Pre-tax profits have fallen while revenue has risen at Breedon Group, the construction materials group.
According to unaudited results for the six months ended 30 June 2024, revenue increased by 3% in comparison to the same period of last year to reach £764.6m. This was supported by Breedon’s entry into the US.
Pre-tax profits, however, were down by 18%, at £46.5m, as the macroeconomic and political landscape in Great Britain continued to present significant headwinds, exacerbated by challenging operating conditions created by wet weather.
Looking ahead, Breedon expects growth in all its markets from 2025 as the economic and political landscape stabilises.
Rob Wood, Chief Executive Officer, said: “For the team to deliver such a resilient performance given the challenging GB market conditions we have faced is an incredible achievement.
“We achieved a major strategic objective in March, entering the US and establishing our third platform with the transformative acquisition of BMC, creating the foundation from which we will build out our US business.
“We expanded our routes to market, delivering two bolt-on transactions in GB, and growing organically through our downstream businesses, pulling through more of our own material.
“We moved our sustainable growth strategy forward on all fronts in the first half of 2024 and were pleased to see this recognised by CDP with our first ratings placing us at the forefront of our sector for Climate Change and Water Security.
“During this time the quality and flexibility of the Breedon team, of whom I am incredibly proud, have kept us close to our customers, accelerated our drive for efficiencies, and strengthened our operations. As the economic and political clouds clear in GB, our markets will return to growth in time and we will be well placed to grow and succeed.”
