Profits at UK-based Breedon Group fell by 18% in the first six months of the year. The company revealed that profit before tax fell to £46.5 million during its first half. Revenue rose by 3% to £764.6 million on the back of the firm’s entry into the U.S. market.
The company said the market remains “challenging” in the UK and that wet weather conditions have hindered progress. However, Breedon added that it was encouraged by the new government’s commitment to housebuilding.
Rob Wood, chief executive officer, said, “For the team to deliver such a resilient performance given the challenging Great Britain market conditions we have faced is an incredible achievement. We achieved a major strategic objective in March, entering the U.S. market and establishing our third platform with the transformative acquisition of BMC, creating the foundation from which we will build out our Great Britain business. We expanded our routes to market, delivering two bolt-on transactions in Great Britain, and growing organically through our downstream businesses, pulling through more of our own material. We moved our sustainable growth strategy forward on all fronts in the first half of 2024 and were pleased to see this recognized by CDP with our first ratings placing us at the forefront of our sector for Climate Change and Water Security.
“During this time the quality and flexibility of the Breedon team, of whom I am incredibly proud, have kept us close to our customers, accelerated our drive for efficiencies, and strengthened our operations. As the economic and political clouds clear in Great Britain, our markets will return to growth in time and we will be well placed to grow and succeed.”