Breedon Group on track for record earnings
Breedon Group has revealed it is on track to deliver record earnings in 2022.
The group – which has quarries in Shropshire – offered a positive trading performance for the 10 months to October.
The vertically-integrated construction materials group said trading conditions during the second half of the year remained supportive, enabling the Group to fully recover rising input costs through robust pricing and disciplined cost management.
In the four months to October 2022, the Group delivered revenue growth of 16% compared to the same period in 2021.
This resulted in Group revenue of £1,186m in the year to date, some 14% ahead of the equivalent reported period last year and 12% on a like-for-like basis.
The Group said that while construction output has softened in the second half of the year, the majority of end-markets remain resilient, with infrastructure and industrial markets continuing to deliver growth.
As a result, the company expects to deliver full year results in line with expectations as set out with its interim results.
Chief Executive Rob Wood said: “This time last year we reminded our investors of the agile and entrepreneurial DNA that sets Breedon apart.
"Our rapid response to changing market conditions, local focus, vertically-integrated business model and disciplined financial framework will again enable us to deliver record results.
“Visibility in the trading landscape has been poor for some years now, for a variety of reasons. Against this constantly changing backdrop, our team’s commitment and resolve have delivered quality products and great service to our customers, regardless of the economic or political landscape.
"For this, we thank them. Their focus and determination in turn continues to deliver for all our stakeholders.”