Interim results show 2015 pre-tax profit increase for Breedon Aggregates
Published: 24 July, 2015
Breedon Aggregates has announced an increase in its pre-tax profit of more than 90% compared to figures recorded over the same period in 2014, as part of its interim results for 2015.
For the six months to June 2014 pre-tax profit sat at £9.1 million, a figure which has increased to £17.5 million in June 2015 – a growth of 92%.
The aggregates supplier’s latest figures, posted over six months from the start of the year until 30 June, 2015, also show increased revenue of £160.5 million, compared to £125.2 million reported in June 2014.
4.5 million tonnes of aggregates were sold in the first half of 2015, with 0.9 million tonnes of asphalt and 0.4 million cubic metres of ready-mixed concrete sold.
Peter Tom CBE, Breedon Aggregates executive chairman, said: "Trading during the first half was strong, with both the underlying business and recent acquisitions performing ahead of our expectations. March was a record month for the Group, with exceptional performances from both England and Scotland.
“Assuming that current trading conditions continue through the second half of 2015, we believe that market expectations for the year will be exceeded.”
A statement released by the company and signed by group chief executive, Simon Vivian, as well as Mr Tom, said: “March was a record month for the Group, with exceptional performances from both England and Scotland. The result of the general election in May removed potential political uncertainty and the economic situation in the UK has continued to improve.
“First-half underlying EBITDA of £27.3 million was significantly ahead of the comparable period in 2014, driven by: a strong start to the year in England, on the back of buoyant demand and good weather; the additional contribution from last year’s acquisitions; and the benefit of the fall in oil prices in the final quarter of last year.
“Underlying trading conditions continue to look robust with economic indicators pointing to further growth in GDP and construction output in 2015. The macroeconomic background is favourable, with low unemployment and the long-awaited improvement in real wages starting to come through.”
The company operates 53 quarries, 26 asphalt plants, 59 ready-mixed concrete plants and three concrete block plants in England and Scotland and employing more than 1,000 people.