SigmaRoc reports continued strong trading in Q1
() , a lime and limestone group with quarried assets in the UK and Europe, issued an update on Q1 2024 trading ahead of its AGM meeting today.
SigmaRoc said Q1 was performance was in line with management expectations, with volumes 1% ahead of budget and revenues of £214m for the quarter. Tight cost controls resulted in continued margin improvement, supporting an underlying EBITDA in line with management expectations.
The positive Q1 results carry momentum from FY23 when performance exceeded expectations, including revenue, EPS, and underlying EBITDA, the last rising by 10%. Therefore, management maintained its outlook for FY24.
Max Vermorken, Chief Executive Officer, commented:
"I reported at the time of our final results that the first two months of the year had started well, and I am pleased to say that this trend has continued in March with trading remaining in line with our expectations.
The integration of our initial lime acquisitions is continuing well. We recently completed the UK acquisition, and we are now focussed on integrating all the acquired businesses, delivering on synergies and further strategic initiatives, and progressing to take control of the Polish assets that are the final part of this transformational deal."
View from Vox
SigmaRoc reports solid in-line Q1 performance, with continued EBITDA and margin growth, as it integrates its recently acquired portfolio of European lime and limestone assets, formerly owned by CRH. The first phase of the acquisition completed in January 2024 and the rest is ongoing. The move brought to SigmaRoc 1 billion tonnes of reserves and annualised revenues of over €350m, significantly scaling up its industrial minerals business.
Following a strong FY23 and Q1, SigmaRoc's diversified position, focus on industrial markets, and robust balance sheet place it well for continued growth for the remainder of FY24 as it maintains its ambitious full-year forecast. The outlook for lime is positive with demand continuing to climb across construction, industry, and infrastructure as it is an essential product for the net zero transition.
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