Breedon boosted by ‘improved performance’ across the business

BREEDON Group has reported a 30% rise in pre-tax profits to £39.5 million for the six months ended 30 June 2019 in the firm’s unaudited interim results.

Turnover is up 18% to £447.4 million when compared to the same period 12 months ago.

Breedon said an ‘improved’ performance has been delivered across the business, with the results boosted by a full six-month contribution from Lagan.

The board said it remains confident of meeting full-year expectations, stating that the medium-term market outlook ‘remains positive’.

Breedon Group chief executive Pat Ward said, “We are pleased once again to be reporting an improved performance by the group in the first half. The period began well, with benign weather in the first quarter and generally healthy demand for our products, particularly in England, Wales and the Republic of Ireland, somewhat offset by fewer large projects in Scotland. Our performance in the second quarter was adversely impacted by lower volumes in Great Britain due to a flat construction market, ongoing project delays and competitive trading conditions. However demand in Ireland remained robust.

“Despite the near-term uncertainties, July has started well and enquiry levels in Great Britain are encouraging, giving us confidence in a stronger second half. We have a healthy acquisition pipeline, the medium-term outlook for our markets is positive and the Board remains confident of meeting full year expectations.”