Building materials group Breedon posts record results

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Breedon has quarries and concrete plants in the West Midlands

The group, which has quarries in Shropshire and concrete plants in the Black Country and Staffordshire, made a pre-tax profit of £114.3 million for the 12 months to December 31, 2021, down from 48, £1m a year earlier. Meanwhile, revenue fell from £928.7m to £1.2bn.

Volumes grew strongly, supported by the £178m acquisition of ready-mix quarries and plants from Cemex in 2020. During 2021, Breedon supplied 35% of more aggregate, 37% more asphalt and 29% more concrete mixed than in 2020.

Rob Wood, Managing Director, said: “2021 has been a banner year for Breedon. We successfully navigated the second year of the pandemic, provided our customers with more materials than at any other time in our history, and fully integrated Cemex assets. This excellent result was achieved at a time of constant change and the response of our colleagues, adapting to the pandemic and the volatile economic context, has been exceptional.

“There is strong demand momentum in our markets and we have many exciting opportunities ahead of us in the current year and beyond. Our GB Surfacing business is positioned for growth, the acquisition of Cemex is integrated and ready to reap the benefits of our investment, and we see a number of complementary opportunities to complement our current footprint in the UK and Ireland. Further, we have appointed a Director of Business Development in the United States as we move forward with our plans for a third platform.

“Breedon has come a long way over the past decade and we have a consistent track record of profitable, cash-generating expansion. Our experienced management team and committed workforce operate a well invested portfolio of assets with significant opportunities for sustainable growth. We have a strong balance sheet and will continue to take a measured approach to deploying our capital, taking the time necessary to find the right companies to expand our portfolio. The building blocks are in place for our next chapter of growth.

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