(Alliance News) - Construction materials group Breedon Group PLC on Thursday reinstated its guidance for 2020 after reporting a continuation of improving trading performance into August.
The company recorded revenue for the first eight months of 2020 of GBP531 million, down 15% from GBP624 million a year ago, including a one-month contribution from recently-acquired CEMEX assets in the UK.
Breedon anticipates delivering second-half underlying earnings before interest and tax broadly in line with the second half of 2019. This in turn will result in a 2020 underlying Ebit in excess of the average of market expectations of GBP57 million.
"We continue to be reassured by the government's restated commitment to investment in the UK's infrastructure and by encouraging demand from the UK housing market, complemented by similar trends in the Republic of Ireland," Breedon said.
Shares in Breedon were up 3.7% at 76.72 pence each in London on Thursday near midday.
By Tapan Panchal; tapanpanchal@alliancenews.com
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Breedon (BREE)