Sigmaroc’s revenue surges ahead of expectations as expansion plan pays off
London-listed raw materials group Sigmaroc has seen its revenue surge past expectations following a push to diversify its strategy, it said today.
The company, which is headquartered in London, grew its revenue by 60 per cent in six months ending June 30, 2024, hitting £468.8m from £290m in the same period last year.
Sigmaroc said this had been driven in part to the ETS (European Union Emissions Trading Scheme) returning in its second half, plus increased demand across many of its markets.
In particular the company saw strong demand within its infrastructure, agriculture and food divisions, with a recovery in paper and pulp offsetting softer residential construction and environmental sectors.
Despite “challenging market conditions”, Sigmaroc saw improved operational margins through effective cost control and operational efficiency programs
The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) were down 3 per cent, comprising one per cent impact from softer volumes and 2 per cent timing difference due to dynamic pricing effects carried over from 2022.
Max Vermorken, chief executive of Sigmaroc said: “I am delighted to be sharing these results for the first half of 2024 which have come in ahead of our expectations despite continued mixed markets.
“The results show the resilience of Sigmaroc’s diversified business and operations and are testament to the hard work of all our staff.
“The integration of the core of the CRH acquisitions has gone well, with Poland completing post period end.
“We expect to report good progress on the integration of this last piece of the CRH acquisitions later in the year.
“The second half has started well, with many areas of the business showing good demand, despite some areas of weakness.
“The progress on the synergy program continues with guidance on the minimum target level increased to €35m by 2027, even before allowing for synergies that will arise post completion of the Polish acquisition.
“With the recent acquisitions now completed, SigmaRoc has transformed into a business with several lifetimes supply of a key natural resource that is essential to all the processes around modern life.
“This resource base provides SigmaRoc with a unique position in the European lime market.”