Page 177 - Sigmaroc Annual-Report 2023

Directors Report
The Directors present their report, together with the audited Financial Statements, for the year ended 31 December 2023.
PRINCIPAL ACTIVITIES
The principal activity of the Company is to make investments and/or acquire businesses and assets in the construction and industrial quarried materials sectors. The principal activity of the Group is the production of high-quality aggregates and supply of value-added quarried materials.
BOARD COMPOSITION AND HEAD OFFICE
The Board comprises three Executive Directors and four Non-Executive Directors at year end. The Corporate Head Office of the Company is located in London, UK.
RISK MANAGEMENT
The Board is responsible for the Group’s risk management and continues to develop policies and procedures that reflect the nature and scale of the Group’s business. Further details of the key areas of risk to the business identified by the Group are included on pages 132 to 137.
Details of the Group’s financial risk management policies are set out in Note 3 to the Financial Statements.
RESULTS AND DIVIDENDS
For the year to 31 December 2023, the Group’s underlying profit before tax was £71.2 million (2022: £62.7 million) while
DIRECTORS & DIRECTORS’ INTERESTS
total profit before tax was £28 million (2022: £42.7 million) and underlying profit after tax was £58.8 million (2022: £53.6 million) while total profit after tax was £16.7 million (2022: £33.6 million). Recognising the Group’s strategy and current position on its journey, the Directors are not proposing to adopt a dividend policy yet, however this will be reviewed once the Group’s Covenant Leverage is below 1.5x.
STATED CAPITAL
Details of the Company’s shares in issue are set out in Note 28 to the Financial Statements.
DIRECTORS
The following Directors served during the year:
David Barrett Max Vermorken Garth Palmer Tim Hall
Simon Chisholm Jacques Emsens Axelle Henry
177
Director
Position
Chairman
Chief Executive Officer
Chief Financial Officer
Independent Non-Executive Director
Independent Non-Executive Director
Independent Non-Executive Director
Independent Non-Executive Director
The Directors who served during the year ended 31 December 2023 are shown below and had, at that time, the following beneficial interests in the shares of the Company:
31 December 2023
31 December 2022
11,807,349 5,638,674 3,326,014
750,000 - - -
Ordinary Shares
Options
Ordinary Shares
Options
827,034
11,807,349
759,231
3,434,180
5,638,674
3,053,439
671,776
3,326,014
616,146
400,176
750,000
400,176
-
-
-
-
-
-
-
-
-
Max Vermorken David Barrett Garth Palmer Tim Hall
Simon Chisholm Jacques Emsens Axelle Henry
Further details on options can be found in Note 29 to the Financial Statements.
Details on the remuneration of the Directors can be found in Note 10 to the Financial Statements.