Construction materials giant enjoys strong six months
Breedon, the East Midlands-headquartered construction materials group, has seen its pre-tax profits rise by 29% following a strong start to 2022.
Announcing its interim results this morning (27 July), the company said its revenues increased by 12% to £600.9m during the six months to 30 June, while its profits leapt from £46.2m to £59.5m.
The firm says its strong showing has been supported by resilient end-markets, and now expects its full-year earnings to land at the top end of current market expectations.
Although Breedon’s latest results haven’t quite matched the highs of 2021, when the company saw its revenue and profits skyrocket to £1.23bn and £114.3m respectively, CEO Rob Wood is optimistic about what lies in store for the firm.
He 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.
“We completed two in-fill transactions during July, with further M&A activity in the pipeline, and we have continued to progress a broad range of sustainability initiatives, including a commitment to the Science Based Targets initiative.”
Wood added: “Crucially, we achieved this strong outturn while keeping our people safe and well. 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.”