SigmaRoc (SRC) Q3 2024 TU earnings summary

Executive summary

• Q3 delivered strong trading and further margin growth, positioning for a robust full-year finish.

• Integration of CRH lime acquisitions, including Polish assets, is nearly complete, with increased synergy guidance.

• Diversified end market exposure and decentralised model supported resilience amid mixed sector demand.

Financial highlights

• Revenue rose 67% year-over-year to £729m for the nine months ended 30 September 2024.

• Underlying EBITDA increased 88% year-over-year to £165m, with margin improving to 22.6%.

• On a proforma basis, volumes decreased 3% and revenue decreased 4%, but EBITDA improved 2% due to cost control.

• Leverage expected to close the year below 2.3x.

Outlook and guidance

• Board remains confident in achieving FY24 consensus expectations: revenue of £1,056.1m and underlying EBITDA of £221.0m.

• Positive momentum in food, agriculture, mining, and infrastructure sectors offsets softness in residential construction.

• Anticipated interest rate reductions in Europe and the UK expected to support recovery in residential construction.