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SigmaRoc set to top full-year expectations for 2023
(Sharecast News) - Lime and limestone specialist SigmaRoc said in an update on Thursday that it was set to surpass consensus expectations for 2023, with full-year revenues reaching around £580m - an 8% increase year-on-year, despite a 4% reduction in volumes. The AIM-traded firm said like-for-like revenue growth stood at 2%.
Underlying EBITDA was projected to exceed £116m, with EBITDA margins at 20%, up 110 basis points.
Underlying earnings per share were expected to exceed 8p, despite increased finance costs and the dilution from a February cash raise.
Leverage for 2023 was expected to be below 1.6x.
In November, SigmaRoc announced a significant conditional acquisition of lime and limestone assets from CRH, with the first phase completed on 4 January.
Post-acquisition, the company successfully syndicated a new €875m debt facility.
Looking forward to 2024, SigmaRoc said its outlook remained unchanged, with continued strength expected in infrastructure construction and industrial markets, along with potential improvements in residential construction.
"2023 has been another transformational year for SigmaRoc - we completed a number of bolt-on acquisitions during the year, which have been integrated well and enhanced performance in a number of our businesses," said chief executive officer Max Vermorken.
"In November, we announced the acquisition of a significant portfolio of lime and limestone assets from CRH, creating a leading Northern European industrial minerals platform and a key supplier to a number of structural growth markets.
"We also welcome the Fels-Werke, Vitosov. and Clogrennane teams into the SigmaRoc Group."
Vermorken reported an encouraging start to 2024, with the enlarged company confident that its strategic focus on lime and limestone could "deliver strongly" in the coming years.
"Lime is an essential product for life, used in multiple areas of the economy, from construction to industry.
"It is essential for the green transition, being used in a number of processes, including flue gas cleaning, slaking rivers and lakes, and the manufacture of lithium batteries.
"We look forward to the upcoming year, as a larger and more focussed Group, with optimism."
SigmaRoc said it would publish its audited results for the year ended 31 December by the end of March.
At 1525 GMT, shares in SigmaRoc were up 0.27% at 62.37p.
Reporting by Josh White for Sharecast.com.
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