StockMarketWire.com - Construction materials group Breedon upgraded its outlook on profitability after reporting that revenue was up 31% in first 10 months of the 2021 amid 'encouraging' demand levels.

Underlying earning before interest and taxes, or EBIT, performance for the 2021 full year 'will now be stronger than we expected and, assuming no adverse weather events, will be slightly above the upper end of the range of market expectations,' the company said.

As at 23 November 2021 market expectations for underlying EBIT for the full year 2021 were an average of £129 million with a range of £122 million to £131 million.

'The recovery we experienced in the first half of 2021 has been sustained, with supply chain disruption managed effectively by our local teams who have stayed close to their customers and suppliers,' the company said.

'While the dynamic cost environment is likely to persist into 2022, the medium-term outlook for our end markets and demand levels remains encouraging, with both the UK and Irish Governments committed to material long-term spending plans for construction,' it added.


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