4th Mar 2014 12:09
LONDON (Alliance News) - Breedon Aggregates Ltd Tuesday reported a 29.5% boost in revenue for the full-year amid a slew of strong results, as the "long-awaited economic recovery began to take hold."
Breedon said revenue for the year to December 31, 2013 was up 29.5% to GBP224.5 million from GBP173.5 million in 2012. Underlying profit before tax jumped a huge 121.4% to GBP12.4 million from GBP5.6 million.
Underlying operating profit came in 65.4% higher than the previous year, at GBP14.6 million from GBP8.8 million.
Underlying earnings before interest, taxation, depreciation and amortisation rose 40.1 % for the year, reaching GBP28.3 million from GBP20.2 million in 2012.
The company said it saw strong performances in its England and Scotland-based operations, with sales volumes in all products coming in "significantly" ahead of the previous year.
During the year the aggregates firm completed two "transformational" acquisitions -Marshalls' quarries in England and Aggregate Industries' operations in northern Scotland, for a total cash consideration of GBP54 million - funded by a GBP61 million share placing.
Breedon said basic earnings per share also rose for the year, up 67.2% to 1.12 pence from 0.67 pence per share in 2012.
During the year, Breedon sold 6.1 million tonnes of aggregates, up on 4.3 million tonnes last year; 1.4 million tonnes of asphalt, up from 1.2 million tonnes in 2012; and 620,000 cubic metres of ready-mixed concrete, up on the 490,000 cubic metres sold in 2012.
The firm said that the markets within which it operates began to show, "encouraging signs of life," during the year, as the long-awaited economic recovery began to take hold.
"After battling severe headwinds for three years, we finally had the wind behind us for the first time since Breedon Aggregates was formed. This helped us to produce a very encouraging financial performance and to make significant progress in developing the business and positioning ourselves to deliver further value for our shareholders in the years ahead," said the company's Executive Chairman, Peter Tom.
Looking ahead, the firm said that it looks forward to, and expects, further growth after having a good start to the year, with the outlook the most encouraging it has been for some time. "We plan to take full advantage of the opportunities ahead and remain confident of making further progress in 2014," said Tom.
Shares in Breedon were trading up 3.31% at 40.55 pence per share Tuesday.
By Alice Attwood; [email protected]; @AliceAtAlliance
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