“We are now in the early stages of integrating Lagan Group, our largest acquisition to date. Our initial experience has been extremely encouraging and it is particularly pleasing to be working with like-minded professionals who share our vision for the future of our business, particularly our ambition to be the safest and most profitable company in our respective markets. We look forward to reporting on our progress at our interim results on 5 September.
“By that time we also expect (subject to approval by the Competition & Markets Authority) to have completed the planned acquisition of four quarries and an asphalt plant from Tarmac, in exchange for a number of our ready-mixed concrete plants and a cash payment, which will further expand our aggregates portfolio and streamline our concrete network.
“Although forecasters are expecting this year to be challenging for our industry, the underlying outlook remains positive. Construction output is forecast to grow by 4.8 per cent in the UK and by 28 per cent in the Republic of Ireland over the next three years. Growth is expected to be driven primarily by housing and infrastructure, which together account for the majority of our end-use markets.
“On current trading, I reiterate the comment included in our announcement of the acquisition of Lagan Group on 17 April:
“In common with the rest of our industry, we have experienced disruption from the severe weather in the first quarter which has impacted the phasing of some of our work. However, with the worst of the weather behind us, we have seen an improvement in recent weeks and anticipate a continuing recovery in activity. The Board's expectation for the full year remains unchanged.”