Breedon Group has announced its audited annual results for the year ended 31 December 2016.
The company’s overall revenue was £454.7 million in 2016, a 43% increase on that of 2015. Underlying EBIT increased by 58%, to £59.6 million, while profit before tax increased from £31.3 million tin 2015 to £46.8 million in 2016.
Breedon Group sold 11.4 million t of aggregates, 1.9 million t of asphalt and 1.9 million m3 of ready-mixed concrete.
- Group transformed by the acquisition of Hope Construction Materials (‘Hope’), with integration well advanced and synergies accelerated.
- Strong trading performances across the Group, with improved sales and profits in former Breedon Aggregates business, boosted by five-month contribution from Hope.
- Acquisition of Sherburn Minerals Group completed, adding two cementitious import terminals, four quarries and five ready-mixed concrete plants to Group portfolio.
- Continued planned capital investment in capacity and operational improvements.
- Former Breedon Aggregates business’s Lost Time Injury Frequency Rate (LTIFR) improved by 22 per cent to 2.13.
- Strong platform for growth established, with encouraging outlook for 2017 on the back of expected increases in infrastructure and housing investment.
Peter Tom CBE, Executive Chairman, commented:
‘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.
‘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.
‘As we look ahead, the Government appears to have finally committed to substantial investment in the UK’s infrastructure and this, coupled with anticipated growth in the private housing market, is expected to bring significant medium- and long-term benefits to our business.
‘We will carry on doing what we do best: running our company as efficiently as possible, delivering healthy organic growth complemented by earnings-enhancing acquisitions, and thereby continuing to generate the excellent returns our shareholders expect of us. We look to the future with considerable optimism.’
Read the article online at: https://www.worldcement.com/europe-cis/08032017/breedon-group-releases-its-annual-results/