Dollar exchange rates do little to dampen group profits as it posts pre-tax profit of £147.6m.

Aggregate Industries report a 14% increase in turnover in its preliminary results for 2004, with pre-tax profits increasing by 5% year-on-year. Earnings per share for the buildings and materials group are up 8% after it posted its eighth consecutive annual record profit, this year standing at £147.6 million before tax.

Peter Tom, the group chief executive, said that the group had weathered the decline in the dollar exchange rate well, and singled out the Frehner Construction Company as its most significant acquisition.

Referring to Holcim’s formal bid for the group, Tom said: “Holcim’s offer clearly reflects the quality of Aggregate Industries’ people, assets and market positions and the Board was unanimous in recommending the offer to ordinary share holders.”