Materials group reports 6% fall in profit to £181m as turnover rises 2% to £2.04bn

Building materials giant Hanson has reported a 6% drop in profit after being hit by the US housing slump.

Hanson's low-energy house at Offsite 2007

Pre-tax profit for the six months to June 30 fell to £181.8m compared with £193.6m in the corresponding period last year. Turnover rose 2% to £2.04bn from 1.99bn last year.

Alan Murray, Hanson chief executive said: “Hanson has delivered solid results against the background of challenging conditions. Our strong selling price discipline has been maintained and we continue to invest in the future growth of our business through acquisitions and capital expenditure.”

HeidelbergCement’s takeover of Hanson is expected to complete at the end of August after the acquisition was approved by Hanson shareholders this week.