SigmaRoc (AIM:SRC) reported revenue of £795m for the nine months to 30 September, up 2.5% on the £775m recorded a year earlier, as the London-listed lime and minerals group said the board's view on full-year expectations remains unchanged.
Underlying EBITDA rose 7.5% to £207.3m from £192.9m, with the underlying EBITDA margin improving 120 basis points to 26.1% from 24.9%.
All three end markets, industry, environment and construction, showed revenue growth in the third quarter, with construction returning to growth after a slight decline in the first half. Total volumes improved in the third quarter in line with the first-half trend, as stronger infrastructure, industrial and environmental demand offset continued weakness in residential construction markets across Europe.
The update builds on the half-year figures to 30 June, when SigmaRoc reported underlying EBITDA of £131m, up more than 11% year-on-year, and underlying EBITDA margins of 25.1%, with covenant leverage reduced to 1.66x following a refinancing that lifted acquisition firepower to an €825m facility plus a €300m accordion.
SigmaRoc confirmed the acquisition of AB Dolomitas for €110m, a Lithuanian dolomite producer with 3.5m tonnes of annual production and around 45 years of reserves and resources, which it said extends its presence in the Baltics.
"Despite continuing uncertainty in some markets, Q3 trading demonstrates the effectiveness of our business model," said chief executive Max Vermorken, adding that the Dolomitas deal is expected to complete later this year and be earnings enhancing for 2027.
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Vermorken said the company sees little change in the fourth quarter in terms of current market uncertainties, though he pointed to EU support for steel and mining, an ongoing German stimulus programme, and potential cyclical recovery in residential construction as possible tailwinds.
Analysts' consensus for the year to 31 December is revenue of £1,074m, underlying EBITDA of £280m, and underlying basic earnings per share of 11.6p, according to the company.