Hanson pledges to meet targets despite £20m hit

Hanson expects to meet City analysts expectations this year, despite taking a £20m hit from currency fluctuations.

In a trading statement issued this morning (Wednesday), the aggregates group revealed that half its trading profit comes from North America, and the effect of the weak dollar has been to reduce profit contribution from that market by £20m.

However, this has been compensated for by strong performances in the UK, Australia, Asia and continental Europe.

The statement added that disruption caused by the Aggregates Levy in the UK is "being worked through". It also revealed that asphalt and ready-mixed concrete volumes and margins will be down slightly year-on-year, while brick operations had a "successful year".

Hanson's full 2003 results will be announced on 19 February 2004.