REG - SigmaRoc PLC - Interim Results
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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 results(1)
30 June 2025 30 June 2024(2) YoY 30 June 2025 30 June 2024(2) YoY
change 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 debt(3) £498.4m £532.6m -6.4%
Covenant Leverage 2.04x 2.57x -20.6%
ROIC 5.9% 4.9%(4) +100bps
FCF(5) £61.9m £44.9m +37.9%
FCF Conversion(6) 52.5% 46.2% +640bps
Proforma statutory results(7) Proforma underlying results(7)
30 June 2025 30 June 2024 YoY 30 June 2025 30 June 2024 YoY
change 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 (http://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 (mailto: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
(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
(http://www.sigmaroc.com/) .
For further information, please contact:
SigmaRoc plc Tel: +44 (0) 207 002 1080
Max Vermorken (Chief Executive Officer)
Jan van Beek (Chief Financial Officer) ir@sigmaroc.com (mailto:ir@sigmaroc.com)
Tom Jenkins (Head of Investor Relations)
Panmure Liberum (Nomad and Co-Broker) Tel: +44 (0) 203 100 2000
Scott Mathieson / John More / Dru Danford
Deutsche Numis (Co-Broker) Tel: +44 (0) 20 7260 1000
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 CO(2) 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% increase(2) 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
consensus(1).
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 Restated(1) - 6 months to 30 June 2024
Unaudited Unaudited
Underlying Non-underlying(2) (Note 8) Total Underlying Non-underlying(2) (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 17 4.66 (2.42) 2.24
(expressed in pence per share)
3.07 (2.84) 0.23
Continuing diluted earnings per share attributable to owners of the parent 4.31 (2.24) 2.07
(expressed in pence per share)
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 Restated(1) - 6 months to 30 June 2024
Unaudited 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 30 June 2024 31 December 2024
Unaudited Unaudited 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 Share premium Own shares held in EBT Share option reserve Other reserves Retained earnings Total Non-controlling interest Total
capital
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 - - (6,363) - - - (6,363) - (6,363)
consolidation
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 6 months to 30 June 2024
Unaudited 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 activities(1) 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
(http://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 6 months to 30 June 2024
Unaudited 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 6 months to 30 June 2024
Unaudited 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 6 months to 30 June 2024
Unaudited 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 6 months to 30 June 2024
Unaudited 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 (0.03) 0.07
pence per share)
6 months to 30 June 2025 6 months to 30 June 2024
Unaudited 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 6 months to 30 June 2024
Unaudited 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 30 June 2024
Unaudited 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 30 June 2024
Unaudited 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 30 June 2024
Unaudited Unaudited
£'000 £'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 6 months to 30 June 2024
Unaudited Unaudited
£'000 £'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 30 June 2024
Unaudited 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 6 months to 30 June 2024
Unaudited Unaudited
£'000 £'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 30 June 2024
Unaudited 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 30 June 2024
Unaudited 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 6 months to 30 June 2024
Unaudited 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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