Aggregate Industries increases profit for seventh year

Aggregate Industries (AI) made its seventh successive record pre-tax profit last year as its expansion policy resulted in 10 more bolt-on acquisitions.
The quarry and aggregates group's latest financial figures (12 months to 31 December) show turnover 6% higher at £1.5bn, while pre-tax profit strengthened to £140m, an increase on the 2002 figure of £135m.
In the UK, the Aggregates Levy resulted in reduced volumes of lower-grade aggregates, but demand for secondary and recycled materials increased. Aggregate volumes were down 1% overall.
The contracting operations performed strongly. The integration of Associated Asphalt gave full national coverage. In addition to 14 term maintenance contracts, AI has five framework agreements with the Highways Agency.
The 10 acquisitions made during the year cost the firm a total of £59m. Seven of these were in the UK, principally comprising regional ready-mixed concrete producers.
Since the financial year-end, AI has spent a total of £12m on Aggregate Supplies, a bagged aggregates operation selling throughout the southern half of the UK, and taken a 51% interest in Melton Concrete Products.