Breedon Group PLC AGM Statement (4708X)
April 30 2019 - 2:00AM
UK Regulatory
TIDMBREE
RNS Number : 4708X
Breedon Group PLC
30 April 2019
News release
30 April 2019
Breedon Group plc
AGM Statement
Breedon Group plc, the leading construction materials group in
Great Britain and Ireland, issues the following update in advance
of its Annual General Meeting at 2.00pm today:
"Trading in the first three months of this year was encouraging,
with good progress made across the business, and the integration of
Lagan continues to proceed as expected.
"Group revenues grew by 50 per cent to approximately GBP211
million compared with the first quarter of 2018 and on a
like-for-like basis* were ahead 10 per cent, having benefited from
much milder weather conditions this year.
"The underlying outlook remains positive for our markets.
Construction output is forecast to grow by nearly three per cent in
Great Britain and at an appreciably stronger rate in the Republic
of Ireland over the next three years, led by infrastructure,
industrial and housing development.
"We continue to commit substantial investment across our
business, focused on delivering operational improvements,
increasing capacity, broadening our geographical coverage and
extending our mineral reserves and resources. In conjunction, our
strong cash generation will ensure the continuing reduction of the
Group's net debt.**
"We look forward to reporting our half-year results on 25 July.
In the meantime, based on our performance in the year to date the
Board's expectations for the full year remain unchanged."
* Like-for-like Group revenues exclude the impact of
acquisitions and disposals.
** Net debt excludes the impact of adoption of IFRS 16.
- ends -
Note to editors
Breedon Group plc is a leading construction materials group in
Great Britain and Ireland. It operates two cement plants and an
extensive network of quarries, asphalt plants and ready-mixed
concrete plants, together with slate production, concrete and clay
products manufacturing, contract surfacing and highway maintenance
operations. The Group employs nearly 3,000 people and has nearly
900 million tonnes of mineral reserves and resources. Its strategy
is to continue growing organically and through the acquisition of
businesses in the heavyside construction materials market.
For further information:
Breedon Group plc
Pat Ward, Group Chief Executive
Rob Wood, Group Finance Director
01332 694010
Stephen Jacobs, Head of Communications
07831 764592
Cenkos Securities (NOMAD and Joint Broker)
Max Hartley, 020 7397 8900
Numis (Joint Broker)
Ben Stoop/Heraclis Economides, 020 7260 1000
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END
AGMILMRTMBATBJL
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