SigmaRoc reports solid first quarter ahead of expectations

Specialist quarried materials company SigmaRoc updated the market on its trading on Tuesday, reporting a solid first quarter performance.

The AIM-traded firm, which was holding its annual general meeting, said underlying EBITDA in the period was ahead of the prior year, and slightly ahead of management expectations.

It said its development pipeline was progressing as planned, with three acquisitions closed in the quarter.

The company also made further progress in its sustainability initiatives, with installation of the first ‘Aqualung; module in the second quarter, as it also published its environmental, social and governance (ESG) report.

SigmaRoc said its revenue diversity and margin enhancement programmes supported the board's expectations for the rest of 2023.

“The group delivered performance ahead of expectations in the first quarter, despite variable market conditions, leveraging its ability to focus activity on growth segments and achieve further margin gains through operational efficiency and active cost management,” said chief executive officer Max Vermorken.

“The group also made significant progress on its acquisition pipeline, with three important development projects initiated within the quarter.

“We approach the remainder of 2023 with vigilance, but are confident that the group can demonstrate its resilience and achieve further strategic progress.”

At 1242 BST, shares in SigmaRoc were up 2.03% at 55.3p.

Reporting by Josh White for Sharecast.com.