SigmaRoc delivers 'solid' Q1 performance

Limestone group SigmaRoc said on Friday that it had delivered a "solid Q1 performance", with underlying earnings in line with management expectations.

SigmaRoc said volumes were 1% ahead of budget, contributing to revenue of £214.0m for the quarter, and noted that with tight control of costs in the period, it had achieved continued margin improvement, resulting in underlying EBITDA in line with guidance.

The AIM-listed group stated that while there was "no major change to underlying economic conditions", with some markets performing well, and others still experiencing some softness in demand, its diversified position put it in "a strong position".

As a result, SigmaRoc remains confident in its ability to make further progress in the current year and beyond, with its outlook for FY24 unchanged.

Chief executive Max Vermorken said: "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."

As of 1000 BST, SigmaRoc shares were up 1.72% at 64.90p.

Reporting by Iain Gilbert at Sharecast.com