REG - Breedon Group PLC - AGM Trading Update

BreedonAnnouncement

24/04/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240424:nRSX7491La&default-theme=true

RNS Number : 7491L  Breedon Group PLC  24 April 2024

 

24 April 2024

BREEDON GROUP PLC

 

AGM Trading update

 

Breedon Group plc (Breedon or the Group), a leading vertically-integrated
construction materials group in Great Britain, Ireland and the United States,
today provides the following trading update ahead of the Group's Annual
General Meeting.

 

Trading during the first quarter was impacted by the ongoing macroeconomic
uncertainty and reduced construction activity due to wet weather conditions.
This led to softer volumes which were partially offset by resilient pricing.
As a result, revenue reduced by 5%, or 9% on a like-for-like(1) basis, when
compared to the first quarter of 2023.

 

Highlights:

·      In GB trading conditions were particularly affected by the wet
weather. We completed two bolt-on acquisitions; Eco-Asphalt, a well-connected
asphalt plant in the North West, and Phoenix Surfacing which enhanced our
surfacing capability in the Midlands

·      Ireland had a strong tendering season and is well positioned for
the rest of the year, supported by healthy housing and infrastructure markets
and the return of the governing Assembly to Stormont

·      Cement delivered two scheduled kiln maintenance shutdowns, on
time and within budget, and continued to expand the use of alternative fuels
and the provision of lower clinker content products

·      We launched our third platform in the USA with the acquisition of
BMC, which completed on 7 March 2024. The first weeks of trading under our
ownership have been encouraging, the integration is progressing well and the
outlook is positive

 

Rob Wood, Chief Executive Officer, commented:

"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."

 

Notice of results:

 

Breedon will announce its interim results for the six months ending 30 June
2024 on Wednesday 24 July 2024.

 

 

Notes:

1.     Like-for-like reflects reported values adjusted for the impact of
acquisitions and disposals.

 ENQUIRIES
 Breedon Group plc                                +44 (0) 1332 694010
 Rob Wood, Chief Executive Officer

 James Brotherton, Chief Financial Officer
 Louise Turner-Smith, Head of Investor Relations  +44 (0) 7860 911909
 MHP (Public relations adviser)                   +44 (0) 7595 461231
 Reg Hoare, Rachel Farrington, Charles Hirst      breedon@mhpgroup.com

About Breedon Group plc

Breedon Group plc, a leading vertically-integrated construction materials
group in Great Britain, Ireland and the USA, delivers essential products to
the construction sector. Breedon holds c.1.4bn tonnes of mineral reserves and
resources with long reserve life, supplying value-added products and services,
including specialty materials, surfacing and highway maintenance operations,
to a broad range of customers through its extensive local network of quarries,
ready-mixed concrete and asphalt plants.

 

The Group's two well-invested cement plants are actively engaged in a number
of carbon reduction practices, which include utilising alternative raw
materials and lower carbon fuels. Breedon's 4,450 colleagues embody our
commitment to 'Make a Material Difference' as the Group continues to execute
its strategy to create sustainable value for all stakeholders, delivering
growth through organic improvement and acquisition in the heavyside
construction materials market. Breedon shares (BREE) are traded on the Main
Market of the London Stock

Exchange and are a constituent of the FTSE 250 index.

 

This information is provided by RNS, the news service of the London Stock
Exchange. RNS is approved by the Financial Conduct Authority to act as a
Primary Information Provider in the United Kingdom. Terms and conditions
relating to the use and distribution of this information may apply. For
further information, please contact rns@lseg.com (mailto:rns@lseg.com) or
visit www.rns.com (http://www.rns.com) .

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTEXLFLZZLZBBX