Breedon's sales hit by wet weather
Construction materials group Breedon says that trading during the first quarter of this year was impacted by the ongoing macroeconomic uncertainty and reduced building activity due to wet weather conditions.
The group, which has quarries in Shropshire, said revenue reduced by five per cent when compared to the first quarter of 2023.
In the quarter the group completed two bolt-on acquisitions – Eco-Asphalt, a well-connected asphalt plant in the North West, and Phoenix Surfacing in Kettering which enhanced surfacing capability in the Midlands.
Chief executive Rob Wood said: "I am encouraged by our strategic progress in the first quarter. Whilst there were fewer trading days due to the timing of Easter, and it was impacted by exceptionally wet weather, seasonally it is the least significant trading period for Breedon and our industry.
"We have laid good foundations for the remainder of the year; progressing pricing, pursuing efficiencies, completing two bolt-on acquisitions and launching our third platform by entering the US market. Although the economic landscape remains uncertain, I am confident our discipline and focus, coupled with our strong customer relationships, will see us deliver against our unchanged expectations for 2024."
