Annual results for the year ended 31 December 2015 for the independent aggregates business revealed that pre-tax profits rose by 46 per cent to £31 million based on strong sales growth.

Group aggregates volumes for the year were up 13.5 per cent at 8.7m tonnes, asphalt volumes were up 18.3 per cent at 1.8m tonnes and ready-mixed concrete volumes were up 13.3 per cent at 0.9m cubic metres. This helped to drive revenue up 18 per cent to £318m.

During the year Breedon invested more than £20m in the business, including the replacement of two asphalt plants in Scotland, a new crushing plant and block production plant at its Naunton quarry in the Midlands and a new concrete plant at Tewkesbury, which opened last month.

The firm also finalised the £55m joint venture deal on the Aberdeen Western Peripheral Route, its largest-ever contract.

Breedon plans to re-open a former quarry in north Wales and will shortly commence production of sand and gravel at a new site near Northampton.

Peter Tom, executive chairman, said he hoped Breedon’s £336m takeover of Hope Construction Materials would be approved by the Competition and Markets Authority in the summer paving the way for the businesses transformation.

He said: “2015 was another significant year for Breedon. Our trading performance continued to improve and we again reported record results. We finalised our largest ever contract win and announced the planned acquisition of Hope Construction Materials. We are tremendously excited by the future potential for this business.

“Early in 2016 we were joined by our new Group chief executive, Pat Ward, whom I would like to once again warmly welcome to Breedon Aggregates. He succeeded Simon Vivian, who oversaw the successful development of the Group during its first five years and will continue to serve as a non-executive director.

“The outlook for our business continues to be encouraging. The government remains committed to infrastructure investment and all the relevant forecasting bodies predict modest but sustained growth in construction output over the next few years. This means a steady growth in demand for our products. Against this background, volumes are expected to recover gradually to pre-recession levels by 2020.

“We begin an exciting new era in 2016 with the planned acquisition of Hope and we look forward to the future with confidence.”