Firm says October trading ahead of 2019 equivalent
Materials firm Breedon said its 2020 operating profit will be better than previously expected.
In a trading update, the firm said it was predicting the figure to be at least £70m this year – up from the current market expectation of £67m.
It said that improving business conditions had continued into the final quarter of this year with revenue in September and October ahead of the same period last year on a like-for-like basis.
Revenue in the first 10 months of the year was £750m compared to £800m for the same period last time.
It added that net debt would be below the £400m mark by the year end once the sale of 14 sites to Scottish firm Tillicoultry Quarries for just over £12m – required as part of its deal to buy 100 sites from Cemex – completes.
The firm will announce its 2020 results on 10 March next year.