Breedon, the construction materials supplier, has reported a decrease in profit despite an uptick in revenue, attributed to its significant expansion into the US market earlier this year.
The company, which is based in Leicestershire and listed on the London Stock Exchange, experienced an 18 per cent drop in pre-tax profit to £46.5m for the first half of the year, a decline from the previous year’s £56.5m during the same period.
Despite the dip in profits, Breedon’s revenue saw a three per cent increase to £764.6m, bolstered by its foray into the American market with the acquisition of BMC Enterprises, a concrete manufacturer, for $300m (£238m).
The firm acknowledged that the UK market continues to pose challenges, with adverse weather conditions impacting operations. Nonetheless, Breedon expressed optimism following the
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