Breedon Aggregates reports good performance at AGM
Published: 26 April, 2016
Peter Tom CBE, chairman of Breedon Aggregates, delivered a statement at the company's Annual General Meeting last week saying that trading in the first three months of 2016 was in line with the company's expectations, despite a slow start to the year in Scotland.
He said: “Our major capital investment programme has continued with a new £3m asphalt plant at Tom’s Forest quarry in Scotland now under construction and due to be commissioned shortly.”
Mr Tom announced good progress with pre-integration planning for the acquisition of Hope Construction Materials. The company also reported a positive response from the Competition and Markets Authority regarding the efforts it has made to alleviate concerns over competition in a limited number of local ready-mixed concrete markets.
Mr Tom said: “As we indicated earlier today in our formal response to the CMA’s announcement, we fully expect to be able to finalise the required undertakings to the CMA’s satisfaction and complete the required divestments in the near future, paving the way for completion of the acquisition later this summer.”
The chairman’s statement also covered ONS estimates, which suggest an increase in construction activity since December 2015 and the MPA forecasts of double-digit growth in volumes of key products over the next three years. However, he noted that the timing and scale of some major projects are still likely to be subject to change and the forthcoming EU referendum may create uncertainties in the short term.
A further update on the company's progress will be provided in its interim results announcement in July 2016.