Eagle Materials helped by addition of oil & gas

Including its share of the jointly-owned Texas Lehigh Cement, the turnover of Eagle Materials for the financial year to the end of March advanced by 18.1 per cent to US$1192.6m. Of this total turnover, cement represented 40.2 per cent, plasterboard accounted for 36.7 per cent, aggregates & concrete for 9.0 per cent, plasterboard liner for 7.3 per cent and oil & gas for 6.8 per cent.

The trading profit rose by 34.6 per cent to US$302.30m, helped by the first significant contribution from oil and gas and double-digit advances in each of the other segments. Corporate overheads were ahead by 25.2 per cent to US$30.75m to give a  profit before interest 32.3 per cent higher at US$264.7m. After a net interest charge 35.8 per cent lower at US$11.7m, the pre-tax profit  advanced by 39.1 per cent to US$252.9m and the net attributable profit rose by 50.4 per cent to US$186.9m. 

Net debt increased by 53.2 per cent to US$574.3m and the year-end gearing level rose from 45.1 per cent to 56.8 per cent, having stood at 77.1 per cent two years ago.