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Breedon has reported a 29% ncrease in profit in the first half of the year, supported by price increases and hedging against cost inflation

The construction materials producer reported pre-tax profit of 拢59.5m for the six months to 30 June, up from 拢46.2m the previous year. It also increased its turnover by 12% to 拢671.1m over the same period.

The firm, which produces aggregate, cement, asphalt and concrete, is now expecting its full year earnings before interest and tax to be at the 鈥渢op end鈥� of market consensus range of 拢140m to 拢149m.

It said its business in the UK performed strongly as the 鈥渕arket operated rationally and customers accepted the well-publicised need for price increases鈥�.

It said: 鈥淲e delivered a strong trading performance in the first half with increasingly dynamic pricing successfully passing through significant inflationary cost increases into our end markets.鈥�

Volumes of aggregates, asphalt and ready-mixed concrete fell year-on-year., by 9.3%, 5% and 11.8% respectively.

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Breedon said this was due to the market 鈥渘ormalising鈥� after a post-lockdown surge last year. It said volumes are a still above the same period in 2019 pre-pandemic, with the exception of ready-mixed concrete, which has seen volumes reduce slightly because of plant closures to drive efficiency.