Profits dip but Breedon Group 'well placed to grow and succeed'
Construction materials supplier Breedon has seen a dip in profits but bosses hailed a 'resilient performance'.
In results for the six months to June 30, Breedon, which has a quarry in Shropshire and concrete plants across the West Midlands, said profit before tax fell 18 per cent to £46.5m during its first half – having been £56.5m in the first half of 2023.
However, revenue rose by three per cent to £764.6m from £742.7m.
Rob Wood, Chief Executive Officer, said: "For the team to deliver such a resilient performance given the challenging GB market conditions we have faced is an incredible achievement.
"We achieved a major strategic objective in March, entering the US and establishing our third platform with the transformative acquisition of BMC, creating the foundation from which we will build out our US business.
"We expanded our routes to market, delivering two bolt-on transactions in GB, and growing organically through our downstream businesses, pulling through more of our own material.
"We moved our sustainable growth strategy forward on all fronts in the first half of 2024 and were pleased to see this recognised by CDP with our first ratings placing us at the forefront of our sector for Climate Change and Water Security.
"During this time the quality and flexibility of the Breedon team, of whom I am incredibly proud, have kept us close to our customers, accelerated our drive for efficiencies, and strengthened our operations. As the economic and political clouds clear in GB, our markets will return to growth in time and we will be well placed to grow and succeed."
