Breedon issue update on recent trading performance
Tuesday, December 22, 2020 - 23:10
Strong performance in fourth quarter; underlying EBIT for full year likely to be ahead of market expectations
BREEDON Group say positive trading in the fourth quarter has continued to exceed expectations across the Group, with revenues in November ahead of 2019, 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 £75 million, and net debt to be well below £400 million at the year end.
However, whilst the medium-term outlook for the Group’s markets remain positive, Breedon say the ongoing COVID-19 pandemic and Brexit negotiations are creating 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.