|
|
30 June 2017 |
30 June 2016 |
Change |
|
Revenue |
£326.3 million |
£163.0 million |
+100% |
|
Underlying EBIT† |
£35.8 million |
£22.8 million |
+57% |
|
Profit before tax |
£31.2 million |
£20.9 million |
+50% |
|
Underlying basic EPS† |
1.84 pence |
1.50 pence |
+23% |
|
Net debt/(cash) |
£146.8 million |
£(17.6) million |
Highlights
· Strong profit improvement from former Breedon Aggregates business and robust contribution from former Hope Construction Materials (“Hope”)
· Underlying EBIT margin of 15.8% achieved in former Breedon Aggregates business, comfortably ahead of our 2020 target of 15%
· Further progress on safety improvement: Lost Time Injury Frequency Rate reduced from 1.87 in 2016 to 1.41 at half-year
· Net debt reduced to £146.8m (Dec 2016: £159.3m)
· Both cement kiln maintenance and upgrade shutdowns completed in first half, on time and to budget
· Integration of former Hope operations completed, with planned synergies expected to be fully delivered in 2018, ahead of schedule
· Pro Mini Mix acquired; further bolt-on acquisitions in pipeline
· Organic development underway in two new quarries in Scotland and County Durham
· Remain confident that we will meet 2017 market expectations