Page 22 - Sigmaroc Annual-Report 2023

SIGMAROC ANNUAL REPORT 2023
CEO’s strategic report
INNOVATION
The fourth pillar of our 4i operational model, innovation, has seen notable advancement, extending beyond our ESG-related programmes. This year we have made significant progress in our product range and innovation investment, with three projects particularly standing out.
First, we have made considerable further progress with our Greenbloc range. This product line is now incorporated in almost all of our concrete products, available in three distinct performance levels. These levels provide a range of embodied CO2 reductions from 50% to 90%. Looking ahead, we aim to surpass the 100% mark, positioning ourselves as pioneers in producing large-scale negative carbon concrete products.
In our quest for innovation, we have initiated a scheme to fund external technologies that can make our products more competitive, advanced and/or sustainable. HighVizz was an early success within this initiative and building on this, we have now formed a partnership with Mevo.
Mevo is a revolutionary new technology for the grinding and blending of non-cementitious minerals, imparting certain binding properties to the materials. We have supported Mevo in raising £15m in venture funding and have assisted in the construction of its first large- scale plant. Once operational, we anticipate that Mevo’s technology will be at the forefront of decarbonising all our concrete products.
POST PERIOD ANNOUNCEMENTS
On 4 January 2024 the Group successfully completed the first of three proposed CRH Lime acquisitions, and in conjunction with CRH Deal 1 completed admission of the Group’s enlarged share capital with a £200m gross equity fundraise and new €875m senior finance facility.
On 1 March 2024 the Group issued notice of exercise of the call option to acquire CRH’s UK lime operations for a total consideration of €155m, with the transaction expected to complete by the end of March 2024.
OUTLOOK
SigmaRoc’s impressive performance in 2023, reflected in our robust financial results, underscores the inherent strength and quality of our assets and operations. Since January 2024, we have welcomed several new businesses into our Group, and this expansion is set to continue as we acquire the remainder of CRH’s European lime businesses in a planned phased approach. Each of these acquisitions represents high-quality assets with strong market positions, reinforcing our confidence in the sustained performance of not only our existing operations but also those of the recently integrated businesses.
This report was approved by the Board on 17 March 2024.
Max Vermorken
Chief Executive Officer
STRATEGIC REPORT