UK: Breedon Group grew its sales by 8% year-on-year during the first nine months of 2023. Volumes ‘moderated’ over the period, yet ‘robust’ pricing and operational excellence successfully offset the effects of this on group sales. It generated ‘good’ free cash flow and is on track to deliver a further reduction in covenant leverage at the end of 2023, enabling it to continue its investments in growth. In September 2023, Breedon Group entered the FTSE 250 Index of the London Stock Exchange.
CEO Rob Wood said “Notwithstanding the market backdrop, the Breedon team continues to deliver and we are delighted to report a trading performance ahead of expectations. Against the uncertain political and economic backdrop, our teams have adapted well to deliver a compelling performance.” He continued “But we never settle – we will continue to seek ways to operate as efficiently and sustainably as possible, invest in our people and grow our business so we are positioned to succeed when the construction materials market returns to growth.”