Cement Demand to Remain Strong Off Back of Substantial Australian Infrastructure Pipeline
While narrow-moat Adelaide Brighton’s top line remained strong in first-half fiscal 2018, energy prices and unfavourable mix shift constrained margins. Revenue increased 12% to AUD 807.2 million and came in 4% ahead of our expectations. Organic volume growth in cement and concrete of 7% outstripped our expectations for 3% growth, and led to the top-line beat. In spite of this, operating income underwhelmed at AUD 123.5 million, and while EBIT margins of 15.3% were a mild improvement from a year ...Adelaide Brighton is an integrated construction materials and industrial lime producer which supplies a range of products into building, construction, infrastructure and mineral processing markets throughout Australia. Co.'s principal activities include the production, importation, distribution and marketing of clinker, cement, industrial lime, premixed concrete, construction aggregates and concrete products. In addition to domestic production, Co. is the importer of cement, clinker and slag into Australia.
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