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08/03/2017
Breedon Reports 50% Rise In Profits
Breedon has reported a 50% rise in profits in its results for the year ended 31 December 2016.
The Group's profits rose to £46.8 million from £31.3 million in 2015, while revenue increased to £454.7m from £318.5m.
Other major developments include the multi-million pound acquisition of Hope Construction Materials, as well as its £9.8m purchase of Sherburn Minerals Group in November.
The acquisition of Sherburn added two cementitious import terminals to the Group's portfolio at Blyth near Newcastle and Dundee in eastern Scotland, as well as four quarries and five ready-mixed concrete plants in County Durham, Northumberland, North Yorkshire and Cumbria.
2016 also saw Breedon secure two major contract wins in Scotland. The Group won a deal in a joint venture with Whitemountain Quarries to supply and lay asphalt on the Aberdeen Western Peripheral Route (AWPR). In addition, the company started work on the first phase of dualling the A9.
Breedon said supplies of aggregates and concrete to these projects helped to offset the downturn in the wider Aberdeen market.
Further key highlights include:
• 11.4 million tonnes of aggregates sold (2015: 8.7 million tonnes)
• 1.9 million tonnes of asphalt sold (2015: 1.8 million tonnes)
• 1.9 million cubic metres of ready-mixed concrete sold (2015: 0.9 million cubic metres)
With a strong platform for future growth, and an encouraging outlook for 2017 with expects rises in infrastructure and housing investment, Executive Chairman Peter Tom CBE said 2016 was "arguably the most eventful year in the Group's history".
"We completed our largest acquisition to date, invested a record amount in our business, began supplying our biggest ever contract and delivered an excellent financial performance - all against the background of an uncertain economic environment and challenging trading conditions in many of our markets," he said.
"We are proud to be the largest independent construction materials business in the UK and the only publicly-quoted British company of any size in our sector. We have a very straightforward mission: to be the safest and most profitable company in our industry, and this ambition drives all our decision-making."
(LM)
The Group's profits rose to £46.8 million from £31.3 million in 2015, while revenue increased to £454.7m from £318.5m.
Other major developments include the multi-million pound acquisition of Hope Construction Materials, as well as its £9.8m purchase of Sherburn Minerals Group in November.
The acquisition of Sherburn added two cementitious import terminals to the Group's portfolio at Blyth near Newcastle and Dundee in eastern Scotland, as well as four quarries and five ready-mixed concrete plants in County Durham, Northumberland, North Yorkshire and Cumbria.
2016 also saw Breedon secure two major contract wins in Scotland. The Group won a deal in a joint venture with Whitemountain Quarries to supply and lay asphalt on the Aberdeen Western Peripheral Route (AWPR). In addition, the company started work on the first phase of dualling the A9.
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Breedon said supplies of aggregates and concrete to these projects helped to offset the downturn in the wider Aberdeen market.
Further key highlights include:
• 11.4 million tonnes of aggregates sold (2015: 8.7 million tonnes)
• 1.9 million tonnes of asphalt sold (2015: 1.8 million tonnes)
• 1.9 million cubic metres of ready-mixed concrete sold (2015: 0.9 million cubic metres)
With a strong platform for future growth, and an encouraging outlook for 2017 with expects rises in infrastructure and housing investment, Executive Chairman Peter Tom CBE said 2016 was "arguably the most eventful year in the Group's history".
"We completed our largest acquisition to date, invested a record amount in our business, began supplying our biggest ever contract and delivered an excellent financial performance - all against the background of an uncertain economic environment and challenging trading conditions in many of our markets," he said.
"We are proud to be the largest independent construction materials business in the UK and the only publicly-quoted British company of any size in our sector. We have a very straightforward mission: to be the safest and most profitable company in our industry, and this ambition drives all our decision-making."
(LM)
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