RSSThe UK’s largest independent aggregates firm nearly doubled its profits in 2014 due to growing demand from construction companies and through acquisitions.
Breedon Aggregates has revealed that its pre-tax profits rose 94% to €29.26 million (£21.4 million) in the 12 months to December 31 2014.
Total turnover for the ambitious quarrying, asphalt and ready mixed concrete business was up a fifth to almost €370.97 million (£270 million).
During 2014, it quarried 7.7 million tonnes of limestone, granite, basalt, sand and gravel – a substantial rise on the 6.1 million tonnes quarried the previous year.
The county Leicestershire, England business says it has enough existing underground reserves to last 50 years.
Speaking of the impressive 2014 profits and overall growth of Breedon Aggregates, Peter Tom, the company’s executive chairman, said: “We are pleased to report another year of significant progress, with results strongly ahead of 2013. These were driven by steadily improving market conditions, healthy contributions from acquisitions, the benefits of continuing capital investment and solid organic growth in the underlying business.
“As we enter our fifth year since the creation of Breedon Aggregates, the Group looks very different to the business we acquired in 2010. Sales revenue has nearly doubled, EBITDA has risen almost threefold, the balance sheet is strong and we have a stable, experienced management team in place.
Tom said that the economic outlook for the aggregates’ sector is the “most favourable for our industry since the end of the recession”.
He continued: “Construction output and demand for our products are expected to increase over the next three years and infrastructure in particular is expected to grow strongly in 2015-18 on the back of recently-announced public spending plans. We continue to see many opportunities to grow and improve our business and we are confident that we will make further progress in 2015.”
