Business
Interim results 2023
Interim results 2023.
About this update from Breedon Group Plc
[{"type":"text","content":"\n\n26 July 2023\n \nBREEDON GROUP PLC\nInterim results 2023\n \nStrong first half; full year expectations maintained\nStrategic execution and operational focus deliver robust performance\n \nBreedon Group plc (Breedon or the Group), a leading vertically-integrated construction materials group in Great Britain and Ireland, announces unaudited interim results for the six months ended 30 June 2023.\n\n\n\n\n\n\n\nStatutory highlights\n\n\n \n\n\nUnderlying1 highlights\n\n\n\n\n£m\nexcept where stated\n\n\nH1 2023\n\n\nH1 2022\n\n\n% change\n\n\n \n\n\nH1 2023\n\n\nH1 2022\n\n\n% change\n\n\n% LFL2\n\n\n\n\nRevenue\n\n\n742.7\n\n\n671.1\n\n\n11%\n\n\n \n\n\n742.7\n\n\n671.1\n\n\n11%\n\n\n7%\n\n\n\n\nEBIT\n\n\n62.1\n\n\n65.5\n\n\n(5)%\n\n\n \n\n\n70.5\n\n\n66.9\n\n\n5%\n\n\n4%\n\n\n\n\nEBIT margin\n\n\n8.4%\n\n\n9.8%\n\n\n(140)bps\n\n\n \n\n\n9.5%\n\n\n10.0%\n\n\n(50)bps\n\n\n\n\n\n\n\nProfit Before Tax\n\n\n56.5\n\n\n59.5\n\n\n(5)%\n\n\n \n\n\n64.9\n\n\n60.9\n\n\n7%\n\n\n\n\n\n\n\nBasic EPS3,4 \n\n\n13.0p\n\n\n14.5p\n\n\n(10)%\n\n\n \n\n\n15.3p\n\n\n15.0\n\n\n2%\n\n\n\n\n\n\n\nDividend per share4\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n4.0p\n\n\n3.5p\n\n\n14%\n\n\n\n\n\n\n\nNet Debt5\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n220.4\n\n\n256.7\n\n\n(14)%\n\n\n\n\n\n\n\nCovenant Leverage6\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n0.7x\n\n\n1.0x\n\n\n (0.3)x\n\n\n\n\n\n\n\nROIC7\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n10.0%\n\n\n10.0%\n\n\n-\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \nFINANCIAL HIGHLIGHTS\n \nOperational focus and agile delivery generated a strong first half financial performance\n· Resilient end-markets continued to be supported by long-term structural growth drivers\n· Dynamic pricing tailwind more than offsets expected lower volumes, leading to revenue increase of 11% or 7% on a like-for-like basis\n· Underlying EBIT growth of 5% reflects revenue drop through, partially offset by higher energy costs as hedges moved back into line with market pricing\nFinancial flexibility maintained while investing for growth\n· ROIC maintained at 10%\n· Investment in three strategic bolt-on acquisitions\n·&nbs...