Page 45 - Sigmaroc Annual-Report 2023

45
Applying the Strategy in 2023
In February 2023, the Group raised £30m to accelerate execution on a pipeline of acquisitions, disposals and INVESTMENT projects across the Group, which had been assembled over the previous 12 months.
The Group completed six acquisitions in 2023: 1. Goijens Concrete Group, Belgium
2. Juuan Dolomitik, Finland
3. Retaining Holding Limited, UK
4. Björka Mineral, Sweden 5. Betons, Belgium
6. ST Investicija, Lithuania
Our businesses continued to focus on IMPROVING, allowing us to enhance our existing facilities, as demonstrated by several strategic initiatives including the development of an asphalt plant. The Group commenced construction, installation and commissioning of a new asphalt plant that will be able to supply up to 150 tonnes per hour of both hot and cold asphalt, as well as the production of sustainable asphalt using proven nappy-cycle and recycled asphalt. The site will allow the Group to expand its product and service offerings along the M4 corridor to existing and new customers including local communities, SWTRA and large infrastructure projects.
The recently acquired businesses were INTEGRATED into the wider Group network. As we have done consistently to date, we will look to integrate our newly acquired businesses and continue to unlock synergies where appropriate.
We continue to INNOVATE through various new and ongoing initiatives:
1. Development of Biofuels
The Group continues to develop the use of its alternative fuels program, including biofuels, across its kiln network. The project has achieved success in continual timed operation of 100% substitution of biofuels whilst achieving up to 50% biofuels in other kilns as the Group continues its development program.
2. Installation of Aqualung, first phase
As already announced, the Group successfully installed and commissioned its first carbon capture unit at Nordkalk’s site in Köping, Sweden. The fully scalable carbon capture system, utilising Aqualung’s innovative membrane technology, is
the first-ever implementation of its kind in the industry. For further information see our announcement of 22 June 2023.
Following initial commissioning at Köping in June 2023, the Aqualung CO2 capture module started the second phase of its programme in October, consisting of the preparation of captured CO2 for industrial use. A dedicated purification, compression and liquefaction unit was installed to transform captured CO2 into an industrial gas capable of being using in industrial processes or sequestered in CCS facilities.
3. Strategic partnership with Materials Evolution
Earlier in July SigmaRoc announced that it had entered a strategic partnership with Material Evolution, an advanced materials company producing low carbon cement from industrial waste streams, to develop a range of low carbon concrete products. Trials for product development have already commenced at CCP.
Further information is available on pages 26-31.
Based on our strategy, since inception and during 2023, we have been able to continue to grow through acquisition and organic growth. With each business, by adhering to our investment principles and applying our Improvement and Integration programs, we have ensured both improved performance and value.
Aqualung membrane