Breedon Group planning move to the main market after record year
Construction aggregates firm Breedon Group is set to move to the Main Market of the London Stock Exchange to better reflect its “scale and heritage”.
The company, which has quarries in Shropshire, is currently listed on AIM but announced its plans after reporting a record year for the firm.
Its annual results for the year ending December 31 saw revenue up by 13 per cent to nearly £1.4bn.
The company also revealed profits rose by 19 per cent to £135.8m.
Rob Wood, Chief Executive Officer, said: "2022 was another record year. Each division progressed and we made meaningful headway on our growth strategy, expanding organically, acquiring strategically important assets, and moving our sustainability agenda forward.
"We grew sustainably through replenishing and optimising our mineral assets, investing in our colleague's safety and wellbeing, and reducing our carbon footprint while maintaining a secure financial position.
"We have a mineral pipeline in excess of 100 million tonnes, we achieved the highest substitution of fossil fuels at our cement plants in our history, and we invested for growth while still reducing our leverage.
"In recent years our local and entrepreneurial operating model has been tried and tested, keeping our people safe while growing high-quality earnings, and maintaining a strong balance sheet. Despite the uncertain economic and geopolitical landscape, 2023 has begun positively and we are in a strong position. We will continue to supply essential materials to growing end-markets, and we remain confident in our ability to deliver."
On plans to move to the main market, Amit Bhatia, non-executive Chairman of Breedon, said: "Being a member of AIM has served us well. For over a decade the AIM market provided us with access to diverse and engaged investors, within a supportive community that understands the needs of entrepreneurial businesses such as Breedon and we thank them wholeheartedly for their support.
"As an established business, with a track record for growth and value creation, we believe the Main Market now offers the appropriate listing for a company of our scale and heritage and, subject to the required approvals, look forward to our future as a member of the Official List."
