Breedon predicts profits boost as revenues recover
Breedon, the Coalville-based construction materials firm, says it is continuing to deliver an “encouraging performance” with revenues recovering in September and October.
The company has issued a trading update this morning saying that revenues for the first 10 months of the year will be £50m behind 2019 at £750m, but that it expects full-year profits to be at least £70m – ahead of previously-announced guidelines.
A statement from the firm said: “Looking ahead, the ongoing COVID-19 pandemic and Brexit negotiations create continued economic uncertainty and result in limited visibility on trading conditions going into next year.
“Nevertheless, with forecasters expecting a further recovery in construction activity in GB and Ireland in 2021 and the UK and Irish governments making significant commitments to infrastructure spending, the outlook for our markets remains encouraging. The Group will also benefit from the integration of the former CEMEX UK assets into its existing operations, along with initiatives to improve performance, anticipated to begin by the end of this year.
“During 2020 we have proved our ability to deliver a resilient performance against a backdrop of unprecedented disruption, which gives us considerable confidence in the long-term outlook for our business.”
