Breedon aims for Main Market switch after another record year
Leicester-based construction aggregates firm Breedon has revealed plans to move to the Main Market of the London Stock Exchange.
Breedon is currently listed on AIM, but said the move to the Main Market will reflect its “scale, maturity and growth ambitions”.
Breedon bosses think the move, which could happen by the second quarter of the year, would enhance the company’s corporate profile and recognition, as well as extending the opportunity to invest in the group to index tracker funds and a broader group of international institutional shareholders.
Amit Bhatia, non-executive chairman of Breedon, said: “Being a member of AIM has served us well. For over a decade the AIM market provided us with access to diverse and engaged investors, within a supportive community that understands the needs of entrepreneurial businesses such as Breedon and we thank them wholeheartedly for their support.
“As an established business, with a track record for growth and value creation, we believe the Main Market now offers the appropriate listing for a company of our scale and heritage and, subject to the required approvals, look forward to our future as a member of the Official List.”
Meanwhile, Breedon has posted better-than-expected results for 2022 in what was another record year for the firm. Revenue was up by 13% to almost £1.4bn, while profits rose 19% to £135.8m.
Rob Wood, CEO, said: “In recent years our local and entrepreneurial operating model has been tried and tested, keeping our people safe while growing high-quality earnings, and maintaining a strong balance sheet. Despite the uncertain economic and geopolitical landscape, 2023 has begun positively and we are in a strong position. We will continue to supply essential materials to growing end-markets, and we remain confident in our ability to deliver.”
