Date: Tuesday 04 Mar 2014
LONDON (ShareCast) - As the UK construction sector creaked back to life, crushed stone and asphalt group Breedon Aggregates benefitted with underlying pre-tax profits more than doubling last year.
Helped by meaningful contributions from two acquisitions completed during the year, the AIM 100 group sold 6.1m tonnes of aggregates and 1.4m tonnes of asphalt to customers ranging from housebuilders to motorway construction projects, generating revenue growth of 29.5% to £224.5m.
Thanks to well controlled costs, rising sales fed through to 40.1% growth in underlying earnings before interest, tax, depreciation and amortisation (EBITDA). Underlying pre-tax profits leapt 121% to £12.4m and earnings per share 67% to 1.12p.
Executive Chairman Peter Tom said: "It is pleasing after several very difficult years to report that our markets at last showed encouraging signs of life in 2013 as the long-awaited economic recovery began to take hold."
Looking ahead, the company is optimistic.
Says Tom: "The year has begun well and the outlook is more encouraging than for some time. We plan to take full advantage of the opportunities ahead and remain confident of making further progress in 2014."
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