Page 67 - Sigmaroc Annual-Report 2023

2023
139
2022
140
Change
10.3m
-1%
10.1m
-2%
6
6
-
PLATFORM HIGHLIGHTS
The headwinds that developed during 2022 intensified for the Channel Islands Platform during 2023, with exceptionally high inflation and rising interest rates impacting the commercial viability of many developments. These factors also contributed to high profile insolvencies in the construction sector which precipitated a loss of confidence in parts of the market.
Whilst housing and commercial development remained subdued, asphalt and our contracting business saw improved volumes and increased market share.
Aggregate volumes were also very strong in Guernsey, with significant contracts being supplied in power infrastructure and the sports sector. This, combined with the strong asphalt performance, whilst also benefitting from ongoing productivity and efficiency gains, resulted in a platform EBITDA that was broadly in line with the prior year.
Development work for the quarry extension in Jersey and for the new quarry at Chouet in Guernsey progressed to plan, with both sites to be operational in 2024, providing reserves that will underpin the business through the next two decades and beyond.
The underlying housing demand in the islands, together with considerable investment that is planned in ports, health and educational infrastructure, is anticipated to create a considerable increase in demand across all product streams in the mid-term.
PLATFORM METRICS
Key operational metrics for the Channel Islands Platform during the year were as follows:
People
Reserves and Resources (tonnes)
Sites
Some streamlining of processes led to a minimal reduction in staff in the Channel Islands during 2023.
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