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Sustained recovery under way says Breedon

18 Jul 13 Quarrying group Breedon Aggregates has reported growing sales and profits for the first half of 2013 amid an improving outlook for the construction industry.

Helped by the acquisitions of former Aggregate Industries and Marshalls operations that completed on 30 April, Breedon saw interim revenue grow 21% to £100.2m (2012 H1: £83.0m). Underlying operating profit was up 69% to £6.6m (2012 H1: £2.2m).

Pre-tax profit for the six months was £4.4m, up from £2.7m last time.

Executive chairman Peter Tom said: "The general outlook for construction in the UK looks more positive than it did at this time last year. The decline in construction output appears to be levelling out and there is no doubt that a sustained recovery in the housing market is already underway.  Fears about the economy sliding back into recession have receded and some confidence appears to be returning to the sector.

"We expect product volumes in the second half of the year, on a like-for-like basis, to be slightly ahead of the comparable period last year, with the exception of asphalt which will continue to suffer from reduced local authority spending until recently allocated funding starts to come through.

"The group has performed well in the first six months of 2013 and we expect to make further progress in the second half."

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MPU

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