Last checked at 21 Dec 2020 07:00
NEWS RELEASE
21 December 2020
Breedon Group plc
("Breedon" or the "Group")
Trading Update
Breedon, a leading construction materials group in Great Britain and Ireland, today issues an update on recent trading.
Trading performance
The Group's recent trading update on 18 November 2020 noted continuation of positive trading into the fourth quarter. Since then, performance has continued to exceed expectations across the Group, with revenues in November ahead of the prior year, on a like-for-like basis. This strong trading performance has continued into December, in part benefiting from benign weather conditions.
As a result, the Board now expects the Group's Underlying EBIT for the full year to be ahead of current market expectations1, at approximately £75 million and net debt to be well below £400 million at the year end.
Outlook
The medium term outlook for our markets remains positive, however, the ongoing Covid-19 pandemic and Brexit negotiations create continued economic uncertainty, resulting in limited visibility on trading conditions going into next year.
We continue to expect to announce our preliminary results for the year ending 31 December 2020 on 10 March 2021.
1 The Group believes that current market expectations for Underlying EBIT average £71 million for FY20.
- ends -
The information contained within this announcement is deemed by the Group to constitute inside information under the Market Abuse Regulations (EU) No. 596/2014.
Information on Breedon Group
Breedon Group plc is a leading construction materials group in Great Britain and Ireland. It operates two cement plants and an extensive network of quarries, asphalt plants and ready-mixed concrete plants, together with slate production, concrete and clay products manufacturing, contract surfacing and highway maintenance operations. The Group employs approximately 3,500 people and has around 1 billion tonnes of mineral reserves and resources. The Group's strategy is to continue growing through organic improvement and the acquisition of businesses in the heavyside construction materials market.
Enquiries:
Breedon Group plc Pat Ward, Group Chief Executive Rob Wood, Group Finance Director Robert Coates, Head of Investor Relations
Cenkos Securities (NOMAD and Joint Broker to Breedon) Max Hartley
Numis Securities (Joint Broker to Breedon) Ben Stoop Heraclis Economides
Teneo (Public Relations Adviser to Breedon) Claire Scicluna
| 01332 694010
07880 486329
020 7397 8900
020 7260 1000
07385 395028
|