FX.co ★ Breedon Q1 Revenues Down On Softer Volumes

Breedon Group plc, a comprehensive construction materials firm, reported a decline in its first-quarter revenue by 5 percent in reporting terms and 9 percent in like-for-like terms on Wednesday. The collective economic uncertainty and decreased construction activity due to adverse weather conditions have been attributed by the company as factors affecting its trading in the first quarter.

This resulted in a decline in volumes, somewhat balanced by stable pricing. In Britain, trading circumstances were particularly influenced by rainfall. Breedon also mentioned that a successful tendering season in Ireland bodes well for the remainder of the year in the region.

Rob Wood, the CEO of Breedon, while acknowledging fewer trading days owing to Easter timing and weather issues, stressed that Q1 is usually the least consequential trading period for the company and the industry. He expressed confidence in the company's discipline, focus and robust customer relationships, which he believes will ensure the company meets its set targets for 2024, despite the existing uncertain economy.

Breedon is scheduled to announce its half-yearly results on July 24.