Breedon Group PLC Trading Update (2491J)

TIDMBREE

RNS Number : 2491J

Breedon Group PLC

21 December 2020

NEWS RELEASE

21 December 2020

Breedon Group plc

("Breedon" or the "Group")

Trading Update

Breedon, a leading construction materials group in Great Britain and Ireland, today issues an update on recent trading.

Trading performance

The Group's recent trading update on 18 November 2020 noted continuation of positive trading into the fourth quarter. Since then, performance has continued to exceed expectations across the Group, with revenues in November ahead of the prior year, on a like-for-like basis. This strong trading performance has continued into December, in part benefiting from benign weather conditions.

As a result, the Board now expects the Group's Underlying EBIT for the full year to be ahead of current market expectations(1) , at approximately GBP75 million and net debt to be well below GBP400 million at the year end.

Outlook

The medium term outlook for our markets remains positive, however, the ongoing Covid-19 pandemic and Brexit negotiations create continued economic uncertainty, resulting in limited visibility on trading conditions going into next year.

We continue to expect to announce our preliminary results for the year ending 31 December 2020 on 10 March 2021.

(1) The Group believes that current market expectations for Underlying EBIT average GBP71 million for FY20.

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The information contained within this announcement is deemed by the Group to constitute inside information under the Market Abuse Regulations (EU) No. 596/2014.

Information on Breedon Group

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 approximately 3,500 people and has around 1 billion tonnes of mineral reserves and resources. The Group's strategy is to continue growing through organic improvement and the acquisition of businesses in the heavyside construction materials market.

Enquiries:

 
 Breedon Group plc 
  Pat Ward, Group Chief Executive                01332 694010 
  Rob Wood, Group Finance Director 
  R obert Coates, Head of Investor Relations 
                                                  0 7880 486329 
  Cenkos Securities (NOMAD and Joint Broker to 
  Breedon)                                        020 7397 8900 
  Max Hartley 
 
  Numis Securities (Joint Broker to Breedon) 
  Ben Stoop                                       020 7260 1000 
  Heraclis Economides 
 
  Teneo (Public Relations Adviser to Breedon) 
  Claire Scicluna                                 07385 395028 
 

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December 21, 2020 02:00 ET (07:00 GMT)