Breedon Group reflects on 'resilient performance'
Construction materials business Breedon Group says it has delivered a 'resilient performance' after providing a trading update.
Reporting on the ten months to October 31, 2024, the company, which has a quarry in Shropshire and concrete plants across the West Midlands, said robust pricing and a focus on operational excellence offset the impact of a challenging British market.
When compared to the same period in 2023, revenue for the first ten months increased 7 per cent, the update said, and, for the four months to October 31, increased 11 per cent.
Breedon, which now operates in Great Britain, Ireland and the United States, said the integration of BMC is now well advanced.
During October BMC completed its first transaction under Breedon ownership, acquiring a manufacturer of masonry blocks, retaining wall blocks, pavers, stone, and brick products located in Western Illinois.
Rob Wood, Chief Executive Officer, said: "These are exciting times at Breedon. We now operate across three geographies, have built a first-class team, and are on track to deliver a further year of record revenue and operating profit.
"2024 has not been an easy year, particularly in GB where soft market conditions have been compounded by poor weather. But we have again proven the power of our vertical model, whatever the economic, political or environmental backdrop happens to be.
"Although we have immense faith in our people, our assets and our model, we are always striving to improve. At our Capital Markets Event today, we are announcing an evolution of our growth strategy, clarifying our priorities and refreshing our medium-term targets.
"Since our last Capital Markets Event in 2021 we have made significant progress. Looking forward we see further opportunities for growth."
