Breedon Group revenue is up as business is 'ahead of expectations'
Construction materials group Breedon Group says it is trading ahead of expectations as it provided a trading update for the ten months to October 31.
The Group, which has quarries in Shropshire, said revenue for the first ten months of the year increased 8 per cent and, for the four months to October 31, by 4 per cent.
The business said changes to building regulations in the UK that took effect in June impacted ready-mixed concrete volumes.
Aggregate and asphalt volumes have continued to moderate. However, Breedon said pricing has been sustained and the company has maintained tight control over its cost base.
The business said it expects to achieve full year 2023 underlying EBIT ahead of market consensus.
Rob Wood, Chief Executive Officer, said: “Notwithstanding the market backdrop, the Breedon team continues to deliver and we are delighted to report a trading performance ahead of expectations.
"Against the uncertain political and economic backdrop, our teams have adapted well to deliver a compelling performance, whatever the prevailing market conditions.
“Our strategic focus on ensuring Breedon is a great place to work, taking care of our people and the communities around our sites, has once again been reflected in both our financial performance as well as our colleague engagement, of which I am particularly proud.
"But we never settle – we will continue to seek ways to operate as efficiently and sustainably as possible, invest in our people and grow our business so we are positioned to succeed when the construction materials market returns to growth.”
