Business
Trading Update, Notice of Results & Presentations
Trading Update, Notice of Results & Presentations.
About this update from Sigmaroc Plc
[{"type":"text","content":"\n\n30 July 2024\n \n(EPIC: SRC / Market: AIM / Sector: Construction Materials)\n \nSIGMAROC PLC\n ('SigmaRoc', the 'Group' or the 'Company')\n \n \nTrading update, CFO succession and Polish anti-trust clearance\nStrong first half performance underpins confidence in our full year expectations\nNotice of Results, Analyst Briefing & Investor Presentation\n \nSigmaRoc, the Northern European lime and limestone Group, is pleased to provide the following trading update for the six months ended 30 June 2024 ('H1' or the 'Period') reflecting a performance ahead of expectations1.\n \nHighlights\n· H1 revenues £469m (H1 2023: £290m), up 62% YoY, reflecting the contribution from CRH acquisitions;\n· Underlying EBITDA of £100m (H1 2023: £55m), up 82% YoY and ahead of budget;\n· Underlying EBITDA margin improved to 21.3%, up 240bps YoY (H1 2023: 19.0%), due to effective pricing and cost management;\n· Pro-forma2 revenue down 8% and underlying EBITDA down 3%, due to softer volumes and lower pass through on top-line;\n· Underlying EPS expected to close over 3.1p with pro-forma2 underlying EPS over 4.2p, up more than 5% (H1 2023: 4.0p);\n· Covenant Leverage expected below 2.6x with pro-forma2 leverage under 2.3x; and\n· The Board's expectations for the year unchanged.\n \nNotes: 1 Based on underlying EBITDA; 2 Pro-forma calculation includes Deal 2 and Deal 3 for entire Period on an underlying basis.\n \nUpdate on European lime businesses acquired from CRH\n \n· Acquisition of German, Czech and Irish businesses completed on 4 January 2024 and are now fully integrated ('Deal 1');\n· UK lime acquisition completed in March 2024 with integration progressing ahead of schedule ('Deal 2');\n· Polish anti-trust clearance delivered post period end with completion expected end of August 2024 ('Deal 3');\n· CRH lime businesses performing in line with expectations;\n· Synergy programme on track with further detail at the interims.\n \nMarkets and...