Breedon Group PLC Trading Update (2245Z)
September 17 2020 - 1:00AM
UK Regulatory
TIDMBREE
RNS Number : 2245Z
Breedon Group PLC
17 September 2020
NEWS RELEASE
17 September 2020
BREEDON GROUP PLC ("Breedon" or "the Group")
Trading Update
Trading performance
Breedon has continued to deliver an encouraging trading
performance since demand began to return in early May after the
COVID-19 lockdown, with the improving trend that we reported for
June and July at the time of our interim results continuing into
August. The Group delivered revenues for the first eight months of
the year of GBP531 million (2019: GBP624 million), including a
one-month contribution from our recently-acquired CEMEX assets in
the UK.
Outlook
The Board has reviewed the latest management forecasts and is
now in a position to reinstate guidance for the 2020 financial
year. Accordingly, we currently anticipate delivering second-half
underlying EBIT broadly in line with the second half of 2019, which
would deliver a result in excess of the average of current
full-year market expectations.*
We continue to be reassured by the Government's restated
commitment to investment in the UK's infrastructure and by
encouraging demand from the UK housing market, complemented by
similar trends in the Republic of Ireland. As a provider of an
essential service, we have proved our ability to deliver a
resilient performance despite unprecedented disruption, which gives
us considerable confidence in the long-term outlook for our
business.
We plan to issue our customary trading update for the first 10
months of the year on 18 November 2020 and to announce our
preliminary results for the year ended 31 December 2020 on 10 March
2021.
(*) The Group believes that the average of current full-year
market expectations for underlying EBIT is GBP57 million, with a
range of GBP49 million to GBP70 million.
- ends -
The information contained within this announcement is deemed by
the Group to constitute inside information under the Market Abuse
Regulations (EU) No. 596/2014.
Note to editors
Breedon Group plc is a leading construction materials group in
Great Britain and Ireland. It operates two cement plants and an
extensive network of quarries, asphalt plants and ready-mixed
concrete plants, together with slate production, concrete and clay
products manufacturing, contract surfacing and highway maintenance
operations. Following the acquisition of a portfolio of CEMEX's UK
assets (subject to implementation of the remedies required by the
CMA), the Group employs over 3,500 people and has around 1 billion
tonnes of mineral reserves and resources. The Group's strategy is
to continue growing through organic improvement and the acquisition
of businesses in the heavyside construction materials market.
For further information:
Breedon Group plc
Pat Ward, Group Chief Executive
Rob Wood, Group Finance Director 01332 694010
Stephen Jacobs, Group Head of Communications 07831 764592
Cenkos Securities (NOMAD and Joint Broker)
Max Hartley/Harry Hargreaves 020 7397 8900
Numis (Joint Broker)
Ben Stoop/Heraclis Economides 020 7260 1000
Teneo
Matt Denham/ Rachel Miller 020 7420 3180
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END
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