LONDON (Alliance News) - Breedon Group PLC on Wednesday reported double-digit profit growth in 2018 on improved sales of its products.
The construction materials company said pretax profit rose 12% to GBP79.9 million in 2018 from GBP71.2 million a year earlier, as revenue jumped by 32% to GBP862.7 million.
During the year, the company said it sold 19.4 million tonnes of aggregates, up from 16.0 million tonnes sold in 2017. Asphalt sales were 47% higher at 2.8 million tonnes, while ready-mixed concrete sales were down 3.0% to 3.2 million cubic metres.
"We delivered a better-than- expected performance in the face of strong headwinds, with volumes and revenue well ahead of the prior year," said Chief Executive Pat Ward.
Looking ahead, Breedon said it continues to face uncertainty pending the final outcome of the Brexit negotiations. However, the company noted that the majority of its businesses are local, with local customer bases and supply chains.
"We can be justifiably proud of our results," said Executive Chair Peter Tom. "We are confident of making further progress in the current year."
Breedon shares were up 2.0% at 69.07 pence early Wednesday in London.
Breedon (BREE)