Breedon Aggregates last week announced its audited annual results for the year ended 31 December 2012.
Revenue, which was at £173.5m, saw an increase of 2.7 percent. Underlying EBITDA, which was at £20.2m, increased by 18.3 percent. Underlying operating profit increased 55.4 percent from £8.8m. Underlying profit before tax remained the same at £5.6, as did underlying basic EPS at 67p and the total non-current assets at £148.1m.
It is worth noting that the underlying results have been stated before acquisition-related expenses, redundancy and reorganization costs, property items, impairments, amortization of acquisition intangibles, changes in the fair value of financial instruments, gains on bargain purchase and related tax items.
4.3m tonnes of aggregates, 1.2m tonnes of asphalt and 481,000 cubic metres of ready-mixed concrete were all sold.
Highlights of the results included the EBITDA margin increasing1.5 points to 11.6 percent, underlying earnings increasing in England and Scotland, value-enhancing performances from recent acquisitions, the key health & safety target having been achieved, major capital investment projects having been completed and post year-end, St Michaels reserves having been secured.
Peter Tom, executive chairman, said: “I am pleased to report that, despite the worst trading conditions I can remember in my 50 years in this industry, Breedon Aggregates continued to grow and prosper in 2012. Group revenues increased and our profitability improved.
“Looking ahead, the challenges in 2013 look every bit as tough as they were last year. The Construction Products Association is forecasting that construction output will fall by more than 2%, with no meaningful recovery until 2014. Against this backdrop, it would be easy to let the gloom get the better of us, but we have a strong and finely-tuned business which is well-equipped to cope with difficult economic conditions and we remain enthusiastically committed to growing the Group in the years ahead.
“When we created Breedon Aggregates in 2010, we did so in the knowledge that we could expect little or no help from the construction market. Our models were predicated on delivering real value if necessary through self-help alone. It is this approach and mindset which give us the confidence to anticipate another year of progress in 2013.”
