SigmaRoc PLC on Tuesday announced that current Chief Financial Officer Garth Palmer is set to step down, as the firm anticipates a surge in revenue and adjusted earnings.
The Dublin-based building materials company, which specialises in lime and limestone said revenue surged to £469 million in the first half of 2024, from £290 million a year prior.
‘Trading conditions in Europe present both head and tailwinds which the board is actively managing. A rebound in residential construction has not yet materialised given prevailing high interest rates and relatively low new planning applications. Industrial minerals will see areas of outperformance and possible challenges in relation to expected softness in automotive demand. Environmental markets have been consistently strong in the food and agricultural segments, with weather-related pockets of lower demand in power generation,’ SigmaRoc said.
The company expects to report 2024 results in line with the consensus, which it cites as revenue of £1.06 billion, a jump of 83% from £580.3 million a year prior, and underlying earnings before interest, tax, depreciation and amortisation of £219.3 million, which would be growth of 87% from £117 million a year ago.
‘We are confident the enlarged group can deliver strongly in the coming years to the benefit of all our stakeholders. Lime is an essential product for life, used in multiple areas of the economy, from construction to industry. It is essential for the green transition, including flue gas cleaning, slaking rivers and lakes, the manufacture and recycling of lithium batteries, and the construction infrastructure behind green energy production,’ said Chief Executive Officer Max Vermorken.
Further, the company announced it will promote Deputy Chief Financial Officer Jan Van Beek as CFO when current CFO Garth Palmer steps down. Palmer is set to gradually hand over his tasks to Van Beek, as the outgoing CFO intends to pursue other interests starting in 2025.
SigmaRoc will release its interim results on September 9.
SigmaRoc shares were 1.0% lower at 68.22 pence each on Tuesday afternoon in London.
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