Aggregating Profits

Yesterday the Leicester Mercury reported how Breedon Aggregates, the quarry firm based in Breedon-on-the-Hill, north Leicestershire, “says profits for 2013 are expected to be higher than expected.” Pre-tax profits are estimated to come in at around £10.5 million, compared to £5.8 million the previous year. How nice!

The group also announced that Ian Peters will be stepping down as their finance director in March 2014, to be replaced by Rob Wood, financial controller at Drax Group, the power generator. Mr Peters had served as Breedon Aggregates finance director since 2008, when he had joined the company from his longstanding employment at Hanson plc.

Here one might observe that Mr Peters former boss at Hanson plc (who served as their chairman between 2005 and 2007) was a man called Mike Welton, who had previously acted as the CEO of the blacklisting loving construction firm Balfour Beatty.

Mr Welton is presently a board member of the controversial High Speed Two project, and chairman of the oil and gas exploration company, Premier Oil plc. In the latter position Welton works closely with fellow Premier Oil board member David Lindsell, who currently works with the soon-to-be finance director of Breedon Aggregates (Rob Wood) through his service on the board room of Drax Group. How nice that the members of the ruling-class get along so well.

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