Strong first-half trading and operational performance and increased expectations for full year
IN their unaudited interim results for the six months ended 30 June 2021, Breedon Group plc have reported strong trading performance supported by recovery in construction activity and growing momentum in Ireland, despite partial lockdown of construction sector.
Like-for-like revenue in the first half of 2021 was up 17% at £600.9 million and underlying EBIT was 9% ahead of the first half of 2019 (a more relevant trading comparative) at £56.4 million.
Chief executive officer Rob Wood (pictured) commented: ‘Breedon delivered a strong trading result in the first half of 2021, building on the recovery in demand which started in the second half of last year.
‘Our first-half performance, current trading conditions and improved visibility for the remainder of the year combine to give us greater confidence in the outlook for 2021 and we now expect underlying EBIT for the full year to be at the top end of market expectations.
‘The outlook for our end markets remains positive, with the UK and Irish governments committed to significant investment in infrastructure, combined with sustained structural demand for new-build residential housing.
‘With a strong balance sheet and new financing facilities, we are well positioned to continue to invest in the growth of the business and to create value for all our stakeholders.’