SigmaRoc (AIM:SRC), the European lime and minerals group, said trading in the six months to 30 June was ahead of the prior year, with the board's view on full-year expectations unchanged.
Revenue rose 2.5% in the period, with underlying EBITDA margins up 200 basis points and underlying earnings per share up 12.2%.
Like-for-like "core" volumes, which exclude lower-margin contracts exited in 2025, rose 1%, the first increase in three years, as a weather-hit first quarter gave way to improvement in the second.
Overall volumes fell 3% due to the phasing out of discontinued lower-margin business, while pricing remained strong.
Industry, the group's largest segment at 36% of revenue, benefited from re-industrialisation policies in the EU, with steel, pulp and paper, and chemicals all up.
Construction, 42% of revenue, recovered from a weak first quarter, driven by German infrastructure spending, though UK residential demand stayed subdued.
Covenant leverage fell to 1.66 times, supported by a refinancing that lifted acquisition firepower to an €825m investment-grade facility plus a €300m accordion.
The group also secured permitting for an additional 64m tonnes of high-grade limestone at its Klinthagen operations in Sweden, and received MSCI's top AAA ESG rating.
"SigmaRoc delivered a strong first half, with improved profitability and continued deleveraging," said chief executive Max Vermorken, adding that core volumes rose "despite the levels of uncertainty following the conflict in the Middle East".
The board said it remains confident of delivering full-year results in line with consensus expectations, which analysts peg at £1,066m revenue and 11.5p underlying EPS for the year to 31 December.
News Intelligence what this means for the company
SigmaRoc delivered H1 results that beat its own prior trajectory: like-for-like core volumes rose 1%—the first increase in three years—while underlying EBITDA margins expanded 200 basis points and underlying EPS grew 12.2%. The company has reiterated full-year guidance in line with consensus (£1,066m revenue, 11.5p EPS), signaling confidence that H2 will hold the line despite geopolitical headwinds and mixed regional demand (German infrastructure offsetting weak UK residential).
The inflection in core volumes after three years of decline, combined with margin expansion and deleveraging (covenant leverage at 1.66x), suggests SigmaRoc is moving from defensive cost-cutting into organic growth. Reiterating consensus guidance is not a surprise, but the underlying momentum—especially in EU re-industrialisation-driven segments—supports the board's confidence that H2 will deliver.
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