Breedon Group plc has announced their intention to pay an increased interim dividend of 4.5p per share (H1 2023: 4.0p per share) reflecting their confidence in the prospects of the group and in keeping with their dividend policy. The dividend will be paid on 1 November 2024 to shareholders who are on the Register of Members at the close of business on 27 September 2024. The ex-dividend date is 26 September 2024. The latest date for registering for the Company's DRIP is 11 October 2024 and further details of how to join the DRIP are available on the Company's website.
Other financial highlights include:
- Third platform launch and resilient pricing offset weather impact and market headwinds
- Revenue increased 3% supported by their entry into the US
- Pricing contributed 2ppt, offset by 8ppt volume reduction which principally reflects wet weather conditions across the Group and challenging markets in GB
- Underlying EBIT increased 2% backed by disciplined operational efficiency and cost recovery
- Financial position retains strategic flexibility
- Covenant Leverage increased to 1.6x; remains comfortably within their target range of 1x to 2x
- RCF refinanced; securing access to longer-term finance and greater liquidity with incremental reduction in ongoing debt service costs
- Seasonal working capital outflow as expected
- Post-tax ROIC 8.8%; reflecting short-term dilution from the BMC acquisition and impact of increased corporate tax rates
