SigmaRoc backs guidance as revenue rises; acquires dolomite business

SigmaRoc PLC on Monday said it remains confident in delivering full-year results in line with expectations after reporting improved interim earnings.

The London-based limestone and minerals company said pretax profit for the six months ended June 30 rose 14% to £44.9 million from £39.5 million a year earlier, while revenue increased 2.5% to £523.1 million from £510.3 million.

Earnings before interest, tax, depreciation and amortisation rose 12% to £122.0 million from £108.8 million, while Ebitda margin widened to 23.3% from 21.3%. SigmaRoc said the improvement was driven by strong pricing and product mix, tight cost control and operational improvements.

Core volumes, which exclude lower-margin contracts discontinued in 2025, rose modestly by 1%, "with second-quarter improving from a weather-impacted first quarter", the company said, marking the first increase in three years. Overall volumes fell 3% because the comparative period still included the discontinued business.

Underlying free cash flow increased 8.2% to £67.0 million from £61.9 million, while basic earnings per share rose 33% to 2.97 pence from 2.24 pence.

Stronger cash generation helped SigmaRoc reduce net debt to £462.6 million as of June 30, down from £498.4 million a year earlier. Covenant leverage fell to 1.66 times from 2.04 times.

Chief Executive Officer Max Vermorken said: "SigmaRoc delivered a strong first half, with improved profitability and continued deleveraging." He said core volumes had increased despite uncertainty caused by the conflict in the Middle East, while pricing and product mix had supported the results.

Vermorken said SigmaRoc was positioned to benefit from structural demand linked to the energy transition, European re-industrialisation, defence spending and AI and data-centre investment, alongside a potential recovery in construction.

He said that, despite continued tensions in the Middle East, SigmaRoc was "well placed to manage these impacts" through its flexible cost base, financial hedges and contract structures.

"With signs of improvement in some end markets and the continued focus on operational excellence, the board remains confident in delivering full-year results in line with consensus expectations."

Separately, SigmaRoc announced that it had acquired the Lithuanian dolomitic business, Dolomitas, for EUR110.0 million on a debt-free, cash-free basis, plus EUR8.0 million for certain non-core assets.

SigmaRoc described Dolomitas as "an essential supplier to a significant network of companies and sectors in the Baltic States", providing logistics handling through its own trucks, rail wagons and terminals in Lithuania's largest cities.

For the 12 months ended December 31, Dolomitas posted revenue of EUR70.0 million and Ebitda of EUR18.0 million, SigmaRoc said.

The EUR110.0 million consideration comprises EUR90.0 million in cash and EUR20.0 million in SigmaRoc shares. A total of 13.3 million vendor shares will be issued at 129 pence per share.

A further EUR8.0 million is being paid for non-core assets, including an industrial section of land near Klaipeda, the company said.

Shares in SigmaRoc were up 11% at 143.00 pence on Monday morning in London.

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