Leicestershire aggregates giant Breedon Group has seen a near 20 per cent jump in profits - and said it is well-placed to take advantage of planned Government spending on infrastructure.
The quarrying to asphalt to concrete business said pre-tax profits were almost £95 million in 2019, on revenues of almost £930 million - up 8 per cent.
Net debt for the year was down £20 million at £290.3 million.
Following the news, shares in the business were up around 6 per cent on early trading today, at 92p.
Group chief executive Pat Ward 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.
“After 10 years of successful and profitable growth, we have a clear strategy for the coming years, built on a clear market philosophy, strong governance, a healthy culture and a firm commitment to playing our part in alleviating the impact of climate change and delivering a sustainable future.
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“With the 海角视频 Government committed to significantly increased investment in infrastructure, we are well placed to benefit from the increased demand for our products that this will create.
“I am confident that we will make further progress in 2020 and beyond.”
During the year the business sold:
20.2 million tonnes of aggregates (compared to 19.4 million tonnes in 2018)
3.0 million tonnes of asphalt (2.8 million tonnes in 2018)
3.0 million cubic metres of ready-mixed concrete (3.2 million cubic metres in 2018)
2.0 million tonnes of cement (2.0 million tonnes in 2018)
Based at Breedon-on-the-Hill, near East Midlands Airport, Breedon employs around 3,000 people and has almost 900 million tonnes of mineral reserves and resources.
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It owns 80 quarries, 40 asphalt plants, as well as cement and concrete operations.
It operates in sectors ranging from slate production to concrete and clay products manufacturing, contract surfacing and highway maintenance and has been growing organically and through the acquisition of businesses in the heavy construction materials market.
During the year Breedon completed the acquisition of civil engineering and surfacing specialist Roadway, strengthening its position in North Wales, and formed a joint venture in London with Brett, trading as Capital Concrete.