SigmaRoc PLC (AIM:SRC) unveiled “strong” interim results, with sales and earnings jumping more than 190%, as it announced a tie-up with ArcelorMittal.
Sales at the AIM-listed buy-and-build quarried materials group surged 192% to £247mln for the six months ended 30 June.
EBITDA and EPS soared 212% and 133% to £47.6mln and 3.6p respectively, reflecting pass-through and management of inflationary cost increases, the company said in a statement.
"Amidst a new set of challenges in the first half of the year, the group once again demonstrates its drive and agility," Max Vermorken, chief executive, said.
“We closed the first six months of 2022 well on track while successfully managing inflationary pressures across the group, the industrial action in Finland and the consequences of the Ukraine conflict.”
The company said it continued to focus on efficiency and publishing an ESG report with a net-zero target set for 2040.
SigmaRoc also noted “very strong momentum” in the uptake of its ultra-low carbon products technology Greenbloc, with rollout across its concrete ranges and new capacity investment.
Trading in the second half of 2022 began well, with demand remaining good for housing, infrastructure and industrial minerals, the group added.
And its long-term potential remains exciting, with “significant opportunities” to extend its geographical reach and product offering across a range of markets.
“Our focus for the second half remains on numerous strategic projects including our industry-leading ESG commitments and our partnership with ArcelorMittal for green quicklime, while continuing to look for further opportunities to grow," Vermorken said.
SigmaRoc also announced it entered into a strategic joint venture agreement with “world steel leader” ArcelorMittal to create a new company.
It will produce lime, an essential purifying additive used in steel production and numerous other industrial applications.
Shares jumped 2.9% to 49.0p in early morning trade.