(Sharecast News) - Quarried materials company SigmaRoc said in an update on Tuesday that group trading was continuing in line with management expectations.
The AIM-traded firm said the first quarter was "strong", with revenue 19% ahead of the same period in 2021 on an adjusted like-for-like basis, supported by good end customer demand in all of its key markets.
It said headwinds in relation to energy and the war in Ukraine were being "actively managed", while the UPM strike was resolved, leading to expected catch-up volumes in Finland.
A new limestone deposit had also been opened in Poland, with planned reserve extensions expected to add a total of 35 million tonnes to the group's reserves and resources.
"As expected, the first quarter of 2022 saw both a continuation of the strong demand we had seen through the end of 2021 as well as the operational and cost headwinds that have been experienced across the industry over recent months," said chief executive officer Max Vermorken.
"Our proactive and localised model has enabled us to manage these dynamics effectively and as a result, we end the quarter in a good position.
"We are continuing to progress a number of strategic growth initiatives across the business and remain agile and responsive to the volatile backdrop."
At 1018 BST, shares in SigmaRoc were down 1.99% at 74p.
Sigmaroc. (SRC)