Chief executive Andrew Dougal said fuel costs were £45m higher than expected and that bad weather in the UK and the USA had hit sales and production.
He said: "If it hadn't been for the fuel and weather, our results would have been very good." Dougal said in the next year the company would be preoccupied with consolidation after its acquisition of Australian materials firm Pioneer. He said: "Restructuring needs to follow acquisition. The emphasis has been on growth, now it makes sense to look inward."