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Breedon Group Plc - Annual Results 2019

This content has been sourced from: https://www.investegate.co.uk/breedon-group-plc/rn...

 

Breedon Group Plc

('Breedon' or 'the Group')

Annual Results 2019

Breedon, a leading vertically-integrated construction materials group in Great Britain and Ireland, announces its audited annual results for the year ended 31 December 2019.

 

2019

2018

Change

Revenue

£929.6 million

£862.7 million

+8%

Underlying EBIT

£116.6 million

£103.5 million

+13%

Profit before tax

£94.6 million

£79.9 million

+18%

Underlying basic EPS

  5.08 pence

  4.70 pence

+8%

Net debt

£290.3 million

£310.7 million

 

 

20.2 million tonnes of aggregates sold (2018: 19.4 million tonnes) 

3.0 million tonnes of asphalt sold (2018: 2.8 million tonnes)

3.0 million cubic metres of ready-mixed concrete sold (2018: 3.2 million cubic metres)

2.0 million tonnes of cement sold (2018: 2.0 million tonnes)

 

Highlights

  • Excellent performance in challenging conditions
  • Improved results from all three Divisions
  • Strong cash flow reduced post IFRS 16 closing Leverage to 1.6x
  • Integration of Lagan largely completed
  • Acquisition of Roadway strengthened our position in North Wales
  • Capital Concrete joint venture secured critical mass in the London readymix market
  • Agreed acquisition of portfolio of assets from CEMEX in the UK
  • Committed to the GCCA's Sustainability Charter
  • Intention to declare a maiden dividend with our 2021 interims

Pat Ward, Group Chief Executive, commented:

"We closed 2019 with a strong result, in line with the market's expectations, reflecting an excellent performance from our businesses in some challenging market conditions. 

"Breedon is in excellent shape. We have a well-established business extending throughout GB and Ireland, having delivered great results irrespective of market conditions. We have an outstanding team of colleagues and, following the acquisition of the CEMEX asset portfolio, we will have the backing of more than a billion tonnes of valuable mineral reserves and resources, together with two well-invested cement plants.

"After 10 years of successful and profitable growth, we have a clear strategy for the coming years, built on a clear market philosophy, strong governance, a healthy culture and a firm commitment to playing our part in alleviating the impact of climate change and delivering a sustainable future.

"With the UK Government committed to significantly increased investment in infrastructure, we are well placed to benefit from the increased demand for our products that this will create.

"I am confident that we will make further progress in 2020 and beyond."