Breedon set to join FTSE 250
Breedon, the Leicestershire-based construction materials group has posted mixed results for its first six months of the year.
Revenues were up 11% to £724.7m – however, profit before tax dropped by 5% to £56.5m.
Breedon says it expects to eligible for inclusion in the FTSE 250 at the next index review in September.
Rob Wood, CEO, said: “In the first half our vertically-integrated and local operating model has again come to the fore, leveraging our long-term customer relationships and deep market knowledge. Our first class team has operated with great agility to deliver a strong start to 2023 for which I thank them sincerely and we are well-positioned for the second half of the year.
“The long-term structural dynamics driving infrastructure spending and housebuilding in GB and Ireland have not changed. To ensure we can efficiently and sustainably meet long-term demand for our essential construction materials, we have re-doubled our focus on those factors under our control; keeping our people safe and well while minimising the cost of production and maximising the value of the extensive portfolio of assets we own and acquire.
“By emphasising the operational factors we can influence, we will ensure we remain competitive and continue to deliver outstanding results. By challenging our procedures and practices, we can be sure we will be in the strongest possible position when our end-markets return to growth.”
