SigmaRoc provide year-end trading update
Revenue expected to be greater than £525 million and underlying EBITDA greater than £100 million
QUARRIED materials group SigmaRoc have today provided an update on performance for the year ended 31 December 2022, ahead of publication of their final audited results by the end of March 2023.
Further to the update of 12 December 2022, trading in the final weeks of the year was strong, with the Group expecting revenues to be greater than £525 million, including organic like-for-like growth of 19%, whilst underlying EBITDA is expected to be greater than £100 million, slightly ahead of current market consensus expectations, with margins increasing year-on-year to approximately 19%.
On the outlook for 2023, SigmaRoc say trading in the early weeks of 2023 has been encouraging, with more favourable energy cost and availability conditions supporting better than expected demand in a number of the Group’s European industrial products segments.
The Group has also continued to take a dynamic position on pricing through inflationary cost increases, as well as identifying opportunities to improve efficiency across its network. As such, the board says it remains confident in the Group’s ability to achieve further progress this year.
Max Vermorken, chief executive officer of SigmaRoc, commented: ‘Whilst 2022 comprised a long series of operational and commercial challenges, the Group delivered performance well ahead of our original expectations, demonstrating the strength of our operating model and local management teams.
‘2023 has started in an encouraging way and we have identified accretive opportunities that we believe can improve performance and accelerate our strategic goals. We remain mindful that the economic backdrop continues to present uncertainty and challenge in the near term, but we are equally confident that the Group can again demonstrate its resilience and achieve further strategic progress in the year ahead.’
SigmaRoc intend to publish their audited results for the year ended 31 December 2022 by the end of March 2023, followed by their ESG report in April 2023.
