Breedon Group has released a trading update ahead of its Annual General Meeting.
According to the update, trading during the first quarter of 2023 has been positive for the company, with encouraging levels of enquiries. The group credits its dynamic pricing strategy for being able to recover costs and offset expected volume softness, with revenue during the first quarter 10% ahead of the same period last year, or 7% on a like-for-like1 basis. Consequently, the Group continues to trade in line with the Board's expectations.
Rob Wood, Chief Executive Officer, commented: "Our performance in the first quarter demonstrates the resilience and flexibility of our team and business model.
"Our teams have stayed close to their customers and we continue to manage our cost base prudently, enabling us to grow revenue while fully recovering input cost increases. Longer term, our end market exposure remains underpinned by structural growth dynamics.
"Our vertically-integrated, local operating model enables us to respond nimbly to market conditions and, whilst the economic backdrop remains uncertain, we are encouraged by our trading performance to date. As such, we expect to deliver results in line with the Board's current expectations."
