First quarter revenues up 27% for Breedon

Breedon has enjoyed an “encouraging” first three months of thyear with the typical seasonal pick-up in activity towards the end of the quarter, the construction materials group said today.

In a trading update in advance of its Annual General Meeting today, the firm hailed good demand in the GB market, where its business benefited from contributions from the CEMEX acquisitioncombined with a robust cement performancewhich more than offset the impact of COVID-19 restrictions limiting construction activity in the Republic of Ireland.

Overall, group revenues in the first three months of the year were approximately £264 million, an increase of 27% compared with the first quarter of 2020a period that largely predated COVID-19 restrictions. On a like-for-like basis, revenues increased by 7%.

Breedon said the outlook for its markets remains positive with construction output forecast to grow significantly in both the UK and the Republic of Ireland this year, led by infrastructure and housing development.

Based on the group’s performance in the year to datethe board’s expectations for the full year are unchanged.

Rob Wood, chief executive officer, said: “Whilst we are still seeing some disruption from COVID-19, we are pleased to have delivered a good start to the year and believe the prospects for Breedon and for our industry are increasingly positive.

Breedon will announce its results for the half year ending 30 June on July 22.

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