28 April 2022
BREEDON GROUP PLC
AGM Trading update
Q1 trading in line with expectations
Breedon Group plc (“Breedon” or the “Group”), a leading vertically-integrated construction materials group in Great Britain and Ireland, releases a trading update in advance of its Annual General Meeting to be held at 2:00 pm today.
The Group has started the year well with order intake and volumes following usual seasonal patterns through the first three months of 2022. End markets remain supportive, leading to reported and like-for-like revenue growth of 16% over the first quarter of 2021.
Acceptance of rising input costs, and the increasingly dynamic price environment across all major product groups, has enabled full cost recovery through the quarter and is encouraging.
We are pleased to confirm that our 37.5% associate, BEAR Scotland, has retained responsibility for Scotland's North West trunk roads for at least another eight years, maintaining supply relationships and long term visibility for our Scottish surfacing business.
Rob Wood, Chief Executive Officer, Commented :
“We recognise that international events have increased macroeconomic uncertainty. Nonetheless, we are encouraged that our end markets, particularly infrastructure and housing, remain supportive and we have successfully recovered input cost inflation in the first quarter through dynamic pricing.
“Our business offers a natural hedge against inflation and we remain confident in the resilience of our local operational model. Normal seasonal patterns of activity are evident with orders and enquiries increasing throughout the quarter and we continue to trade in line with management expectations.”
Breedon will announce its interim results for the six months ending 30 June 2022 on Wednesday 27 July 2022.