Page 68 - Sigmaroc Annual-Report 2023

SIGMAROC ANNUAL REPORT 2023 STRATEGIC REPORT
West
The West Region is led by Eric Dothée and geographically covers Belgium, the Netherlands, Luxembourg and Northern France. It comprises the Dimension Stone and Benelux platforms, which are detailed below. Currently, the West Region is solely focused on the construction industry and the core product groups are dimension stone and construction minerals.
Key metrics for the West Region during the year were as follows:
Statutory Results
Revenue EBITDA EBITDA margin
Underlying Results
Financial metrics
2023
2022
Change
2023
2022
Change
€113.8m
€102.5m
+11%
€113.8m
€102.5m
+11%
€26.5m
€20.9m
+27%
€27.8m
€21.7m
+28%
23.3%
20.4%
+290bps
24.4%
21.2%
+320bps
Sales volume metrics
2023
2022
Change
Construction mineral (tonnes)
2.4m
2.4m
0%
Dimension stone (m2)
0.8m
0.9m
-11%
Operational metrics
2023
2022
Change
People
Revenue and underlying EBITDA are up YoY through a combination of the acquisitions of Goijens and Betons during the year, organic improvement in the underlying businesses, and effects of dynamic pricing arrangements improving margin.
The primary drivers of the organic improvement in the West Region were proactive cost management in CDH, mitigating the impact of softer volumes, and then across the Benelux platform, in particular Goijens, which increased underlying EBITDA by over 50% LFL.
Construction mineral volumes were steady YoY, however dimension stone experienced some softness due to weakening residential demand and this carried through into revenue.
The acquisition of Goijens and the creation of Betons saw an increase in staff and sites in the West Region.
518
496
+4%
Reserves and Resources (tonnes)
266.0m
269.1m
-1%
Sites
11
6
+83%