SigmaRoc (LON: SRC), the AIM-listed European lime and minerals producer, saw its shares jump in early trade on Monday after reporting stronger first-half profits and unveiling a bolt-on acquisition in Lithuania in the same announcement window.
The stock opened at 137.1p and rose as high as 144.7p, up 12.8% from Friday’s close of 128.3p — an early-session move that had not yet settled and may not hold into the close.
SigmaRoc released unaudited results for the six months to 30 June before markets opened on Monday, showing revenue up 2.5% to £523.1m and underlying EBITDA — earnings before interest, tax, depreciation and amortisation — up 11.3% to £131.2m, lifting its margin by 200 basis points to 25.1%. In the same window, the company disclosed the €110m acquisition of AB Dolomitas, a Lithuanian dolomite producer that generated €70m of revenue and €18m of EBITDA in its last financial year, with completion expected in the fourth quarter.
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Underlying earnings per share rose 12.2% to 5.23p from 4.66p a year earlier, while net debt fell to £462.6m from £498.4m, cutting covenant leverage to 1.66x from 2.04x. SigmaRoc also secured a new €825m revolving credit facility led by BNP Paribas, plus a €300m accordion option maturing in March 2031, giving it firepower for further deals. Management reaffirmed full-year guidance in line with consensus of £1,066m revenue and £276m EBITDA.
Chief executive Max Vermorken said: “SigmaRoc delivered a strong first half, with improved profitability and continued deleveraging. Core volumes were modestly up year on year, a welcome outcome given the levels of uncertainty following the conflict in the Middle East.”
The two RNS releases landed within a minute of each other, so the exact split of the share reaction between the profit growth and the acquisition cannot be separated from the price data alone.
