Hanson reports record results

Building materials firm Hanson has posted record operating profit for the year ending 31 December 2006 of £562.7m, 15% up on the previous year’s figure of £488.8m.

Driven principally by the US market, group turnover stands at £4.1bn, up 11.2% on 2005, with pre-tax profit up 12% to £480.8m.

The supplier offset an £80m increase in raw materials and energy prices by successfully passing on that cost to customers.

Despite limited spend in public infrastructure, turnover in its UK aggregates division rose 6.8% year on year, while UK building products was up just 4% after weak demand in the repairs, maintenance and improvement sector.

Alan Murray, chief executive, said: “2006 has been a record year for Hanson. This was above our expectations at the time of our December trading statement, primarily due to a strong finish in our North American Aggregates division and additional property profits.

“We have maintained earnings growth momentum, recent acquisitions are performing well and our selling price discipline has been maintained. We expect to make further progress in 2007.”