12th Apr 2024 08:01
(Alliance News) - SigmaRoc PLC on Friday said it has started 2024 in line with its expectations.
The Dublin-based building materials company, which specialises in lime and limestone, made the comment ahead of its annual general meeting on Friday.
It said volumes were 1% ahead of budget in the three months that ended March 31, contributing to revenue of GBP214 million for the quarter.
SigmaRoc also said that "tight control of costs" in the quarter resulted in it meeting its expectations for underlying earnings before interest, tax, depreciation and amortisation, although the company did not disclose this figure.
Looking forward, SigmaRoc assured shareholders it is in a "strong position", citing its "diversified position and focus on industrial markets", and therefore leaves its 2024 expectations unchanged.
Chief Executive Officer Max Vermorken commented: "I reported at the time of our final results that the first two months of the year had started well, and I am pleased to say that this trend has continued in March, with trading remaining in line with our expectations.
"The integration of our initial lime acquisitions is continuing well. We recently completed the UK acquisition, and we are now focussed on integrating all the acquired businesses, delivering on synergies and further strategic initiatives, and progressing to take control of the Polish assets that are the final part of this transformational deal."
Last month, SigmaRoc released its 2023 results, reporting a 7.9% increase in revenue to GBP580.3 million from GBP538.0 million in 2022, but a 34% plunge in pretax profit to GBP28.0 million from GBP42.7 million. Ebitda was GBP87.3 million, down 8.1% from GBP95.0 million in 2022.
The lower profit was due to a 51% increase in administrative expenses to GBP98.5 million from GBP65.3 million.
By Sabrina Penty, Alliance News reporter
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