Sigmaroc

SRC · AIM · Construction and Materials · mcap £1,381m · 124.9p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 07 Sep 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £1,392m
Owner’s net cash: −£462.6m
Net cash / market cap: -33%
EV ex leases: £1,886m
Revenue: £1,049m
Operating profit: £145.0m
Free cash flow after leases: £121.9m
EV / EBIT: 13.0×
FCF yield: 8.8%
Price / tangible book: 1.59×
Net income (owners): £88.1m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 07 Sep 26 · read the results ↗

Source ↗

	2026 Unaudited Underlying £'000	2026 Unaudited Non-underlying 1 £'000	2026 Unaudited Total £'000	2025 Unaudited Underlying £'000	2025 Unaudited Non-underlying 1 £'000	2025 Unaudited Total £'000
Revenue	523,144	-	523,144	510,275	-	510,275
Cost of sales	(388,114)	(8,760)	(396,874)	(379,725)	(6,900)	(386,625)
Gross profit	135,030	(8,760)	126,270	130,550	(6,900)	123,650
Administrative expenses	(48,360)	(11,904)	(60,265)	(49,190)	(14,439)	(63,629)
Profit from operations	86,670	(20,664)	66,005	81,360	(21,339)	60,021
Net finance (expense)/income	(14,424)	(9,484)	(23,908)	(19,010)	(1,708)	(20,718)
Other net (losses)/gains	2,805	-	2,805	5,080	(4,935)	145
Profit/(loss) before tax	75,051	(30,148)	44,903	67,430	(27,982)	39,448
Tax expense	(15,145)	5,025	(10,120)	(13,636)	1,481	(12,155)
Profit/(loss) from continuing operations	59,906	(25,123)	34,783	53,794	(26,501)	27,293
Discontinued operations
Profit/(loss) from discontinued operations	-	-	-	(286)	-	(286)
Profit/(loss)	59,906	(25,123)	34,783	53,508	(26,501)	27,007
Profit/(loss) attributable to
Owners of the parent - continuing	57,991	(25,123)	32,868	51,110	(26,501)	24,609
Owners of the parent - discontinued	-	-	-	(286)	-	(286)
Non-controlling interest	1,915	-	1,915	2,684	-	2,684
Total profit/(loss) attributable to	59,906	(25,123)	34,783	53,508	(26,501)	27,007
Continuing basic earnings per share attributable to owners of the parent (expressed in pence per share)	5.23	(2.26)	2.97	4.66	(2.42)	2.24
Continuing diluted earnings per share attributable to owners of the parent (expressed in pence per share)	4.74	(2.05)	2.69	4.31	(2.24)	2.07

Source ↗

	30 June 2026 Unaudited £'000	30 June 2025 Unaudited £'000	31 December 2025 Audited £'000
Non-current assets
Property, plant and equipment	1,275,422	1,263,477	1,304,285
Intangible assets	473,773	470,629	481,057
Available for sale assets	2,887	878	878
Investment in equity-accounted associate	2,949	549	1,646
Investment in joint ventures	6,822	8,061	6,636
Derivative financial assets	85	10	71
Other receivables	1,736	2,337	1,772
Deferred tax asset	5,673	831	91
Total non-current assets	1,769,347	1,746,772	1,796,436
Current assets
Trade and other receivables	189,825	176,570	158,558
Inventories	138,623	131,276	135,343
Cash and cash equivalents	183,738	172,773	166,674
Derivative financial assets	1,296	783	298
Current tax receivable	-	-	5,821
Total current assets	513,482	481,402	466,694
Total assets	2,282,829	2,228,174	2,263,130
Current liabilities
Trade and other payables	334,679	321,685	315,692
Derivative financial liabilities	321	702	523
Provisions	7,995	14,695	8,241
Current tax payable	2,000	4,667	5,296
Borrowings	12,774	59,659	69,157
Total current liabilities	357,769	401,408	398,909
Non-current liabilities
Borrowings	633,534	611,491	569,869
Employee benefit liabilities	1,367	1,573	1,439
Derivative financial liabilities	-	-	71
Deferred tax liabilities	188,463	197,949	191,664
Provisions	73,315	82,746	79,808
Other payables	151,584	153,572	164,479
Total non-current liabilities	1,048,262	1,047,331	1,007,330
Total Liabilities	1,406,031	1,448,739	1,406,239
Net assets	876,799	779,435	856,891
Equity attributable to owners of the parent
Share capital	11,149	11,149	11,149
Share premium	191,458	191,458	191,458
Own shares held in EBT	(15,886)	(14,907)	(9,885)
Share option reserve	33,262	19,838	31,914
Other reserves	5,673	9,247	15,233
Retained earnings	620,317	531,429	585,702
Equity attributable to owners of the parent	845,973	748,214	825,571
Non-controlling interest	30,826	31,221	31,320
Total Equity	876,799	779,435	856,891

Source ↗

	2026 Unaudited £'000	2025 Unaudited £'000
Cash flows from operating activities
Profit from continuing operations	34,783	27,293
Profit from discontinuing operations	-	(286)
Adjustments for
Depreciation and amortisation	50,449	38,457
Discontinued non-cash operations	-	398
Share option expense	3,083	5,440
Gain on sale of property, plant and equipment	(28)	(2,069)
Net finance costs	23,908	20,717
Other non-cash adjustments	(5,006)	3,467
Income tax expense	15,145	13,636
Reallocation of deferred consideration to investing activities 1	-	3,090
Share of earnings from associates	42	(272)
(Increase)/decrease in trade and other receivables	(36,654)	201
Increase in inventories	(2,619)	(1,012)
(Decrease)/increase in trade and other payables	25,736	3,716
Decrease in provisions	(5,541)	(10,392)
Income tax paid	(14,155)	(17,183)
Net cash flows from operating activities	89,143	85,201
Investing activities
Purchase of property, plant and equipment	(35,553)	(24,553)
Cash paid for acquisition of subsidiaries (net of cash acquired) 1	(1,599)	(3,314)
Proceeds from sale of subsidiary	-	5,065
Sale of property plant and equipment	442	733
Purchase of intangible assets	(136)	(491)
Purchase of available for sale assets	(2,009)	(629)
Investments in joint ventures and associates	(1,310)	(1,814)
Financial derivatives	-	-
Interest received	5,191	2,642
Net cash used in investing activities	(34,974)	(22,361)
Financing activities
Proceeds from borrowings	16,284	37,149
Cost of borrowings	(4,290)	-
Repayment of borrowings	(12,460)	(30,479)
Contribution to EBT	(10,000)	(10,000)
Finance costs	(22,721)	(18,133)
Dividends paid to non-controlling interests	(1,689)	(1,738)
Net cash generated from financing activities	(34,876)	(23,201)
Net increase in cash and cash equivalents	19,293	39,639
Cash and cash equivalents at beginning of period	166,674	131,356
Exchange (losses)/gains on cash	(2,229)	1,778
Cash and cash equivalents and end of period	183,738	172,773

Source ↗

	2025 Underlying £'000	2025 Non-underlying 1 £'000	2025 Total £'000	2024 Underlying £'000	2024 Non-underlying 1 £'000	2024 Total £'000
Revenue	1,035,897	-	1,035,897	962,506	-	962,506
Cost of sales	(753,046)	(13,866)	(766,912)	(720,023)	(13,911)	(733,934)
Gross profit	282,851	(13,866)	268,985	242,483	(13,911)	228,572
Administrative expenses	(101,110)	(28,853)	(129,963)	(81,854)	(63,770)	(145,624)
Profit from operations	181,741	(42,719)	139,022	160,629	(77,681)	82,948
Net finance (expense)/income	(36,216)	(9,535)	(45,751)	(44,233)	(8,586)	(52,819)
Other net gains / (losses)	8,526	(2,926)	5,600	1,169	13,191	14,360
Profit/(loss) before tax	154,051	(55,180)	98,871	117,565	(73,076)	44,489
Tax expense	(33,505)	19,680	(13,825)	(20,990)	4,458	(16,531)
Profit/(loss) from continuing operations	120,546	(35,500)	85,046	96,575	(68,618)	27,958
Discontinued operations
Profit/(loss) from discontinued operations	-	-	-	1,574	(895)	678
Profit/(loss)	120,546	(35,500)	85,046	98,149	(69,513)	28,636
Profit/(loss) attributable to
Owners of the parent - continuing	115,363	(35,500)	79,863	91,195	(68,618)	22,578
Owners of the parent - discontinued	-	-	-	1,574	(895)	678
Non-controlling interest	5,183	-	5,183	5,380	-	5,380
Total profit/(loss) attributable to	120,546	(35,500)	85,046	98,149	(69,513)	28,636
Continuing basic earnings per share attributable to owners of the parent (expressed in pence per share)	10.51	(3.23)	7.28	8.21	(6.17)	2.04
Continuing diluted earnings per share attributable to owners of the parent (expressed in pence per share)	9.76	(3.01)	6.75	7.62	(5.73)	1.89

Source ↗

	Consolidated 31 December 2025 £'000	Company 31 December 2024 £'000	31 December 2025 £'000	31 December 2024 £'000
Non-current assets
Property, plant and equipment	1,304,285	1,238,945	526	649
Intangible assets	481,057	463,500	82	92
Available for sale assets	878	250	878	250
Investments in subsidiary undertakings	-	-	1,017,056	1,096,530
Investment in equity-accounted associate	1,646	531	1,087	-
Investment in joint ventures	6,636	6,212	-	411
Derivative financial asset	71	9	-	-
Other receivables	1,772	13,724	3,927	11,289
Deferred tax asset	91	331	-	-
Total non-current assets	1,796,436	1,723,502	1,023,556	1,109,221
Current assets
Trade and other receivables	158,558	158,205	13,865	16,408
Inventories	135,343	127,682	-	-
Cash and cash equivalents	166,674	131,356	46,644	25,363
Derivative financial asset Current tax receivable	1,405	-	-	-
Total current assets	466,694	419,153	60,509	41,771
Disposal group classified as held for sale	-	7,172	-	-
Total assets	2,263,130	2,149,827	1,084,065	1,150,992
Current liabilities
Trade and other payables	315,692	284,046	18,306	22,801
Derivative financial liabilities	523	1,343	-	-
Provisions	8,241	14,886	-	-
Borrowings	69,157	64,788	52,712	49,853
Current tax payable	5,296	12,714	-	-
Total current liabilities	398,909	377,777	71,018	72,654
Non-current liabilities
Borrowings	569,869	577,044	522,179	535,387
Employee benefit liabilities	1,439	1,418	-	-
Deferred tax liabilities	191,664	196,288	-	-
Derivative financial liabilities	71	18	-	-
Provisions	79,808	87,041	-	-
Other payables	164,479	155,030	6,094	5,692
Total non-current liabilities	1,007,330	1,016,839	528,273	541,079
Disposal group classified as held for sale	-	1,543	-	-
Total liabilities	1,406,239	1,396,159	599,291	613,733
Net assets	856,891	753,668	484,774	537,259
Equity attributable to owners of the parent
Share capital	11,149	11,149	11,149	11,149
Share premium	191,458	191,458	191,458	191,458
Own shares held in EBT	(9,885)	-	-	-
Share option reserve	31,914	18,410	23,983	18,410
Other reserves	15,233	(30)	600	600
Retained earnings	585,702	503,779	257,584	315,642
Equity attributable to owners of the parent	825,571	724,766	484,774	537,259
Non-controlling interest	31,320	28,902	-	-
Total equity	856,891	753,668	484,774	537,259

Source ↗

	Consolidated Year ended 31 December 2025 £'000	Company Year ended 31 December 2024 £'000	Year ended 31 December 2025 £'000	Year ended 31 December 2024 £'000
Cash flows from operating activities
Profit/(loss) from continuing operations	85,046	27,958	(52,369)	(2,499)
Profit/(loss) from discontinued operations	-	678	-	-
Adjustments for
Depreciation and amortisation	86,081	72,062	197	156
Discontinued operations	-	3,001	-	-
Bad debts	2,420	102	-	-
Share option expense	9,805	6,930	9,805	6,930
Other non-operating adjustments	4,937	(4,937)	4,937	(4,937)
Gain on sale of investments	-	(8,298)	-	(12,110)
Loss/(gain) on sale of PP&E	(3,204)	(317)	-	-
Net finance costs	45,751	52,819	10,393	(466)
Income tax expense	13,825	16,531	-	-
Reallocation of deferred consideration to investing activities 1	3,090	-	3,090	-
Share of earnings from joint ventures	(543)	(316)	-	-
Non-cash items	62	(58)	10,642	(9,291)
Decrease/(increase) in trade and other receivables	5,941	(25,827)	5,510	(11,656)
(Increase) in inventories	(795)	(10,278)	-	-
(Decrease)/increase in trade and other payables	7,692	3,664	(3,654)	(8,087)
(Decrease)/increase in provisions	(22,329)	8,541	-	-
Income tax paid	(32,051)	(25,231)	(2,966)	-
Net cash inflows/(outflows) from operating activities	205,728	117,024	(14,415)	(41,960)
Investing activities
Purchase of growth and maintenance property, plant and equipment	(75,844)	(63,006)	(64)	(630)
Purchase of IFRS 16 lease right of use assets	(19,567)	(8,553)	-	-
Sale of property, plant and equipment	7,087	8,117	-	-
Purchase of intangible assets	(1,301)	(3,458)	-	(100)
Purchase of available for sale assets	(628)	-	(628)	-
Investment in joint venture and associates	(1,087)	-	(1,087)	-
Proceeds of sale of subsidiary	5,161	30,388	-	30,388
Cash paid for acquisition of subsidiaries (net of cash acquired) 1	(5,193)	(548,614)	(3,291)	(204,380)
Dividends received	-	-	5,014	2,524
Financial derivatives	(19)	(1,346)	-	(1,254)
Interest received	2,448	1,842	19,941	14,610
Net cash used in investing activities	(88,943)	(584,630)	19,885	(158,842)
Financing activities
Proceeds from share issue	-	200,000	-	200,000
Cost of share issue	-	(4,332)	-	(4,332)
Proceeds from borrowings	60,412	765,604	35,849	752,013
Cost of borrowings	-	(14,858)	-	(14,858)
Repayment of borrowings	(97,030)	(344,280)	(77,298)	(333,629)
Loans granted	(10,000)	(9,000)	(10,000)	(9,000)
Net loans with subsidiaries	-	-	100,364	(332,243)
Interest paid	(37,057)	(42,194)	(31,253)	(40,651)
Dividends paid to non-controlling interest	(5,240)	(3,053)	-	-
Net cash used in financing activities	(88,915)	547,887	17,662	217,300
Net increase/(decrease) in cash and cash equivalents	27,870	80,281	23,132	16,498
Cash and cash equivalents at beginning of period	131,356	55,872	25,363	7,925
Exchange (losses) / gains on cash	7,448	(3,854)	(1,851)	940
Cash held by discontinued operations	-	(943)	-	-
Cash and cash equivalents at end of period	166,674	131,356	46,644	25,363

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	1,048.8	1,035.9	962.5
Gross profit	271.6	269.0	228.6
Adjusted EBITDA	275.6	262.2	224.7
Adjusted operating profit	–	181.7	160.6
Operating profit	145.0	139.0	82.9
Share-based payments	–	9.8	6.9
Operating profit to net income
Profit before tax	104.3	98.9	44.5
Tax	(11.8)	(13.8)	(16.5)
Net income (owners)	88.1	79.9	22.6
Discontinued operations	0.3	0.0	0.7
Per share
EPS basic	8.0p	7.3p	2.0p
EPS diluted	7.4p	6.8p	1.9p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	523.1	+3%	525.6	510.3
Gross profit	126.3	+2%	145.3	123.7
Adjusted EBITDA	131.2	+11%	144.4	117.8
Operating profit	66.0	+10%	79.0	60.0
Operating profit to net income
Profit before tax	44.9	+14%	59.4	39.4
Tax	(10.1)	−17%	(1.7)	(12.2)
Net income (owners)	32.9	+34%	55.3	24.6
Discontinued operations	0.0	n/m	0.3	(0.3)
Per share
EPS basic	3.0p	–	5.0p	2.2p
EPS diluted	2.7p	–	4.7p	2.1p

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	209.7	205.7	117.0
Interest paid	–	(37.1)	(42.2)
Tax paid	(29.0)	(32.1)	(25.2)
Investing activities
Capex (PP&E)	(86.8)	(75.8)	(63.0)
Capex (intangibles)	(0.9)	(1.3)	(3.5)
Financing activities
Shares issued	–	0.0	200.0

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	89.1	+5%	120.5	85.2
Tax paid	(14.2)	−18%	(14.9)	(17.2)
Investing activities
Capex (PP&E)	(35.6)	+45%	(51.3)	(24.6)
Capex (intangibles)	(0.1)	−72%	(0.8)	(0.5)

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Property, plant & equipment	1,275.4	1,304.3	1,238.9
Associates & JVs	–	1.6	0.5
Non-current assets	–	1,796.4	1,730.7
Current assets
Inventories	138.6	135.3	127.7
Trade receivables	189.8	158.6	158.2
Cash	183.7	166.7	131.4
Current assets	–	466.7	419.2
Total assets	2,282.8	2,263.1	2,149.8
Current liabilities
Trade payables	334.7	315.7	284.0
Borrowings, current	12.8	69.2	64.8
Current liabilities	–	398.9	377.8
Non-current liabilities
Borrowings, non-current	633.5	569.9	577.0
Non-current liabilities	–	1,007.3	1,018.4
Total liabilities	1,406.0	1,406.2	1,396.2
Equity
Non-controlling interests	30.8	31.3	28.9
Total equity	876.8	856.9	753.7
Net cash and other figures
Net cash / (debt) incl. leases	(462.6)	(472.4)	(509.5)
Undrawn facilities	275.0	–	–

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Property, plant & equipment	1,275.4	1,304.3	1,263.5	1,238.9
Associates & JVs	–	1.6	–	0.5
Non-current assets	–	1,796.4	–	1,730.7
Current assets
Inventories	138.6	135.3	131.3	127.7
Trade receivables	189.8	158.6	176.6	158.2
Cash	183.7	166.7	172.8	131.4
Current assets	–	466.7	–	419.2
Total assets	2,282.8	2,263.1	2,228.2	2,149.8
Current liabilities
Trade payables	334.7	315.7	321.7	284.0
Borrowings, current	12.8	69.2	59.7	64.8
Current liabilities	–	398.9	–	377.8
Non-current liabilities
Borrowings, non-current	633.5	569.9	611.5	577.0
Non-current liabilities	–	1,007.3	–	1,018.4
Total liabilities	1,406.0	1,406.2	1,448.7	1,396.2
Equity
Non-controlling interests	30.8	31.3	31.2	28.9
Total equity	876.8	856.9	779.4	753.7
Net cash and other figures
Net cash / (debt) incl. leases	(462.6)	(472.4)	(498.4)	(509.5)
Undrawn facilities	275.0	–	–	–

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