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Wed August 10 2022

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Half year sales and profits grow for Breedon

28 Jul Breedon Goup's interim results for the first half of 2022 (1H22) show revenue reached £671.1m, up 12% from £600.9m in 1H21.

Earnings before interest and taxes (EBIT) rose 22% to £65.5m, up from £53.7m, and profit before tax totalled £59.5m, up 29% from £46.2m.

In a statement the company said cement market conditions remained favourable and volumes were sustained at 1.2Mt. Aggregates volumes fell 9% to 13.6Mt compared to the 1H21 (15Mt).

Revenue from cement totalled £150.1m in 1H22, compared to £120m in 1H221, a rise of 25%.

Asphalt volumes remained relatively stable at 1.9Mt, while ready-mixed concrete volumes of 1.5Mm3 fell from 1.7Mm3 recorded in 2021, reflecting the effect of plant closures carried out in the 2H21 to drive efficiencies.

Chief executive Rob Wood said: “We enjoyed a strong start to 2022. Our teams are focused on getting pricing right, our end market exposure is supportive and that has produced excellent results, advancing our margins and returns towards our medium term targets."

He added: "We have continued to invest in our team as we prepare for our next chapter of growth and that was reflected in our recent engagement survey where response and engagement rates were the highest ever. Our colleagues are embracing the challenges presented by the uncertain backdrop, remaining focused on responding nimbly to local market requirements, winning new business, driving efficiencies and delivering first-class service to our customers. Now more than ever, our agile and entrepreneurial DNA will set us apart.”

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