Breedon sees profits soar
Construction materials group Breedon has seen its profits soar despite "challenging market conditions".
The firm saw pre-tax profits rise 18 per cent to £94.6 million in the year ending December 31 2019, up from £79.9 million in 2018, while turnover also rose by eight per cent to £929.6 million.
Breedon, which has operations across Shropshire and the West Midlands, saw net debt reduce from £310.7 million in 2018 to £290.3 million.
In 2019 Breedon completed the acquisition of Roadway, strengthening the group’s position in North Wales.
The company also agreed to acquire a portfolio of high-quality assets from CEMEX in the UK.
Pat Ward, group chief executive, said: “We closed 2019 with a strong result, in line with the market’s expectations, reflecting an excellent performance from our businesses in some challenging market conditions.
“Breedon is in excellent shape. We have a well-established business extending throughout GB and Ireland, having delivered great results irrespective of market conditions.
"We have an outstanding team of colleagues and, following the acquisition of the CEMEX asset portfolio, we will have the backing of more than a billion tonnes of valuable mineral reserves and resources, together with two well-invested cement plants."
