SigmaRoc deliver 2023 performance ahead of expectations
Trading resilience, efficiency gains, and value-accretive acquisitions deliver record earnings performance
SIGMAROC, the AIM-quoted lime and limestone group, say trading resilience, efficiency gains, and value-accretive acquisitions combined to deliver record earnings performance, ahead of original expectations, in 2023.
For the year ended 31 December 2023, the Group generated revenue of £580.3 million (2022: £538.0 million) and underlying EBITDA of £116.7 million (2022: £101.7 million). Underlying profit before taxation for the Group was £71.2 million (2022: £62.7 million).
Like-for-like revenue grew by 2% and underlying EBITDA by 10%, despite a 4% volume decline, reflecting the Group’s strong market position, pricing power, and differentiated operational model with diversified end markets.
In November 2023, SigmaRoc entered into agreements to acquire CRH’s European lime and industrial limestone assets, transforming the Group into a leading European producer. The Group also deployed £32 million to acquire six businesses generating £8 million EBITDA across the UK, Belgium, France, and the Nordics, which have all been successfully integrated, generating proforma 2023 EBITDA of £10 million.
Chief executive officer Max Vermorken commented: ‘2023 is another year where SigmaRoc delivered performance ahead of expectations in challenging market conditions. We have demonstrated resilient trading, growing revenue, EBITDA and EPS, whilst managing the balance sheet to deliver reduced year end gearing, despite the growth and continuing investment into the business.
‘The strategic initiatives we launched in the year are all now contributing, with the transformational acquisition of European lime assets that creates Europe’s leading lime business completed immediately post year end with the integration of these assets progressing in line with our expectations.
‘We continue to innovate in our business and are well set up with our enlarged footprint and focus on lime to benefit from long-term drivers across the industrial, construction, and environmental markets. The transition to a green economy will drive investment in critical infrastructure, with lime an essential component of every aspect of this investment.
‘2024 has started well and I look forward to updating the market on what I expect to be another year of progress as Northern Europe’s leading lime operator.’
