Group announces record results well ahead of expectations despite a challenging year
QUARRIED materials group SigmaRoc have announced their audited results for the full year ended 31 December 2022. Despite global and local challenges, SigmaRoc delivered a strong operating performance in 2022, with volumes, on average, ahead across the Group year on year by 1% on a like-for-like basis.
The Group reported 2022 revenue of £538.0 million, representing a 98% year-on-year increase, and underlying EBITDA of £101.7 million, an uplift of 106% year on year. Underlying pre-tax profit was £62.7 million and underlying EPS was 8.0p, representing a 49% improvement year on year.
SigmaRoc say revenue and underlying EBITDA have increased primarily due to the inclusion of Nordkalk, who were acquired in August 2021, together with the additions of Johnston and RightCast. On a like-for-like basis, organic revenue and underlying EBITDA grew by 19% and 9%, respectively, during the year.
Chief executive officer Max Vermorken commented: ‘2022 was an extremely challenging year from an operational and a commercial standpoint. However, the Group delivered performance well ahead of expectations and made enormous strategic progress, demonstrating the strength of our operational model and management structure.
‘This exceptional year has given us the opportunity to get on the front foot strategically at the start of 2023 with a robust pipeline of organic and acquisition investments to support our organic growth and accelerate our strategic goals.
‘We remain vigilant towards continued variable conditions across our end markets, but we are confident that the Group can once again demonstrate its resilience and achieve further strategic progress in 2023.’