Breedon Group plc (BREE.L), on Thursday, issued a trading update for the ten months to 31 October 2024. The report highlighted a resilient performance reflecting strong pricing strategies and a commitment to operational excellence, effectively mitigating the challenges posed by a difficult market environment in Great Britain.
In comparison to the equivalent period in 2023, revenue for the first ten months increased by 7%, while for the four months ending 31 October, it increased by 11%. However, on a like-for-like basis, revenue fell by 4% over the first ten months and declined by 1% for the four months ended on 31 October.
Also, the company noted that it has generated good free cash flow and is on track to deliver a further reduction in covenant leverage at the year-end, providing it with the financial flexibility to continue to invest for growth.
The Group has sustained its resilient performance in the year to date and the company's expectations for the full year remain unchanged. Further, the company continues to expect full-year 2024 underlying EBIT to be in line with market consensus.
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