SigmaRoc PLC Trading Update (1517U)
July 29 2022 - 2:00AM
UK Regulatory
TIDMSRC
RNS Number : 1517U
SigmaRoc PLC
29 July 2022
29 July 2022
(EPIC: SRC / Market: AIM / Sector: Construction Materials)
SIGMAROC PLC
( ' SigmaRoc ', the 'Group' or the 'Company')
Trading update H1 2022 - Positive trading momentum
SigmaRoc, the specialist quarried materials group, is pleased to
announce strong H1 2022 trading, with good momentum carried into H2
2022.
Highlights :
- Strong first half of 2022, demonstrating the effectiveness of the Group's diversified model;
- H1 revenue of GBP248m, up 18% over 2021 on an adjusted like-for-like basis;
- H1 underlying EBITDA of GBP48m, up 6% over 2021;
- Underlying EPS over 3.6p, up approximately 35% over the prior period;
- Continued good cash generation, with leverage within the Group's target range;
- Diversified market profile and good demand leave the Group
well placed to deliver the Board's expectations for 2022.
The Group delivered H1 revenue of GBP248m, representing an 18%
like-for-like increase over the same period last year. First half
EBITDA was GBP48m, ahead 6% on a like-for-like basis over H1 2021,
giving an 19.2% EBITDA margin for the period which benefited from
the effectiveness of contractual pass through mechanisms, dynamic
pricing and continued cost management.
Underlying EPS for the half year was over 3.6p, representing an
increase of more than 35% from H1 2021, demonstrating the value
accretion from the Nordkalk acquisition and effectiveness of the
Group's operational improvement programmes. The Group has continued
to generate cash and following the completion of the Johnston
acquisition in Q1 2022, leverage has reduced to 2.2x at the end of
H1 2022, within the Group's target range.
Outlook
Trading in the early part of H2 2022 has started well, with the
Group benefitting from its broad end market and geographical
diversification. Demand remains good both for housing and
infrastructure related demand, as well as for industrial minerals.
The Group has successfully dealt with the various supply chain and
inflationary headwinds in H1 2022, with further improvement
initiatives planned for H2 2022.
The Group expects to publish its 2022 interim results by 12
September 2022.
Max Vermorken, CEO of SigmaRoc, commented:
"To state the obvious this was a first half unlike any other,
yet the Group performed extremely well. Input cost increases were
managed and further cost reduction initiatives were implemented. We
closed H1 2022 with a strong performance and remain encouraged by
the demand outlook in all segments for the months ahead. Our focus
remains squarely on developing our Group in terms of products and
geography and we remain very confident in delivering good financial
and strategic progress both in the current year and over the medium
term."
Information on the Company is available on its website,
www.sigmaroc.com .
SigmaRoc plc Tel: +44 (0) 207
Max Vermorken 002 1080
Liberum Capital (Co-Broker and Nominated Tel: +44 (0) 203
Adviser) 100 2000
Neil Patel / Jamie Richards / Ben Cryer
Peel Hunt (Co-Broker) Tel: +44 (0) 20 7418
Mike Bell / Ed Allsopp 8900
Investor Relations Tel: +44 (0) 207
Dean Masefield 002 1080
ir@sigmaroc.com
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END
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