SigmaRoc issue trading update

Group says 2022 earnings ahead of market expectations but visibility into 2023 remains challenging

QUARRIED materials group SigmaRoc have issued an update on trading performance to 30 November 2022 and their expectations for the full year ending 31 December 2022. According to the update, demand conditions have evolved broadly as expected across all market segments, with the Group benefitting from its broad end-market and geographic diversification.

For the 11-month period ended 30 November 2022, SigmaRoc recorded revenues of £498 million, representing a 20% like-for-like increase over the same period in 2021. As a result of the delivery of cost-saving and performance-improvement programmes, resilient trading, and development initiatives, the Group expects to report revenue and EBITDA for the year to 31 December 2022 ahead of consensus estimates, with underlying EPS expected to be around 10% ahead of expectations.

SigmaRoc say visibility into 2023 remains challenging given continued uncertainty around the global economy, but the current expectation is for demand in both the industrial and infrastructure markets to maintain current trends into the early part of 2023, albeit with some customers likely to take the opportunity to bring forward seasonal maintenance stops, to coincide with anticipated higher energy prices and the holiday period.

Notwithstanding the challenging market conditions in the short term, the board of SigmaRoc remains very confident in the Group’s long-term prospects, supported by its proven business model and the diversification provided by its European and multi-product footprint.

Max Vermorken, chief executive officer of SigmaRoc, commented: ‘Nothing easy is worth doing and 2022 wasn’t easy. Well done to our nearly 1,860 staff. While it’s likely that 2023 will present further unforeseen challenges, the agility of our business model and the diverse footprint of the Group will help us confront them as they arise. Naturally we keep a keen eye on ideas and projects which will help drive further growth.’

SigmaRoc will publish their results for the year-ended 31 December 2022 at the end of March 2023, followed by their ESG report in April 2023.