Breedon Group lifted by solid results

The price of shares in AIM-listed construction materials business Breedon Group (LON:BREE) increased by 4.03% to 90.40p (as of 15:35 GMT) as pre-tax profits for the year ended 31st December improved by 18%. Revenues for the year were up by 8% as results improved in each of the firm’s divisions.

Chief executive Pat Ward commented: “We closed 2019 with a strong result, in line with the market’s expectations, reflecting an excellent performance from our businesses in some challenging market conditions.

“Breedon is in excellent shape. We have a well-established business extending throughout GB and Ireland, having delivered great results irrespective of market conditions. We have an outstanding team of colleagues and, following the acquisition of the CEMEX asset portfolio, we will have the backing of more than a billion tonnes of valuable mineral reserves and resources, together with two well-invested cement plants.

“After 10 years of successful and profitable growth, we have a clear strategy for the coming years, built on a clear market philosophy, strong governance, a healthy culture and a firm commitment to playing our part in alleviating the impact of climate change and delivering a sustainable future.

“With the UK Government committed to significantly increased investment in infrastructure, we are well placed to benefit from the increased demand for our products that this will create.

“I am confident that we will make further progress in 2020 and beyond“.