Record volumes, revenue and earnings; Building blocks in place for next chapter of growth
BREEDON Group plc have announced a year of ‘outstanding delivery’, with record volumes, revenue, and earnings for the 12 months ended 31 December 2021. In their audited annual results, statutory revenue was up 33% to £1,232.5 million (2020: £928.7 million), whilst underlying EBIT rose 75% to £133.6 million (2020: £76.5 million) and pre-tax profit was up 138% to £114.3 million (2020: £48.1 million).
The majority of products experienced a significant recovery in volume demand in 2021. Compared with pre-pandemic 2019 figures, aggregates volumes increased 12% on a like-for-like basis, asphalt volumes were up 20%, and cement volumes increased 14%, whilst ready-mixed concrete volumes decreased by 1%.
Chief executive officer Rob Wood (pictured) commented: ‘2021 was a record year for Breedon. We navigated the second year of the pandemic successfully, supplied our customers with more materials than at any point in our history, and fully integrated the CEMEX assets. This excellent outcome was achieved at a time of constant change and the response from our colleagues, adjusting to the pandemic and the volatile economic backdrop, has been outstanding.’
He continued: ‘Breedon are maturing. There are strong demand dynamics in our markets, and we have many exciting opportunities ahead of us in the current year and beyond. Our GB Surfacing business is positioned for growth, the CEMEX acquisition is integrated and poised to reap the benefits of our investment, and we see a number of bolt-on opportunities to infill our current footprint in Great Britain and Ireland. Further afield, we have appointed a business development director in the US as we advance our plans for a third platform.
‘Breedon have come a long way in the past decade and we have a consistent track record for profitable and cash-generative expansion. Our experienced leadership team and committed workforce operate a well-invested portfolio of assets with significant opportunities for sustainable growth. We have a strong balance sheet and will continue to take a measured approach to deploying our capital, taking the time required to find the right businesses to extend our portfolio. The building blocks are in place for our next chapter of growth.’