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Investing.com -- Sigmaroc (LON:SRC) reported a solid first half, with revenue up 13% year-on-year to £510.3m and underlying EBITDA climbing 21% to £117.8m, lifting margins to 23.1%.
Profit before tax rose to £67.4m from £47.6m, while underlying EPS hit a record 4.66p, up more than 50% from last year.
Free cash flow increased to £61.9m, helping reduce net debt to £498.4m and lowering leverage to 2.0x.
The company delivered £13m in synergies during the period, mainly from commercial and operational initiatives, and now expects full-year benefits of at least £21m, ahead of prior guidance. Despite core volumes falling around 3% due to softness in construction and steel markets, efficiency gains and portfolio optimisation supported profitability.
SigmaRoc also completed the second tranche of its French ready-mix asset divestment and continued to invest selectively, including reserve extensions and low-carbon innovation projects.
Looking ahead, the group expects market conditions in the second half to remain broadly similar but sees catalysts building from 2026, including German infrastructure stimulus—forecast to lift demand by about 20%—and increased European defence spending.
The board reaffirmed full-year expectations in line with consensus forecasts.
Chief executive Max Vermorken said the business “performed very strongly in a challenging market backdrop,” highlighting strength in the U.K., Ireland and the Nordics, while noting weakness in construction and steel.
“Our synergy programme continues to progress well. Total synergies for 2025 are now expected to exceed guidance with a minimum of £21m now expected. The operational benefits from this programme will increase further as volumes return to more normal levels," he added.