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HeidelbergCement does not expect massive Brexit hit in 2016
July 29, 2016 / 9:00 AM / a year ago

HeidelbergCement does not expect massive Brexit hit in 2016

BERLIN (Reuters) - HeidelbergCement (HEIG.DE) expects Britain’s vote to leave the European Union to have little impact on its UK business this year, with all but one of its biggest infrastructure projects in England set to go ahead, its chief executive said on Friday.

Bernd Scheifele said the group had critically examined its projects in England and established that only one project, the construction of a building in London’s financial district Canary Wharf, had been scaled back as a result of Brexit.

    “In this respect, we expect that Brexit at least in 2016 as it looks at the moment will not hit us massively,” Scheifele told a conference call after the building materials group posted better-than-expected core profit in the second quarter.

    He added that an order to build a Land Rover factory for Tata (TATA.NS) in Oxford was continuing as planned.

    Moody’s said earlier this month that HeidelbergCement would not face an immediate impact as its infrastructure and commercial construction projects, unlike residential construction, typically run for a year or more.

    Reporting by Caroline Copley; Editing by Maria Sheahan

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