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Breedon Group PLC - Derby-based independent construction materials group - Saw a drop across the board in the six months ended June 30. 8.0 million tonnes of aggregates were sold, compared to 9.9 million tonnes the year prior. 1.0 million tonnes of asphalt was sold compared to 1.4 million the year before; and 1.0 million cubic metres of ready-mixed concrete was sold, down from 1.5 million the year before. Revenue fell by 25% year-on-year to GBP335.3 million from GBP447.4 million last year. The company said that Covid-19 lockdown at end of March prompted immediate fall in demand and had shutdown of most its operations, site reopenings then commenced in early May as demand improved. Pretax earnings swung to a loss of GBP10.1 million from a profit of GBP39.5 million the year before, a decrease of 126%. Chief Executive Pat Ward said: "The recovery in our markets now appears to be well underway, and we have seen continued improvement into July. The great majority of our sites are now open, including both our cement plants [...] Looking to the longer-term, we believe the outlook for our markets remains positive, supporting our confidence in the prospects for the group."
Current stock price: 78.74 pence
Year-to-date change: down 5.1%
By Greg Roxburgh; gregroxburgh@alliancenews.com
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