28th Oct 2024 10:20
(Alliance News) - SigmaRoc PLC on Monday said it remains confident in achieving its expectations for 2024, following a nearly 70% surge in year-to-date revenue and "strong" third-quarter performance.
The London-based building materials company said revenue in the nine months that ended September 30 was GBP729 million, up 67% from GBP435.9 million a year before.
Underlying earnings before interest, tax, depreciation and amortisation was GBP165 million, nearly doubled from GBP87.1 million, as underlying Ebitda margin improved to 22% from 20% a year before.
SigmaRoc reported a "positive start" to its second half, with food, agriculture mining and infrastructure sectors performing well, with several regional markets outperforming its expectations.
This was despite "continued softness" in residential construction and isolated pockets of other markets. Looking ahead, the company expects interest rate reductions in Europe and the UK to "boost general sentiment and support a recovery in residential construction in particular".
Chief Executive Officer Max Vermorken said: "The group has delivered excellent results for the period despite the current mixed landscape and is well-positioned to benefit from improving market sentiment. Whilst remaining mindful of conditions in some of the group's markets, the strong third-quarter performance, combined with our diversified end market exposure and decentralised operating model, gives the board confidence in maintaining full-year expectations."
SigmaRoc cited a company-compiled market consensus of GBP1.06 billion for revenue and GBP221.0 million for underlying Ebitda. This would represent 83% growth in revenue from GBP580.3 million last year and 89% growth in underlying Ebitda from GBP116.7 million.
Shares in SigmaRoc were up 1.0% at 74.70 pence each in London on Monday morning.
By Emily Parsons, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.