Breedon Q1 trading 'positive'

Construction materials group Breedon said on Wednesday that first-quarter trading had been positive, with "encouraging" levels of enquiries throughout the period.

Breedon stated its dynamic pricing strategy enabled it to recover costs and offset expected volume softness, with revenue during the first quarter up 10% year-on-year - or 7% on a like-for-like basis.

The AIM-listed group added that its full-year trading performance was still on track to be in line with internal expectations.

Chief executive Rob Wood said: "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."

As of 0850 BST, Breedon shares were up 0.15% at 68.30p.

Reporting by Iain Gilbert at Sharecast.com