Breedon Group has reported a large jump in profits thanks to its former Breedon Aggregates business and the integration of Hope Construction Materials

In it's interim results for the six months to 30 June 2017, the company reported a 50% rise in profit before tax from £20.9 million in 2016 to £31.2m this year. In addition, revenue rose 100% from £163m to £326.3m.

Peter Tom CBE, Executive Chairman, said the former Breedon Aggregates business posted a "strong profit improvement" while the former Hope Construction Materials business "made a robust contribution".

"I am pleased to report that in the first half of 2017 the former Breedon Aggregates business posted a strong profit improvement and the former Hope Construction Materials business made a robust contribution, even after taking into account the shutdowns of both our cement kilns for planned annual maintenance and upgrade during the first half, which were completed on time and to budget," he said.

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"Although the outcome of the General Election, coupled with the commencement of Brexit negotiations, have created some further uncertainty for the UK economy, the outlook for UK construction remains encouraging. It is reassuring that the Government's direction of travel appears to be moving away from continued austerity towards fiscal stimulus, which can only be helpful to our industry.

"We have consistently demonstrated our ability to generate value for our shareholders irrespective of economic conditions, through flexible and imaginative customer service, rigorous cost control, focused investment and a culture of continuous operational improvement. These disciplines, coupled with a strong balance sheet and healthy cashflow, put us in a strong position to take advantage of future growth opportunities, both organically and through further bolt-on acquisitions.

"More immediately, our performance in the first six months and our prospects for the second half give us confidence that we will meet 2017 market expectations."

(LM/MH)