Breedon report record revenue and underlying EBIT
Full-year results ahead of upgraded expectations demonstrate resilience in tough market conditions
ANNOUNCING their audited annual results for the year ended 31 December 2023, Breedon Group say revenue grew 7% to a record £1,487.5 million (2022: £1,396.3 million) and underlying EBIT increased by 1% to a record £156.2 million (2022: £155.0 million), ahead of upgraded expectations, whilst underlying EBIT margin of 10.5% was 60bps lower than 2022. Pre-tax profit was up 1% to £144.9 million (2022: £142.8 million).
Rob Wood, chief executive officer of Breedon, commented: ‘The record results we delivered in 2023 are a real accomplishment and something I am extremely proud of. The challenging trading conditions our team faced required agile and bold responses which they took with discipline and determination. As a result, we kept our workforce safe and well, reinforced our market positions, and were recognized by our clients for the quality of our products and services. For this, I sincerely thank the whole team.
‘Breedon has proved itself to be dependable and consistent, regardless of the short-term headwinds. Although the near-term outlook remains uncertain, when I take stock I am reassured. The markets we serve, particularly infrastructure and housing, are supported by long-term structural deficits with spending ambitions that are upheld by cross-party government support in the UK and Ireland, where I am further encouraged by the recent progress in Stormont.
‘We made further progress on our strategic growth priorities in 2023, our vertical model is maturing and provides us with a strong platform for our future growth. Today, I am delighted to announce the acquisition of BMC. This transaction will give us a platform that is well-placed to grow in the highly fragmented US construction market, is culturally aligned with Breedon, and has a familiar performance track record. We are excited for what this new chapter will bring to the Group and we look forward to welcoming the BMC team to the Breedon family.’
