Breedon says its dynamic pricing strategy enabled the group to recover costs and offset expected volume softness, with revenue during the first quarter 10% ahead of the same period last year, or 7% on a like-for-like1 basis. It adds that this means the group continues to trade in line with the board's expectations.
CEO Rob Wood commented: "Our performance in the first quarter demonstrates the resilience and flexibility of our team and business model. Our teams have stayed close to their customers and we continue to manage our cost base prudently, enabling us to grow revenue while fully recovering input cost increases. Longer term, our end market exposure remains underpinned by structural growth dynamics."
Wood said that Breedon's vertically-integrated, local operating model enables it to respond nimbly to market conditions. He added that, while the economic backdrop remains uncertain, the group is encouraged by its trading performance to date.
Breedon will announce its interim results for the six months ending 30 June 2023 on Wednesday 26 July 2023.
