024: £730.0m). Net assets are underpinned by mineral resources, land and buildings and plant and machinery assets of the Group.
Cash flow
Cash generated by operations was £85.2m (2024: £68.6m). The Group spent £3.3m on acquisitions net of cash acquired, received £5.1m from proceeds of sale, spent £24.3m on capital projects, including acquisition of intangibles, net of disposals, and repaid £30.5m in borrowings. The net result was a cash inflow for the Period of £39.6m.
Net debt
Net debt at 30 June 2025 was £498.4m (2024: £532.6m) including IFRS 16 lease liabilities.
Bank facilities
On 22 November 2023 the Company entered a new syndicated senior credit facility of up to €750 million (the 'Debt Facilities') led by Santander UK and BNPP, with the syndicate including several major UK and European banks and a further €125 million bridge loan ('Bridge Loan').
The Debt Facilities comprise a €600 million committed term facility, €150 million revolving credit facility and a further €100 million uncommitted accordion.
The Group's Debt Facilities have a maturity date of 21 November 2028 and are subject to a variable interest rate based on EURIBOR plus a margin depending on underlying EBITDA.
The Group's Debt Facilities are subject to covenants which are tested monthly and certified quarterly. These covenants are:
· Group interest cover ratio set at a minimum of 3.5 times EBITDA while the Bridge Loan remains outstanding and then 4.0 times thereafter; and
· A maximum adjusted leverage ratio, which is the ratio of total net debt, including further borrowings such as deferred consideration, to adjusted EBITDA, of 3.95x in 2024.
On 20 February 2025 the Company amended and restated its existing Bridge Loan with a new 5-year term facility up to €125 million through a US Private Placement process. The Bridge Loan has a security profile that mirrors the existing Debt Facilities and a bullet at maturity in 2030. The interest coupon is based on the 5-year EURIBOR bond yield plus a margin which is fixed at 4.93% for the duration of the term.
As at 30 June 2025, the Group comfortably complied with its bank facility covenants under the terms of the Debt Facilities and total undrawn facilities available to the Group under the Debt Facilities amounted to approximately £100m.
Capital allocation
We prioritise the maintenance of a strong balance sheet and deploy our capital responsibly, allowing us to commit significant organic investment to our business whilst continuing to pursue acquisitions to accelerate our strategic development. This conservative approach to financial management will enable us to continue pursuing capital growth for our shareholders.
Dividends
Subject to availability of distributable reserves, dividends will be paid to shareholders when the Directors believe it is appropriate and prudent to do so. The Group has achieved significant capital growth since its inception, and the Directors expect to commence dividend payments once the Group's Covenant Leverage is below 1.5 times. The Directors therefore do not recommend the payment of an interim dividend (30 June 2024: nil).
Corporate
Our 2024 annual results were released on 17 March 2025 and on 1 May 2025 we held our AGM with all resolutions being passed.
Outlook
Trading conditions in Europe remain mixed, with both head and tail winds. The Board continues to manage these actively. Our synergy programme is delivering ahead of plan and will benefit further when markets recover.
We are optimistic about a cyclical recovery in residential construction and some industrial markets, though the timing is uncertain. We are managing the business cautiously in light of this.
The German infrastructure programme and rising European defence spending will add demand in infrastructure and related industries, where SigmaRoc is well positioned. Market estimates suggest a c. 20% increase2 in German infrastructure spending from the infrastructure fund alone.
In addition, large-scale reconstruction in Ukraine is expected to generate significant long-term demand for lime, aggregates and construction materials across the region. SigmaRoc's geographic footprint and product portfolio place the Group in a good position to participate in and support this rebuilding effort.
The Board remains confident in the Group's ability to strengthen its position as a European leader in lime and limestone. With 2.7 billion tonnes of high-quality resource, essential to Europe's construction, industrial and environmental markets, SigmaRoc is well positioned to benefit from a recovery in European markets when this occurs. Following a robust first half, we enter our seasonally stronger second half with cautious optimism.
The Board's current outlook for FY25 remains unchanged and in line with consensus1.
David Barrett
Max Vermorken
Jan van Beek
Executive Chairman
Chief Executive Officer
Chief Financial Officer
8 September 2025
Notes:
1. Consensus expectations for SigmaRoc, being the average of forecasts for the year ending 31 December 2025 provided by Analysts covering the Company, are revenue of £1,072m and underlying EBITDA of £251m.
2. Leading investment bank estimate for 2027 infrastructure spending over 2024 baseline.
SigmaRoc today
The Group has established itself as a leader in European natural commodities. Through strategic acquisitions, SigmaRoc has strengthened its market position and operational capabilities. The Group has 2.7bn tonnes of essential limestone resource in strategically important positions within many of the key markets in Europe
Diverse portfolio of products
Strategic acquisitions have broadened SigmaRoc's offerings beyond traditional construction products. These include both specialised lime-related solutions and innovative offerings for a number of industrial applications that are key components in the manufacture of essential industrial products such as steel, pulp & paper, various chemicals and a number of environmental uses. This diversification allows the Group to cater to sectors outside of construction such as agriculture and the environment. This diversity of end markets, as a chemicals provider to key industrial processes, ensures resilience against market fluctuations given the broad focus on a variety of different end markets with different cycles.
Historic stability of lime and limestone markets
SigmaRoc sources its lime and limestone materials from historically stable markets, enhancing its operational advantages. By focusing on regions with relatively stable demand for lime and limestone products, SigmaRoc minimises volatility throughout its supply chain. The essential role of lime and limestone products in construction and industrial processes helps to support steady demand even in periods of softer market activity. The location of SigmaRoc's production facilities, strategically close to important industrial hubs, ensures it can respond promptly to customer orders in these markets while maintaining logistics efficiency. This foresight in targeting areas characterised by stable consumption patterns allows the Group to mitigate risks associated with economic downturns, providing a solid foundation for sustainable growth in the long term.
Strong assets
The Company owns c. 70 high-efficiency kilns, which are capable of producing high-quality hydrated lime and quicklime, ensuring consistent and reliable output. Coupled with strategically located quarries, the Group achieves control over the entire production process, from raw material extraction to the final product. This allows the Group to manage production costs and maintain product quality.
2.7 billion tonnes of mineral reserves
At the core of the Group's sustainability and potential for long-term growth are its 2.7 billion tonnes of limestone and lime mineral reserves. Its access to high quality deposits enables the Group to ensure a secure supply of materials, reducing the risk of disruptions and allowing for careful long-term planning. Additionally, holding substantial reserves in key geographical areas enhances SigmaRoc's negotiating power in the marketplace, supporting competitive pricing strategies and solidifying relationships with clients across various sectors that require lime and limestone products.
Disciplined cost management
Cost management is integral to the Group's strategy and underpins its profitable growth and success. SigmaRoc employs rigorous cost control measures aimed at improving operational efficiencies throughout its production process. By investing in technology and innovative practices, the Company optimises resource allocation. This focus not only enables the Group to maintain competitive pricing but also strengthens its long-term viability within the sector. Strategic partnerships for supply chain management further stabilise costs for raw materials like limestone, allowing SigmaRoc to absorb fluctuations in material pricing while capitalising on local macro drivers and mega trends.
As SigmaRoc continues to navigate the challenges and opportunities in the natural commodity sector, we believe these competitive strengths will play a vital role in securing its position as a market leader, equipped to meet evolving demands and deliver sustainable long-term growth.
CONDENSED CONSOLIDATED INCOME STATEMENT
6 months to 30 June 2025 Unaudited
Restated1 - 6 months to 30 June 2024 Unaudited
Underlying
Non-underlying2 (Note 8)
Total
Underlying
Non-underlying2 (Note 8)
Total
Continued operations
Note
£'000
£'000
£'000
£'000
£'000
£'000
Revenue
6
510,275
-
510,275
450,092
-
450,092
Cost of sales
7
(379,725)
(6,900)
(386,625)
(342,258)
(6,894)
(349,152)
Gross profit
130,550
(6,900)
123,650
107,834
(6,894)
100,940
Administrative expenses
7
(49,190)
(14,439)
(63,629)
(39,887)
(21,610)
(61,497)
Profit from operations
81,360
(21,339)
60,021
67,947
(28,504)
39,443
Net finance (expense)/income
(19,010)
(1,708)
(20,718)
(21,492)
(4,601)
(26,093)
Other net (losses)/gains
5,080
(4,935)
145
1,126
(43)
1,083
Profit/(loss) before tax
67,430
(27,982)
39,448
47,581
(33,148)
14,433
Tax expense
9
(13,636)
1,481
(12,155)
(10,937)
1,598
(9,340)
Profit/(loss) from continuing operations
53,794
(26,501)
27,293
36,644
(31,550)
5,094
Discontinued operations
Profit/(loss) from discontinued operations
10
(286)
-
(286)
1,143
(407)
736
Profit/(loss)
53,508
(26,501)
27,007
37,787
(31,957)
5,830
Profit/(loss) attributable to:
Owners of the parent - continuing
51,110
(26,501)
24,609
34,068
(31,550)
2,518
Owners of the parent - discontinued
10
(286)
-
(286)
1,143
(407)
736
Non-controlling interest
2,684
-
2,684
2,576
-
2,576
53,508
(26,501)
27,007
37,787
(31,957)
5,830
Continuing basic earnings per share attributable to owners of the parent (expressed in pence per share)
17
4.66
(2.42)
2.24
3.07
(2.84)
0.23
Continuing diluted earnings per share attributable to owners of the parent (expressed in pence per share)
4.31
(2.24)
2.07
2.86
(2.65)
0.21
1. Consistent with IFRS5, the prior period Income Statement and associated notes have been restated for the disposal of B-Mix, Goijens and Beton. The sale of B-Mix and Goijens completed on 13 December 2024 and the sale of Beton completed on 30 June 2025. These entities are disclosed as a discontinued operation. The prior period balance sheet and cash flow disclosures are not restated.
2. Non-underlying items represent acquisition related expenses, restructuring costs, certain finance costs, share option expense and amortisation of acquired intangibles. See Note 8 for more information.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 months to 30 June 2025 Unaudited
Restated1 - 6 months to 30 June 2024 Unaudited
Note
£'000
£'000
Profit for the period
27,007
5,830
Other comprehensive income:
Items that will or may be reclassified to profit or loss:
Currency translation (losses) / gains
9,017
(1,813)
Cash settled hedges - effective portion of changes in fair value
438
(1,118)
Remeasurement of the net defined benefits liability
(5)
3
9,450
(2,928)
Total comprehensive income
36,457
2,902
Total comprehensive income attributable to:
Owners of the parent - continuing
32,681
(299)
Owners of the parent - discontinued
(281)
730
Non-controlling interest
14
4,057
2,471
Total comprehensive income for the period
36,457
2,902
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Company number: 05204176
30 June 2025 Unaudited
30 June 2024 Unaudited
31 December 2024 Audited
Note
£'000
£'000
£'000
Non-current assets
Property, plant and equipment
11
1,263,477
1,251,003
1,238,945
Intangible assets
12
470,629
436,309
463,500
Available for sale assets
878
250
250
Investment in equity-accounted associate
13
549
543
531
Investment in joint ventures
13
8,061
6,529
6,212
Derivative financial assets
10
573
9
Other receivables
2,337
12,518
13,724
Deferred tax asset
831
6,404
331
1,746,772
1,714,129
1,723,502
Current assets
Trade and other receivables
176,570
159,931
158,205
Inventories
131,276
123,429
127,682
Cash and cash equivalents
172,773
152,825
131,356
Derivative financial assets
783
2,501
505
481,402
438,686
417,748
Disposal group classified as held for sale
-
-
7,172
Total assets
2,228,174
2,152,815
2,148,422
Current liabilities
Trade and other payables
321,685
341,848
284,046
Derivative financial liabilities
702
2,789
1,343
Provisions
14,695
3,481
14,886
Current tax payable
4,667
6,375
11,309
Borrowings
15
59,659
50,761
64,788
401,408
405,254
376,372
Non-current liabilities
Borrowings
15
611,491
634,623
577,044
Employee benefit liabilities
1,573
1,261
1,418
Derivative financial liabilities
-
616
18
Deferred tax liabilities
197,949
220,281
196,288
Provisions
82,746
94,104
87,041
Other payables
153,572
66,695
155,030
1,047,331
1,017,580
1,016,839
Disposal group classified as held for sale
-
-
1,543
Total Liabilities
1,448,739
1,422,834
1,394,754
Net assets
779,435
729,981
753,668
Equity attributable to owners of the parent
Share capital
16
11,149
11,149
11,149
Share premium
16
191,458
191,458
191,458
Own shares held in EBT
(14,907)
-
-
Share option reserve
19,838
15,302
18,410
Other reserves
9,247
(2,655)
(30)
Retained earnings
531,429
484,609
503,779
Equity attributable to owners of the parent
748,214
699,863
724,766
Non-controlling interest
14
31,221
30,118
28,902
Total Equity
779,435
729,981
753,668
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share capital
Share premium
Own shares held in EBT
Share option reserve
Other reserves
Retained earnings
Total
Non-controlling interest
Total
Note
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
Balance as at 1 January 2024
6,939
-
-
11,482
629
481,691
500,741
14,143
514,884
Profit for the period
-
-
-
-
-
3,254
3,254
2,576
5,830
Currency translation differences
-
-
-
-
(1,708)
-
(1,708)
(105)
(1,813)
Other comprehensive income
-
-
-
-
(1,115)
-
(1,115)
-
(1,115)
Total comprehensive income for the period
-
-
-
-
(2,823)
3,254
431
2,471
2,902
Contributions by and distributions to owners
Acquired via acquisition
-
-
-
-
-
-
-
14,230
14,230
Issue of ordinary shares
16
4,210
195,790
-
-
-
-
200,000
-
200,000
Issue of share capital
-
(4,332)
-
-
-
-
(4,332)
-
(4,332)
Share option charge
-
-
-
3,832
-
-
3,832
-
3,832
Exercise of share options
-
-
-
(12)
-
12
-
-
-
Dividends
-
-
-
-
-
-
-
(882)
(882)
Movement in equity
-
-
-
-
(461)
(348)
(809)
156
(653)
Total contributions by and distributions to owners
4,210
191,458
-
3,820
(461)
(336)
198,691
13,504
212,195
Balance as at 30 June 2024
11,149
191,458
-
15,302
(2,655)
484,609
699,863
30,118
729,981
Balance as at 1 July 2024
11,149
191,458
-
15,302
(2,655)
484,609
699,863
30,118
729,981
Profit for the period
-
-
-
-
-
20,002
20,002
2,804
22,806
Currency translation differences
-
-
-
-
2,651
-
2,651
(1,448)
1,203
Other comprehensive income
-
-
-
-
(114)
-
(114)
-
(114)
Total comprehensive income for the period
-
-
-
-
2,537
20,002
22,539
1,356
23,895
Contributions by and distributions to owners
Acquired via acquisition
-
-
-
-
-
-
-
(397)
(397)
Share option charge
-
-
-
3,110
-
-
3,110
-
3,110
Exercise of share options
-
-
-
(2)
-
2
-
-
-
Dividends
-
-
-
-
-
-
-
(2,171)
(2,171)
Other equity adjustments
-
-
-
-
88
(834)
(746)
(4)
(750)
Total contributions by and distributions to owners
-
-
-
3,108
88
(832)
2,364
(2,572)
(208)
Balance as at 31 December 2024
11,149
191,458
-
18,410
(30)
503,779
724,766
28,902
753,668
Balance as at 1 January 2025
11,149
191,458
-
18,410
(30)
503,779
724,766
28,902
753,668
Profit for the period
-
-
-
-
-
24,323
24,323
2,684
27,007
Currency translation differences
-
-
-
-
7,644
-
7,644
1,373
9,017
Other comprehensive income
-
-
-
-
433
-
433
-
433
Total comprehensive income for the period
-
-
-
-
8,077
24,323
32,400
4,057
36,457
Contributions by and distributions to owners
Recognition of own shares held in EBT upon consolidation
-
-
(6,363)
-
-
-
(6,363)
-
(6,363)
Funds loaned to EBT for purchase of shares
-
-
(10,000)
-
-
-
(10,000)
-
(10,000)
Transfer of shares by the EBT to employees
-
-
1,456
-
-
-
1,456
-
1,456
Share option charge
-
-
-
5,440
-
-
5,440
-
5,440
Exercise of share options
-
-
-
(4,012)
-
4,012
-
-
-
Dividends
-
-
-
-
-
-
-
(1,738)
(1,738)
Movement in equity
-
-
-
-
1,200
(685)
515
-
515
Total contributions by and distributions to owners
-
-
(14,907)
1,428
1,200
3,327
(8,952)
(1,738)
(10,690)
Balance as at 30 June 2025
11,149
191,458
(14,907)
19,838
9,247
531,429
748,214
31,221
779,435
CONDENSED CASH FLOW STATEMENTS
6 months to 30 June 2025 Unaudited
6 months to 30 June 2024 Unaudited
Note
£'000
£'000
Cash flows from operating activities
Profit from continuing operations
27,293
5,830
Profit from discontinuing operations
(286)
-
Adjustments for:
Depreciation and amortisation
38,457
36,045
Discontinued operations
398
-
Share option expense
5,440
3,832
Loss/(gain) on sale of property, plant and equipment
(2,069)
(249)
Net finance costs
20,717
26,461
Other non-cash adjustments
3,467
(1,554)
Income tax expense
13,636
11,347
Reallocation of deferred consideration to investing activities1
3,090
-
Share of earnings from associates
(272)
(303)
(Increase)/decrease in trade and other receivables
201
(26,348)
Increase in inventories
(1,012)
(8,976)
(Decrease)/increase in trade and other payables
3,716
32,497
Decrease in provisions
(10,392)
(335)
Income tax paid
(17,183)
(9,689)
Net cash flows from operating activities
85,201
68,558
Investing activities
Purchase of property, plant and equipment
11
(24,553)
(26,278)
Cash paid for acquisition of subsidiaries (net of cash acquired)1
(3,314)
(550,803)
Proceeds from sale of subsidiary
5,065
-
Sale of property plant and equipment
733
497
Purchase of intangible assets
12
(491)
(1,500)
Purchase of available for sale assets
(629)
-
Investments in joint ventures and associates
(1,814)
-
Financial derivatives
-
(1,036)
Interest received
2,642
711
Net cash used in investing activities
(22,361)
(578,409)
Financing activities
Proceeds from share issue
-
200,000
Cost of share issues
-
(4,332)
Proceeds from borrowings
37,149
758,593
Cost of borrowings
-
(14,858)
Repayment of borrowings
(30,479)
(305,806)
Contribution to EBT
(10,000)
(9,000)
Finance costs
(18,133)
(15,960)
Dividends paid to non-controlling interests
(1,738)
-
Net cash generated from financing activities
(23,201)
608,637
Net increase in cash and cash equivalents
39,639
98,786
Cash and cash equivalents at beginning of period
131,356
55,690
Exchange (losses)/gains on cash
1,778
(1,651)
Cash and cash equivalents and end of period
172,773
152,825
1 Reallocation of earn out payment from operating activities to cash paid for acquisitions.
NOTES TO THE FINANCIAL STATEMENTS
1. General Information
The principal activity of SigmaRoc is to make investments and/or acquire projects in the quarried materials sector, and the principal activity of the Group is the production of lime and limestone, high-quality aggregates and supply of value-added industrial and construction materials. The Company's shares are admitted to trading on the AIM market of the London Stock Exchange ('AIM'). The Company is incorporated and domiciled in the United Kingdom.
The address of its registered office is 6 Heddon Street, London, W1B 4BT.
2. Basis of preparation
The interim financial statements have been prepared in accordance with AIM rule 18. The interim financial statements have been prepared applying the accounting policies and presentation that were applied in the annual financial statements for the year ended 31 December 2024. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2024.
The interim report does not include all of the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 31 December 2024, which has been prepared in accordance with UK-adopted international accounting standards and the requirements of the Companies Act 2006, and any public announcements made by SigmaRoc plc during the interim reporting period.
Statutory financial statements for the period ended 31 December 2024 were approved by the Board of Directors on 14 March 2025 and delivered to the Registrar of Companies. The report of the auditors on those financial statements was unqualified. The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, except for the estimation of income tax, refer to note 9, and the adoption of new and amended standards as set out below.
Going concern
The interims financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.
The Group meets its day-to-day working capital and other funding requirements through operating cash generation and its Debt Facilities. The Debt Facilities comprise of a €600 million committed term facility, €150 million revolving credit facility and a further €100 million uncommitted accordion which matures on 21 November 2028. There is also a €125 million bridge facility which matures on 20 February 2030.
The Group comfortably met all covenants and other terms of its borrowing agreements in the period, and maintained its track record of profitability, with an overall profit before taxation for the period of £39.5 million.
Consequently, the directors are confident that the Group will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statements and therefore have prepared the Interim Financial Statements on a going concern basis.
Risks and uncertainties
The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Company's medium-term performance and the factors that mitigate those risks have not substantially changed from those set out in the Company's 2024 Annual Report and Financial Statements, a copy of which is available on the Company's website: www.sigmaroc.com. The key financial risks are liquidity risk, credit risk, interest rate risk and asset fair value estimation risks.
Critical accounting estimates
The preparation of condensed interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in Note 4 of the Company's 2024 Annual Report and Financial Statements. The nature and amounts of such estimates have not changed significantly during the interim period.
Foreign Currencies
a) Functional and Presentation Currency
Items included in the Financial Statements are measured using the currency of the primary economic environment in which the entity operates (the 'functional currency'). The Financial Statements are presented in Pounds Sterling, rounded to the nearest pound, which is the Group's functional currency.
b) Transactions and Balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where such items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income Statement. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Income Statement within 'finance income or costs. All other foreign exchange gains and losses are presented in the Income Statement within 'Other net gains/(losses)'.
Translation differences on non-monetary financial assets and liabilities such as equities held at fair value through profit or loss are recognised in profit or loss as part of the fair value gain or loss. Translation differences on non-monetary financial assets measured at fair value, such as equities classified as available for sale, are included in other comprehensive income.
c) Group companies
The results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows:
· assets and liabilities for each period end date presented are translated at the period-end closing rate;
· income and expenses for each Income Statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and
· all resulting exchange differences are recognised in other comprehensive income.
On consolidation, exchange differences arising from the translation of the net investment in foreign entities, and of monetary items receivable from foreign subsidiaries for which settlement is neither planned nor likely to occur in the foreseeable future, are taken to other comprehensive income. When a foreign operation is sold, such exchange differences are recognised in the Income Statement as part of the gain or loss on sale.
3. Accounting policies
Except as described below, the same accounting policies, presentation and methods of computation have been followed in these condensed interim financial statements as were applied in the preparation of the company's annual financial statements for the year ended 31 December 2024, except for the impact of the adoption of the Standards and interpretations described in para 3.1 below:
3.1. Changes in accounting policy and disclosures
(a) Accounting developments during 2025
The IASB issued various amendments and revisions to UK IAS and IFRIC interpretations which include IAS 21- The effects of changes in foreign exchange rates. The amendments and revisions were applicable for the period ended 30 June 2025 but did not result in any material changes to the financial statements of the Group or Company.
(b) New standards, amendments and interpretations in issue but not yet effective or not yet endorsed and not early adopted
Standard
Impact on initial application
Effective date
IFRS 7
Classification and measurement of Financial Instruments
1 January 2026
IFRS 9
Classification and measurement of Financial Instruments
1 January 2026
IFRS 18
Presentation of disclosures in Financial Statements
1 January 2027
IFRS 19
Subsidiaries without Public Accountability: Disclosures
1 January 2027
The Group is evaluating the impact of the new and amended standards above which are not expected to have a material impact on the Group's results or shareholders' funds.
4. Dividends
No dividend has been declared or paid by the Company during the six months ended 30 June 2025 (2024: nil).
5. Segment Information
Management has determined the operating segments based on reports reviewed by the Board of Directors that are used to make strategic decisions. During the periods presented the Group has four geographical regions, UK & Ireland which comprises of UK Lime, UK Stone, Irish Lime and UK Products; Western Europe which comprises of Belgian Stone and Development; Central Europe which comprises of German Lime, Czech Lime, Polish Lime, Polish Stone, the Baltics and Development and Nordics with comprises of Nordic Lime and Nordic Stone. Activities in the UK & Ireland, Western Europe, Central Europe and Nordics regions relate to the production of minerals and sale of materials, products and services.
6 months to 30 June 2025
UK & Ireland
Western Europe
Nordics
Central Europe
Corporate
Total
£'000
£'000
£'000
£'000
£'000
£'000
Revenue (continued operations)
132,025
31,470
121,800
224,980
-
510,275
Underlying Profit from operations per reportable segment
19,962
4,474
19,022
43,034
(5,132)
81,360
Additions to non-current assets
(2,125)
(9,016)
(350)
35,921
(1,160)
23,270
Reportable segment assets
469,505
148,755
502,979
1,044,253
62,682
2,228,174
Reportable segment liabilities
106,779
64,796
89,481
568,837
618,846
1,448,739
6 months to 30 June 2024
UK & Ireland
Western Europe
Nordics
Central Europe
Corporate
Total
£'000
£'000
£'000
£'000
£'000
£'000
Revenue (continued operations)
104,521
31,755
124,530
189,286
-
450,092
Underlying Profit from operations per reportable segment
18,159
2,745
19,038
32,842
(4,837)
67,947
Additions to non-current assets
121,813
3,252
-585
816,957
(26)
941,411
Reportable segment assets
399,876
159,279
522,781
1,037,015
33,864
2,152,815
Reportable segment liabilities
89,770
73,509
113,007
499,769
646,779
1,422,834
6. Revenue
Consolidated
6 months to 30 June 2025 Unaudited
6 months to 30 June 2024 Unaudited
£'000
£'000
High-grade minerals
367,005
307,661
Aggregates and stone
61,116
67,916
Value-add products
82,154
74,515
510,275
450,092
High-grade minerals revenue relates to the sale of minerals to be used for across all sectors such as limestone powder, quicklime, ground calcium carbonate and industrial limestone. These revenues are recognised at a point in time as the product is transferred to the customer, except for contracting and similar services where revenue is recognised over time.
Aggregates and stone revenue relates to essential materials in the building industry, comprising sand, gravel, crushed stone and recycled concrete. These revenues are recognised in the same way as high-grade mineral revenues.
Value added products is the sale of finished goods that have undertaken a manufacturing process within each of the subsidiaries. These revenues are recognised in the same way as high-grade mineral revenues.
The Group contracting services revenue for the year ended 30 June 2025 was £15.3 million (2024: £10.8 million).
7. Expenses by nature
6 months to 30 June 2025 Unaudited
6 months to 30 June 2024 Unaudited
£'000
£'000
Cost of sales
Changes in inventories of finished goods and work in progress
11,288
7,896
Raw materials & production
161,324
144,584
Distribution & selling expenses
45,554
39,878
Employees & contractors
91,872
89,930
Maintenance expense
20,599
17,877
Plant hire expense
3,413
3,402
Depreciation & amortisation expense
38,457
35,060
Other costs of sale
14,118
10,525
Total cost of sales
386,625
349,152
Administrative expenses
Operational admin expenses
41,336
39,936
Corporate admin expenses
22,293
21,561
Total administrative expenses
63,629
61,497
Depreciation and amortisation expense is a combination of property, plant and equipment depreciation and amortisation of intangible assets.
8. Non-underlying items
6 months to 30 June 2025 Unaudited
6 months to 30 June 2024 Unaudited
£'000
£'000
Acquisition related expenses
1,865
14,421
Prior acquisition earn out agreement
3,090
-
Restructuring expenses
1,734
2,981
Share options expense
5,452
3,832
Amortisation and remeasurement of acquired intangibles
5,420
5,439
Amortisation of finance costs
1,485
4,379
Unwinding of discount on deferred consideration
222
222
Reversal of non-underlying gains previously recognised
4,937
-
Other non-underlying
2,296
683
26,501
31,957
Under IFRS 3 - Business Combinations, acquisition costs have been expensed as incurred. Additionally, the Group incurred costs associated with obtaining debt financing, including advisory fees to restructure.
Acquisition related expenses include exclusivity, introducer, advisor, consulting, legal fees, accounting fees, insurance and ongoing transaction services costs.
Prior acquisition earn out agreement expenses relate to earn out payments to the sellers of the Retaining UK business.
Restructuring expenses relate to the reorganisation and integration of recently acquired subsidiaries, including costs associated with site optimisation, transitional salary costs, redundancies, severance & recruitment fees, and costs associated with financial reporting and system migrations.
Share option expense is the fair value of the share options issued and or vested during the Period.
Amortisation and remeasurement of acquired assets are non-cash items which distort the underlying performance of the businesses acquired. Amortisation of acquired assets arise from certain fair value uplifts resulting from the PPA. Remeasurement of acquired assets arises from ensuring assets from acquisitions are depreciated in line with Group policy. These are net of the deferred tax liability unwind on the asset fair value uplift.
Amortisation of finance costs is the amortisation of borrowing costs on the Syndicated Senior Credit Facility. These costs are amortised over a 5-year period.
Unwinding of discount on deferred consideration is a non-cash adjustment relating to deferred consideration arising on acquisitions.
Reversal of non-underlying gains previously recognised is a non-cash adjustment due to the consolidation of the EBT.
Other non-underlying costs include professional adviser fees and other miscellaneous non-recurring costs.
9. Taxation
Income tax expense is recognised based on management's estimate of the weighted average effective annual income tax rate expected for the full financial year. The estimated average annual tax rate used for the year to 30 June 2025 is 20.2%, compared to 23.0% for the six months ended 30 June 2024.
10. Discontinued Operations
In December 2024, the Group disposed of non-core Belgian and French concrete plants, B-Mix, Goijens and with the option to sell Beton. The disposal of B-Mix and Goijens completed in December 2024 with Beton closing in June 2025.
Financial information relating to the discontinued operation for the period is set out below.
6 months to 30 June 2025 Unaudited
6 months to 30 June 2024 Unaudited
Income statement
£'000
£'000
Revenue
3,728
18,691
Cost of sales
(3,513)
(15,805)
Gross profit
215
2,886
Administration
(400)
(1,372)
Other expenses
(101)
(368)
Corporations tax
-
(410)
Profit from discontinued operation
(286)
736
FX translation reserve
5
(6)
Total comprehensive income from discontinued operation
(281)
730
Basic earnings per share attributable to owners of the parent (expressed in pence per share)
(0.03)
0.07
6 months to 30 June 2025 Unaudited
6 months to 30 June 2024 Unaudited
Cash movement
£'000
£'000
Net cash inflow/ (outflow) from operating activities
(23)
2,801
Net cash inflow from investing activities
(34)
(1,299)
Net cash inflow from financing activities
(20)
(1,987)
Net decrease in cash generated by the subsidiary
(77)
(486)
Balance Sheet
6 months to 30 June 2025 Unaudited
6 months to 30 June 2024 Unaudited
£'000
£'000
Non-current assets as held for sale
Property, plant and equipment
1,329
15,153
Intangible assets
2,579
4,021
Other receivables
16
16
3,924
19,190
Current Assets as held for sale
Trade and other receivables
2,167
8,603
Inventories
479
1,106
Cash and cash equivalents
898
2,891
3,544
12,600
Total assets
7,468
31,790
Non-current liabilities as held for sale
Deferred tax liability
-
15
-
15
Current liabilities as held for sale
Trade and other payables
1,928
6,859
Current tax payable
-
680
1,928
7,359
Total liabilities
1,928
7,554
Net assets of the disposal group
5,540
24,236
11. Property, plant and equipment
Office equipment
Land and minerals
Land and buildings
Plant and machinery
Vehicles
Right of use assets
Construction in progress
Total
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
Cost
As at 1 January 2024
5,318
448,630
170,855
355,936
27,642
42,074
20,527
1,070,982
Acquired through acquisition of subsidiary
-
288,333
65,189
276,546
12,079
17,527
11,261
670,935
Provisional fair value adjustments
-
121,867
26,620
(6,967)
333
-
-
141,853
Transfer between classes
-
-
(2,495)
4,199
497
349
(2,550)
-
Additions
213
2,545
1,673
8,456
710
3,210
9,471
26,278
Disposals
-
-
(33)
(331)
(196)
(109)
-
(669)
Forex
135
(6,438)
(3,367)
(7,652)
660
1,639
177
(14,846)
As at 30 June 2024
5,666
854,937
258,442
630,187
41,725
64,690
38,886
1,894,533
Discontinued operations
-
-
(157)
(908)
(50)
(428)
-
(1,543)
Acquired through acquisition of subsidiary
-
-
13,535
35,511
432
3,000
2,235
54,713
Disposal of subsidiary
(427)
-
(5,604)
(9,396)
(5,745)
(787)
-
(21,959)
Fair value adjustments
-
4,605
(2,256)
6,602
7
-
-
8,958
Transfer between classes/ reallocation from intangibles
-
(2,064)
296
2,142
246
(300)
(3,342)
(3,022)
Additions
-
2,181
4,126
25,566
1,090
5,343
6,741
45,047
Disposals
-
(2,171)
(4,958)
(1,238)
(536)
(2,018)
-
(10,921)
Forex
(303)
(7,643)
(984)
(5,250)
(507)
(2,041)
(1,454)
(18,182)
As at 31 December 2024
4,936
849,845
262,440
683,216
36,662
67,459
43,066
1,947,624
Disposal of subsidiary
-
-
(163)
(938)
(51)
(442)
-
(1,594)
Transfer between classes
-
1,560
105
(4,072)
(505)
328
2,585
-
Additions
99
1,422
2,244
10,522
447
1,228
8,591
24,553
Reclassifications
2
(2,263)
(900)
(1,024)
51
471
-
(3,663)
Disposals
-
-
(322)
(3,767)
(603)
(256)
-
(4,948)
Forex
109
26,440
7,124
25,346
587
2,849
575
63,030
As at 30 June 2025
5,146
877,004
270,528
709,283
36,588
71,637
54,817
2,025,003
Depreciation
As at 1 January 2024
4,640
88,998
90,899
269,816
20,475
23,592
-
498,420
Acquired through acquisition of subsidiary
-
38,382
9,087
68,160
4,898
825
-
121,352
Charge for the year
135
10,272
3,890
15,161
1,536
3,286
-
34,280
Disposals
-
-
(33)
-
(30)
(109)
-
(172)
Transfer between classes
-
-
(1,306)
1,462
(156)
-
-
-
Forex
(9)
(2,051)
(273)
(9,604)
(100)
1,687
-
(10,350)
As at 30 June 2024
4,766
135,453
102,260
344,995
26,634
29,274
-
643,382
Discontinued Operations
-
-
(6)
(115)
(39)
(48)
-
(208)
Acquired through acquisition of subsidiary
-
6,335
9,855
37,689
747
16
-
54,642
Disposal of subsidiary
(206)
-
(1,106)
(6,794)
(4,398)
(645)
-
(13,149)
Charge for the year
38
8,569
4,366
16,542
1,303
4,358
-
35,176
Disposals
-
-
33
(768)
(573)
(2,134)
-
(3,442)
Transfer between classes
-
1,032
(381)
(7)
(48)
(136)
-
460
Forex
(120)
1,774
(1,688)
(5,151)
(1,075)
(2,070)
-
(8,330)
As at 31 December 2024
4,478
153,311
113,337
386,391
22,540
28,622
-
708,679
Disposal of subsidiary
-
-
(6)
(118)
(40)
(49)
-
(213)
Charge for the year
91
10,029
3,904
18,317
1,248
3,968
-
37,557
Disposals
-
-
(298)
(3,212)
(450)
(255)
-
(4,215)
Reclassifications
2
(2,265)
(333)
(2,504)
18
448
-
(4,634)
Forex
108
6,420
3,256
11,792
322
2,454
-
24,352
As at 30 June 2025
4,679
167,495
119,860
410,666
23,638
35,188
-
761,526
Net book value
As at 30 June 2024
900
719,336
156,178
285,192
15,102
35,409
38,886
1,251,003
As at 31 December 2024
458
696,534
149,103
296,825
14,122
38,837
43,066
1,238,945
As at 30 June 2025
467
709,509
150,668
298,617
12,950
36,449
54,817
1,263,477
12. Intangible assets
Consolidated
Goodwill
Customer Relations
Intellectual property
Research & Development
Branding
Other Intangibles
Total
£'000
£'000
£'000
£'000
£'000
Cost
As at 1 January 2024
170,337
11,762
-
5,952
3,210
20,126
211,387
Additions
-
-
100
-
-
1,400
1,500
Reallocations
-
-
-
-
Acquired through business combinations
-
-
-
-
-
8,181
8,181
Fair value adjustments
-
-
-
-
-
7,561
7,561
Provisional additions through business combination
242,966
-
-
-
-
-
242,966
Forex
(1,018)
-
-
(66)
-
282
(802)
As at 30 June 2024
412,285
11,762
100
5,886
3,210
37,550
470,793
Additions
-
-
-
-
-
1,958
1,958
Reallocations
-
(720)
-
-
-
2,064
1,344
Provisional additions through business combination
158,371
-
-
-
-
172
158,543
Fair value adjustments
(120,378)
-
-
-
-
(7,561)
(127,939)
Disposal of subsidiary
(3,836)
(2,085)
-
-
-
-
(5,921)
Discontinued Operations
-
-
-
-
-
(3,030)
(3,030)
Forex
423
123
-
(158)
-
(1,800)
(1,412)
As at 31 December 2024
446,865
9,080
100
5,728
3,210
29,353
494,336
Additions
-
-
-
10
-
481
491
Reclassification
-
(997)
189
977
-
-
169
Disposal of subsidiary
-
-
-
-
-
(3,131)
(3,131)
Forex
10,049
-
-
(10)
-
2,333
12,372
As at 30 June 2025
456,914
8,083
289
6,705
3,210
29,036
504,237
Depreciation
As at 1 January 2024
-
3,503
-
5,646
692
13,498
23,339
Charge for the year
-
526
3
24
80
1,132
1,765
Acquired through business combinations
-
-
-
-
-
5,012
5,012
Fair value adjustments
-
-
-
-
-
3,692
3,692
Forex
-
-
-
(85)
-
761
676
As at 30 June 2024
-
4,029
3
5,585
772
24,095
34,484
Charge for the year
-
494
(1)
22
80
942
1,537
Acquired through business combinations
-
-
-
-
-
234
234
Disposal of subsidiary
-
(449)
-
-
-
-
(449)
Discontinued operations
-
-
-
-
-
(326)
(326)
Forex
-
(66)
-
(105)
-
(4,473)
(4,644)
As at 31 December 2024
-
4,008
2
5,502
852
20,472
30,836
Charge for the year
-
394
5
39
80
382
900
Acquired through business combinations
-
-
-
-
-
(337)
(337)
Reclassification
-
35
189
977
-
-
1,201
Forex
-
-
-
(44)
-
1,052
1,008
As at 30 June 2025
-
4,437
196
6,474
932
21,569
33,608
Net book value
As at 30 June 2024
412,285
7,733
97
301
2,438
13,455
436,309
As at 31 December 2024
446,865
5,072
98
226
2,358
8,881
463,500
As at 30 June 2025
456,914
3,646
93
231
2,278
7,467
470,629
The intangible asset classes are:
- Goodwill is the excess of the consideration transferred and the acquisition date fair value of any previous equity interest in the acquire over the fair value of the net identifiable assets.
- Customer relations is the value attributed to the key customer lists and relationships.
- Intellectual property is the patents owned by the Group.
- Research and development is the acquisition of new technical knowledge and trying to improve existing processes or products or; developing new processes or products.
- Branding is the value attributed to the established company brand.
- Other intangibles consist of capitalised development costs for assets produced that assist in the operations of the Group and incur revenue.
Amortisation of intangible assets is included in cost of sales on the Income Statement. Development costs have been capitalised in accordance with the requirements of IAS 38 and are therefore not treated, for dividend purposes, as a realised loss.
13. Investment in Equity Accounted Associates & Joint Ventures
Nordkalk has a joint venture agreement with Franzefoss Minerals AS, managing a lime kiln located in Norway which was entered into on 5 August 2004.
The Group entered into a joint venture agreement partnering with Arcelor Mittal, to invest in green quicklime and dolime production in Dunkirk, which was entered into on 11 September 2022.
The Group has one non-material local associate in Pargas, Pargas Hyreshus Ab.
30 June 2025 Unaudited
30 June 2024 Unaudited
£'000
£'000
Interests in associates
549
543
Interest in joint venture
8,061
6,529
8,610
7,072
Proportion of ownership interest held
Name
Country of incorporation
30 June 2025 Unaudited
30 June 2024 Unaudited
NorFraKalk AS
Norway
50%
50%
AMeLi Green Lime Solutions
France
47.5%
47.5%
Summarised financial information
NorFraKalk AS - Cost and net book value
30 June 2025 Unaudited £'000
30 June 2024 Unaudited £'000
Current assets
8,000
9,750
Non-current assets
8,297
7,599
Current liabilities
2,859
4,556
Non-current liabilities
3,969
2,656
9,469
10,137
6 months to 30 June 2025 Unaudited £'000
6 months to 30 June 2024 Unaudited £'000
Revenues
7,939
6,753
Profit after tax from continuing operations
539
357
14. Non-controlling interests
Proportion of controlling interest
Name
Country of incorporation & Place of business
30 June 2025 Unaudited
30 June 2024 Unaudited
Vápenka Vitosov s.r.o
Czechia
75%
75%
Suomen Karbonaatti Oy
Finland
51%
51%
Kalkproduktion Storugns AB
Sweden
66.7%
66.7%
NKD Holding Oy
Finland
51%
51%
Canteras La Belonga SA
Spain
65%
65%
Granulats du Hainaut SA
Belgium
75%
75%
Juuan Dolomiittikalkki Oy
Finland
70%
70%
6 months to 30 June 2025 Unaudited £'000
6 months to 30 June 2024 Unaudited £'000
As at 1 January
28,902
14,143
Non-controlling interests share of profit in the period
2,684
2,576
Acquired via acquisition
-
14,230
Dividends paid
(1,738)
(882)
Other adjustments
-
156
Foreign exchange movement
1,373
(105)
As at 30 June
31,221
30,118
30 June 2025
30 June 2024
Vapenka Vitošov
Suomen Karbonaatti
Other individually immaterial subsidiaries
Vapenka Vitošov
Suomen Karbonaatti
Other individually immaterial subsidiaries
£'000
£'000
£'000
£'000
£'000
£'000
Current assets
22,994
18,597
23,619
17,505
19,918
9,794
Non-current assets
74,447
2,395
34,241
73,938
2,443
16,633
Current liabilities
7,013
3,943
8,879
5,699
5,115
3,638
Non-current liabilities
12,501
7,716
18,540
12,506
7,639
3,788
Net Assets
77,927
9,333
30,441
73,238
9,607
19,001
Net Assets Attributable to NCI
19,482
4,573
10,478
15,098
4,707
7,411
Revenue
21,310
20,108
14,918
20,630
21,064
7,829
Profit after taxation
3,950
2,769
807
3,504
2,967
850
Other comprehensive income
-
-
-
-
-
-
Total comprehensive income
3,950
2,769
807
3,504
2,967
850
Net operating cash flow
3,980
632
6,248
4,976
2,857
1,698
Net investing cash flow
(687)
(78)
(5,101)
(213)
(434)
(753)
Net financing cash flow
(19)
(1,791)
1,867
(54)
(1,698)
(264)
Dividends paid to NCI
-
(1,678)
(60)
-
(838)
(52)
15. Borrowings
30 June 2025 Unaudited
30 June 2024 Unaudited
£'000
£'000
Non-current liabilities
Syndicated term facility
562,743
592,824
Bank Loans
8,818
2,114
Finance lease liabilities
8,178
10,100
IFRS16 Leases
31,752
29,585
611,491
634,623
Current liabilities
Syndicated term facility
51,382
38,143
Bank loans
727
6,146
Finance lease liabilities
1,887
2,178
IFRS16 Leases
5,663
4,294
59,659
50,761
On 22 November 2023 the Company entered into a new syndicated senior credit facility of up to €750 million (the 'Debt Facilities') led by Santander UK and BNPP, with the syndicate including several major UK and European banks and a further €125 million bridge loan ('Bridge Loan'). The Debt Facilities comprise a €600 million committed term facility, €150 million revolving credit facility and a further €100 million uncommitted accordion.
On 20 February 2025 the Company amended and restated its existing Bridge Loan with a new 5-year term facility up to €125 million through a US Private Placement process.
The Debt Facilities are secured by a floating charge over the assets of SigmaRoc and its subsidiaries as defined as obligors within the Debt Facilities. Interest is charged at a rate between 2.00% and 3.50% above EURIBOR ('Interest Margin'), based on the calculation of the adjusted leverage ratio for the relevant period. For the period ending 30 June 2025, the Interest Margin was 2.75%.
The carrying amounts and fair value of the non-current borrowings are:
Carrying amount and fair value
30 June 2025 Unaudited
30 June 2024 Unaudited
£'000
£'000
Syndicated term facility
562,743
592,824
Bank loans
8,818
2,114
Finance lease liabilities
8,178
10,100
IFRS16 leases
31,752
29,585
611,491
634,623
16. Share capital and share premium
Number of shares
Ordinary shares
Share premium
Total
Issued and fully paid
£
£
£
Issued and fully paid
As at 1 January 2024
693,801,899
6,939
-
6,939
Issue of new shares - 4 January 2024(1)
421,052,631
4,210
191,458
195,668
As at 30 June 2024
1,114,854,530
11,149
191,458
202,607
As at 31 December 2024
1,114,854,530
11,149
191,458
202,607
As at 30 June 2025
1,114,854,530
11,149
191,458
202,607
(1) Includes issue costs of £4,331,994
During the year, the Company's Employee Benefit Trust purchased 14,895,581 ordinary shares at a total cost of £10m, announced by the Company in February 2025. At 30 June 2025, the Employee Benefit Trust holds 17,690,490 ordinary shares.
17. Earnings per share
The calculation of the total basic earnings per share of 2.24 pence (2024: 0.23 pence) is calculated by dividing the profit attributable to shareholders of £24.6 million (2024: £2.5 million) by the weighted average number of ordinary shares of 1,097,164,040 (2024: 1,107,914,102) held in public hands during the period.
Diluted earnings per share of 2.07 pence (2024: 0.21 pence) is calculated by dividing the profit attributable to shareholders of £24.6 million (2024: £2.5 million) by the weighted average number of ordinary shares in issue during the period plus the weighted average number of share options and warrants to subscribe for ordinary shares in the Company, which together total 1,185,699,794 (2024: 1,192,644,896).
Details of share options that could potentially dilute earnings per share in future periods are disclosed in the notes to the Group's Annual Report and Financial Statements for the year ended 31 December 2024.
18. Fair value of financial assets and liabilities measured at amortised costs
The following table shows the carrying amounts and fair values of the financial assets and liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
Items where the carrying amount equates to the fair value are categorised to three levels:
· Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date
· Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly
· Level 3 inputs are unobservable inputs for the asset or liability.
Carrying amount
Fair value
Fair value - Hedging instruments
Fair value through P&L
Fair value through OCI
Financial asset at amortised cost
Other financial liabilities
Total
Level 1
Level 2
Total
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
Financial assets measured at fair value
Forward exchange contracts
-
194
466
-
-
660
-
660
660
Electricity hedges
-
-
133
-
-
133
133
-
133
Financials assets not measured at fair value
Trade and other receivables (excl. Derivatives)
-
-
-
178,907
-
178,907
-
-
-
Cash and cash equivalents
-
-
-
172,773
-
172,773
-
-
-
Financial liabilities measured at fair value
Forward exchange contracts
-
-
195
-
-
195
-
195
195
Electricity hedges
-
-
507
-
-
507
507
-
507
Financial liabilities not measured at fair value
Loans
-
-
-
-
623,670
623,670
-
-
-
Finance lease liability
-
-
-
-
47,480
47,480
-
-
-
Trade and other payables (excl. derivative)
-
-
-
-
475,257
475,257
-
-
-
19. Related party transactions
Loans with Group Undertakings
Amounts receivable/(payable) as a result of loans granted to/(from) subsidiary undertakings are as follows:
Company
6 months to 30 June 2025 Unaudited
6 months to 30 June 2024 Unaudited
£'000
£'000
Ronez Limited
(32,261)
(27,654)
SigmaGsy Limited
(10,608)
(9,608)
SigmaFin Limited
12,249
21,885
Topcrete Limited
(846)
(11,178)
Poundfield Products (Group) Limited
5,338
5,012
Foelfach Stone Limited
632
594
CCP Building Products Limited
5,605
5,311
Carrières du Hainaut SCA
29,397
19,083
GDH (Holdings) Limited
16,874
15,349
B-Mix Beton NV
-
9,149
Stone Holdings SA
519
408
Nordkalk Oy Ab
(15)
22,096
Johnston Quarry Group
11,707
11,792
Rightcast Limited
(1,190)
(1,117)
Retaining UK Limited
(1,178)
(506)
SigmaCEN GmbH
358,802
42
Fels Holding GmbH
(55,080)
(16,059)
Clogrennane Lime Limited
(11,936)
(9,746)
Buxton Lime Limited
17,833
20,652
Baltics CO2 Management OU
449
429
SigmaLime IRE Limited
49,762
-
Nordkalk Wapno Sp Z.o.o
(21,634)
-
Mavecotill Investments Sp Z.o.o
14,602
-
SigmaLime Solutions Limited
1,834
-
390,855
55,934
Loans granted to or from subsidiaries are unsecured, have interest charged at 6.5% and are repayable in Pounds Sterling on demand from the Company.
All intra Group transactions are eliminated on consolidation.
Other Transactions
During the period, there were no other related party transactions.
20. Events after the reporting date
There were no events after the reporting date.
20. Approval of interim financial statements
The condensed interim financial statements were approved by the Board of Directors on 5 September 2025.
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