Last checked at 25 Apr 2017 09:52
News release
25 April 2017
Breedon Group plc
("Breedon Group" or "Breedon")
AGM Statement
Peter Tom CBE, Chairman of Breedon Group, will deliver the following statement at the Company's Annual General Meeting at 2.00pm today:
"Trading in the first three months of 2017 was in line with our expectations.
"We have made excellent progress with the integration of the former Hope Construction Materials and Sherburn Minerals businesses. Their operations have all been integrated as appropriate into Breedon Northern, Breedon Southern and Hope Cement, each of which is now operating as a fully autonomous division. The migration of all three divisions onto a common IT platform is well underway and will be completed in the next few months.
"Meanwhile we are continuing to invest in capacity and operational improvements across the Group, with capital expenditure, as planned, expected to run ahead of depreciation again this year.
"The outlook for our industry continues to be positive. The Construction Products Association is forecasting a five per cent increase in construction output between 2017 and 2019, with the strongest growth expected to be in infrastructure and housing, which together have historically accounted for approximately two-thirds of our end-use markets.
"Against this backdrop, we remain confident of delivering a performance in line with market expectations for 2017."
A further update on the Company's progress will be provided in its interim results announcement on 20 July 2017.
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Note to editors
Breedon Group plc is the UK's largest independent construction materials group, with the country's largest cement plant, two cementitious import terminals, around 60 quarries, 26 asphalt plants, nearly 200 ready-mixed concrete plants and three concrete products plants nationwide. The Group employs around 2,300 people and has more than 750 million tonnes of mineral reserves and resources. Its strategy is to continue growing organically and through acquisition of businesses in the UK heavyside construction materials market.
For further information:
Breedon Group plc
Pat Ward, Group Chief Executive
Rob Wood, Group Finance Director
01332 694010
Stephen Jacobs, Head of Communications
07831 764592
Cenkos Securities (NOMAD and Joint Broker)
Max Hartley, 020 7397 8900
Peel Hunt (Joint Broker)
Justin Jones / Mike Bell, 020 7418 8900