Breedon Group results boosted by Lagan acquisition

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UK: Breedon Group’s revenue grew by 32% year-on-year to Euro1bn in 2018 from Euro759m. Its profit rose by 13% to Euro75.2 from Euro66.3m. It sold 2Mt of cement and its ready-mixed concrete sales fell slightly to 3.2Mm3.

“We can be justifiably proud of our results. We outperformed the Great Britain market in sales volumes of all our key products, grew our revenues and underlying earning before interest and tax (EBIT), and once again generated strong cashflow, enabling us to pay down a material proportion of our post-Lagan debt by the year-end,” said executive chairman Peter Tom.

The building materials manufacturer said that the integration of Lagan Cement into the group enabled it to export cement from Kinnegad in Ireland to the UK. In early 2019 it intends to import cement from Kinnegad to a new terminal in Runcorn. Investments in the reporting year included an expansion of its transport fleet in the UK, a new mobile plant at its Hope quarry and the next stage of a four-year project to replace plant control systems at the Hope cement plant. Its single largest investment in 2019 will be the replacement of the raw mill drive at the Hope plant.

Breedon Group operates two cement plants, around 80 quarries, 40 asphalt plants, around 170 ready-mixed concrete and mortar plants, nine concrete and clay products plants, four contract surfacing businesses, six terminals and two slate production facilities. It employs nearly 3000 people and has nearly 900Mt of mineral reserves and resources.

Last modified on 06 March 2019

URL: https://globalcement.com/news/item/8903-breedon-group-results-boosted-by-lagan-acquisition

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