Dougal forecasts that US demand for aggregates may increase by as much as 15% over the next six years as a result of the US government’s TEA-21 programme to invest £216bn in infrastructure, including an estimated £155bn on new roads.
Reporting pre-tax profit up 11.4% before exceptionals to £122.2m, Dougal said the group had achieved price improvements and higher margins because it did not pursue low-margin, higher-volume work. But he added that he did not expect sharp increases in the price of materials.
Dougal also said that the group would continue to look for bolt-on acquisitions in the USA, Europe and the Far East.
The group spent £216m on acquisitions up to July this year; even more than the £196m it spent last year. Dougal expects to exceed £216m in the coming year.