Breedon Aggregates reveals loss but says prospects for growth had improved since takeover by Marwyn Materials
Breedon Aggregates has posted a pre-tax loss of almost £400,000 in the six months to 30 June.
The company lost £387,000 in the half year, compared to a loss of £435,000 for the same period in 2009.
The company said that tradiing in building materials remained difficult but said higher sales and prices had pushed revenue up almost 5% to £72.6m.
The results are the first since a reverse takeover by Marwyn Materials. The takeover by Marwyn, a listed firm founded by industry veterans Peter Tom CBE and Simon Vivian to acquire building materials companies, was completed in August after which Marwyn was renamed Breedon Aggregates.
Peter Tom, chairman of Breedon Aggregates, said: “We expect short-term trading prospects for building materials businesses to remain difficult and we will focus our efforts on delivering operational and financial improvements in the business, while continuing to pursue a number of opportunities to acquire attractive assets at what remains a cyclical low point for the industry.
“We believe that Breedon Aggregates, with its strong and experienced board and management team, is well placed to exploit available opportunities as they arise, to respond quickly to changing market conditions and to benefit from improving demand.”