Audited annual results for the year ended 31 December 2017 for the construction materials group revealed a pre-tax profit of £71.2 million (2016: £46.8m) on revenue of £652.4m (2016: £454.7m). Pre-tax profit was up 52% and revenue grew 43%.

Net debt was reduced by 31% from £159m at the start of the year to £110m by the end.

The growth in organic earnings growth was supplemented by contributions from the group’s acquisitions of Hope Construction Materials, Pro Mini Mix and Humberside Aggregates.

Further acquisitions are also planned for four quarries and an asphalt plant from Tarmac while talks are underway to buy a major part of Northern Ireland’s Lagan Group.

Peter Tom CBE, executive chairman, said: “2017 was one of the most productive years in our history. We completed the integration of our largest-ever acquisition, concluded two bolt-on purchases and announced an important transaction with Tarmac that, subject to approval by the competition authorities, will see us streamline our ready-mixed concrete network in exchange for a substantial new reserve of minerals and a strategically valuable asphalt plant. This did not, however, distract us from our operational focus and we once again delivered a solid financial performance.

“Our business is in great shape and we are well positioned to benefit from the medium-term growth in residential and infrastructure development, to which the majority of our material is supplied.

“We look to 2018 and beyond with confidence and optimism.”