Diworsification? | Accounting confusion | Contract demands
A provider of maritime surveillance systems is finally delivering on its considerable potential, although, with plenty of moving parts, it looks a contracting challenge. Elsewhere, we remain unconvinced by acquisitions made by two companies covered here –over paying and diworsfication come to mind – while accounting changes from another have clearly been a drag on the shares. Read on here for our thoughts on this and other news.
SigmaRoc: trading in-line, but… SigmaRoc (AIM:SRC), the European lime and minerals Group, reassured that it was trading in-line, although it is tough to gauge what this really means given the number of adjusting items. For the nine months to 30 September 2025 revenue increased 6% to £775m while the fairy tale “underlying EBITDA” increased 17% £192.9m. The highly acquisitive nature of this business and vast number of adjusting items to the statutory numbers means there is a huge difference between the fairy tale number and statutory profits – for example at the interim stage underlying EBITDA was £117.8m, pre-tax profit…