Hanson says profits rise 10% |
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Published
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Wed, 20 Dec 2006 15:50
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LONDON: The U.K. building materials firm Hanson Plc said Tuesday its full-year operating profit rose more than 10 per cent compared to last year's 489 million pounds.
The company, the world's largest supplier of crushed rock for construction, said operating profits would be significantly ahead of last year at both its North American aggregates and building products divisions. Nearly 45 per cent of the company's sales come from the U.S., where construction spending had risen by 8.9 per cent last year to a record $1.12 trillion. Spending on infrastructure and industrial and office building in the region brought in higher profits, which could offset higher energy costs.
Profits from U.K. building products will fall below last year's level, though these are recovering. The division had seen profits fall in the second half, but it will post an increase in yearly profit. Aggregates in the U.K. had seen good sales but building products had been disappointing. Operating profits from Asia and Australia are also likely to show a decline on last year's 90 million pounds.
Hanson said in a statement it had made an investment of 560 million pounds in acquisition during the year and there are more planned in 2007.
The company is to come out with its results for the year ended 31 December 2006 on 22 February.
Hanson shares closed at 760 pence Monday, valuing the group at around 5.6 billion pounds.
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