Breedon delivers 'encouraging' performance as demand recovers
By Iain Gilbert
Date: Thursday 17 Sep 2020
(Sharecast News) - Construction materials group Breedon said on Thursday that it had continued to deliver an "encouraging" performance since seeing demand begin to return in early May.
Breedon said improving trends seen throughout June and July had continued into August, with the group delivering revenues of £531.0m for the first eight months of the year.
The AIM-listed group also stated it had reviewed the latest management forecasts and was now in a position to reinstate guidance for 2020, highlighting that it now anticipates delivering second-half underlying earnings broadly in line with the second half of 2019.
Breedon's revised second-half expectations would deliver a result in excess of the average of current full-year market expectations of £57.0m.
"As a provider of an essential service, we have proved our ability to deliver a resilient performance despite unprecedented disruption, which gives us considerable confidence in the long-term outlook for our business," said Breedon.
As of 1000 BST, Breedon shares were up 4.04% at 76.99p.
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