Underlying pre-tax profit in the year to 31 December 2022 totaled £142.8mln, up 19% from £120.5mln in 2021, earnings per share advanced 43% to 7.08p and the dividend was up 31% to 2.1p from 1.6p.
Revenue increased 13% with price rises contributing +20 percentage points (ppt), partially offset by a 10ppt volume reduction which normalized in line with the market.
Looking ahead, the company said expectations for 2023 remain unchanged despite the UK economic backdrop remaining uncertain, particularly with regard to residential housebuilding.
UK infrastructure and industrial construction end-markets are still expected to grow in 2023, underpinned by large ongoing projects while Breedon’s Ireland operations are expected to benefit from a strong macroeconomic backdrop, coupled with the structural need for housing and infrastructure investment.
Peel Hunt said the full-year figures were better than expected, with underlying pre-tax profit pre-tax profit at around £143mln against his forecast of £133mln and consensus of £134mln.
Shares rose 4.2% to 77.52p in early exchanges.
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