Breedon trading exceeds expectations

Breedon, a leading construction materials group in Great Britain and Ireland, today issued an update on recent trading.

The Group’s recent trading update, published on 18 November 2020, noted continuation of positive trading into the fourth quarter. Since then, the company said performance has continued to exceed expectations across the group, with revenues in November ahead of the prior year, on a like-for-like basis.

"This strong trading performance has continued into December, in part benefiting from benign weather conditions. As a result, the Board now expects the group's Underlying EBIT for the full year to be ahead of current market expectations, at approximately GBP75m (EUR81.5m) and net debt to be well below GBP400m at the year end," the statement said. The group believes that current market expectations for Underlying EBIT average GBP71m for FY20.

Breedon added that the medium-term outlook for its markets remains positive, however, the ongoing COVID-19 pandemic and Brexit negotiations create continued economic uncertainty, resulting in limited visibility on trading conditions going into next year.

Preliminary results for the year ending 31 December 2020 are expected to be announced on 10 March 2021.