Breedon says confidence is building

Building materials supplier Breedon Aggregates today said it was on track to deliver a full-year profit ahead of City expectations as it benefits from an upturn in the construction industry.

The firm, which earlier this year expanded its presence in Scotland after a £34 million deal to buy a range of concrete plants and other assets from rival Aggregate Industries, said sales volumes have been lifted by the acquisition.

If the favourable weather conditions hold up, Breedon said its profits for the year to the end of December are expected to be “somewhat ahead of market expectations”.

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The deal with Aggregates is being probed by the Competition Commission, and Breedon said it may have to sell a “limited number of individual assets” to assuage any of the regulator’s concerns.

Breedon also announced today that its finance director, Ian Peters, is to step down in March and will be replaced by Rob Wood, who is currently group financial controller at coal-fired power station owner Drax.