17th Mar 2025 10:41
(Alliance News) - SigmaRoc PLC on Monday said its pretax profit increased in 2024, with earnings "modestly ahead" of consensus expectations after the purchase of lime and limestone assets from CRH PLC.
The London-based building materials company said revenue increased 72% to GBP997.6 million in 2024 from GBP580.3 million in 2023.
Pretax profit rose 62% to GBP45.8 million from GBP28.3 million.
SigmaRoc said revenue was boosted by the acquisition of assets from CRH, completed over three stages, which doubled the size of the company.
On a proforma basis, revenue fell 1.9% to GBP1.04 billion from GBP1.06 billion. The proforma results include the UK and Poland acquisitions completed in March and September 2024, and excludes divested companies, for the entire period on an underlying basis.
SigmaRoc said proforma revenue was impacted by volumes, foreign exchange effects and reduced pass through.
The results were "modestly ahead" of analysts' consensus expectations for underlying earnings before interest, tax, depreciation and amortisation of GBP221.0 million and earnings per share of 7.60 pence.
Underlying Ebitda increased 92% to GBP224.6 million in 2024 from GBP116.7 million while underlying earnings per share grew 2.8% to 8.35p from 8.12p.
The firm did not declare a dividend for 2024, unchanged from the previous year.
It said cash would be returned to shareholders via buybacks or dividends when it is "appropriate and prudent to do so".
Chief Executive Officer Max Vermorken said: "2024 was a landmark year for SigmaRoc, a year characterised by three key developments. First, the phased completion of the acquisition of a large portfolio of lime and limestone companies from CRH.
"Secondly, the significant work conducted on the identification and implementation of an ambitious synergies programme. Thirdly, the continued management of the now expanded group, in challenging market conditions."
SigmaRoc said it was focused on its synergy programme following the "transformative" acquisitions, with a minimum GBP33 million incremental Ebitda now expected.
It said there was potential for improvement in European markets due to reduced interest rates and an increased political desire to drive growth.
"We remain mindful of the wider macroeconomic and geopolitical environment, but 2025 has started positively," SigmaRoc said.
CEO Max Vermorken said: "Looking ahead, we remain confident in our ability to deliver value for all our stakeholders, and to maintain our trajectory of growth... The demand for lime and limestone as critical minerals in the ongoing shift to sustainable industry is set to grow, and SigmaRoc is well-positioned to capitalise on this trend."
SigmaRoc shares were flat at 95.00 pence in London on Monday morning.
By Michael Hennessey, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Related Shares:
Sigmaroc.