Including its share of the jointly-owned Texas Lehigh Cement, the turnover of Eagle Materials for the financial year to the end of March increased by 8.2% to US$581.2m.
Of the total turnover, cement accounted for 41.4%, plasterboard for 37.5%, plasterboard liner for 13.4% and aggregates & concrete for 7.7%. The trading profit rose by 14.4% to US$69.4m, but corporate overheads increased by 17.7% to US$21.9m but other non-operating expenses declined by 14.8% to US$9.1m, giving a profit before interest that was 22.1% ahead at US$18.7m.
After interest charges that were 0.6% higher at US$16.6m and after a US$2.1m loss on debt repayments, the pre-tax profit advanced by 30.7% to US$21.9m. The net attributable profit improved by 26.2% to US$18.7m.
Net debt declined by 8.7% to US$260.5m to give a year-end gearing level of 55.1%.
Cement turnover was 8.4% ahead at US$240.4m, of which the wholly owned operations registered a 5.1% improvement to US$154.2m, while Eagle Material's share of the Texas joint venture with HeidelbergCement rose by 15% to US$86.1m. The 2.1% improvement in the trading profit to US$46.9m is made up of a 14.6% reduction in the wholly-owned operations to US$18.3m and a 17.7% higher contribution from associate of US$28.5m. Cement deliveries improved by 7.2% to 2.47Mt (2.72Mst), made up of an 8.2% volume increase in the subsidiaries to 1.69Mt (1.86Mst) and a 5.2% improvement in the volumes of the Texas joint venture to 0.79Mt (0.87Mst). Eagle Material's average cement price over the period was 0.7% higher at US$89.75/t (US$81.42/st), with prices in the final quarter being 2.1% higher at US$92.68/t (US$84.08/st).
Turnover from aggregates and ready-mixed concrete improved by 2.7% to US$44.8m, but a US$0.8m trading profit was turned into a US$1.1m trading loss. Shipments of aggregates declined by 13.4% to 2.01Mt (2.22Mst) but the average price recovered by 5.0% to US$6.49/t (US$5.89/st). Deliveries of ready-mixed concrete improved by 6.7% to 0.39Mm³ and the average price edged up by 1.7% to US$83.49/m3, with prices in the final quarter being lower than the average for the twelve months, though higher than in the same quarter in the pervious year for both aggregates and concrete.
The plasterboard turnover was 6.4% higher at US$217.6m and the trading profit recovered strongly and quintupled to US$6.3m as average selling prices advanced by 7.6%. Plasterboard volume in the year declined by 1.9% and the average price did improve, with the final quarter price being 20.3% higher than the average for the year and 38.7% higher than a year earlier. Turnover in plasterboard liner increased by 16.6% to US$78.3m and the trading profit rose by 40.6% to US$17.0m, as internal sales volume was stable, but the external volumes were 10.4% higher.
