Breedon Group (LON: BREE) shares are up over 3% Friday morning after the company published a trading update stating it is on track to deliver record earnings.
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The construction firm said trading during the 10 months to October 31 “remained supportive,” enabling it to fully recover rising input costs through strong pricing and cost management.
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Meanwhile, revenue growth in the four months to October is up 16% year-over-year, resulting in revenue of £1.186 billion for the year to date, 14% above the same period last year. The company said that implementing its pricing strategy has offset the softer market volumes, and while those volumes are behind 2021 levels, they remain ahead of 2019 levels on a like-for-like basis.
“Visibility in the trading landscape has been poor for some years now, for a variety of reasons. Against this constantly changing backdrop, our team’s commitment and resolve have delivered quality products and great service to our customers, regardless of the economic or political landscape,” commented Rob Wood, Breedon’s Chief Executive.
As mentioned, Breedon stated it is “on track to deliver record earnings in 2022,” and while its construction output has softened in the second half, most of the company’s end markets “remain resilient.” For the full year, Breedon expects its results to align with the expectations set out in its interim results.
However, the firm acknowledged that the short-term economic outlook limits its visibility, but its long-term prospects remain “well underpinned by structural growth dynamics.”
Breedon shares have risen 3.6% to 59.5p at the time of writing. Even so, the stock is down 39% in 2022.
