Breedon Group Plc - AGM Trading Update
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Breedon Group plc
("Breedon" or the "Group")
AGM TRADING UPDATE
Breedon, a leading construction materials group in Great Britain and Ireland, issues a trading update in advance of its Annual General Meeting to be held at 2.00 pm today.
Trading in the first three months of the year was encouraging and we started to see the typical seasonal pick-up in activity towards the end of the quarter.
There was good demand in the GB market, where our business benefited from contributions from the CEMEX acquisition, combined with a robust cement performance, which 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 per cent compared with the first quarter of 2020; a period that largely predated COVID-19 restrictions. On a like-for-like basis*, revenues increased by 7 per cent.
The outlook for our 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 date, the 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 22 July 2021.
*Like-for-like Group revenues exclude the impact of acquisitions and disposals as compared with the first quarter of 2020.