Breedon, a major independent construction materials group in Great Britain and Ireland, saw its 2022 revenue rise 13% to £1.396bn, and group profits increased by 19% to £135mn.
Breedon’s Great Britain revenue increased 15%; the Group completed three bolt-on transactions, and its surfacing business was awarded a place on the National Highways Pavement Delivery Framework.
Furthermore, Breedon’s Ireland tendering accelerated noticeably in the second half of 2022, with the Group winning high-quality infrastructure contracts and successfully recovered input costs.
Breedon’s cement business had a record year – with revenue increased by 22% and operating margin expanded by 40bps to 17.3%, supported by resilient end-markets, dynamic pricing and full cost recovery.
Commenting on the full-year results and 2023 outlook, Breedon CEO Rob Wood said: “2022 was another record year. Each division progressed and we made meaningful headway on our growth strategy, expanding organically, acquiring strategically important assets, and moving our sustainability agenda forward.
“We grew sustainably through replenishing and optimising our mineral assets, investing in our colleague’s safety and wellbeing, and reducing our carbon footprint while maintaining a secure financial position. We have a mineral pipeline in excess of 100 million tonnes, we achieved the highest substitution of fossil fuels at our cement plants in our history, and we invested for growth while still reducing our leverage.
“In recent years, our local entrepreneurial operating model has been tried and tested, keeping our people safe while growing high-quality earnings, and maintaining a strong balance sheet. Despite the uncertain economic and geopolitical landscape, 2023 has begun positively and we are in a strong position. We will continue to supply essential materials to growing end markets, and we remain confident in our ability to deliver.”
