Breedon Q1 Revenues Down On Softer Volumes

(RTTNews) - Breedon Group plc (BREE.L, BRDNF), a vertically-integrated construction materials group, Wednesday reported that first-quarter revenue dropped 5 percent on a reported basis, and 9 percent on a like-for-like basis.

In its trading update ahead of the Group's Annual General Meeting, the company said trading during the first quarter was impacted by the ongoing macroeconomic uncertainty and reduced construction activity due to wet weather conditions.

This led to softer volumes which were partially offset by resilient pricing.

In GB, trading conditions were particularly affected by the wet weather.

The company noted that Ireland had a strong tendering season and is well positioned for the rest of the year.

Rob Wood, Chief Executive Officer, said, "Whilst there were fewer trading days due to the timing of Easter, and it was impacted by exceptionally wet weather, seasonally it is the least significant trading period for Breedon and our industry.... Although the economic landscape remains uncertain, I am confident our discipline and focus, coupled with our strong customer relationships, will see us deliver against our unchanged expectations for 2024."

Breedon plans to announce its interim results on July 24.