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Breedon Group PLC on Wednesday lifted its interim dividend and posted a jump in first-half profit due to pricing action.
The Derby, England-based construction materials company reported a pretax profit £59.5 million in the first half of 2022, up 29% versus £46.2 million the year before.
This was on revenue growth of 12% to £671.1 million from £600.9 million.
Breedon attributed its growth to the price increases it applied during the period.
‘Our teams are focused on getting pricing right, our end market exposure is supportive and that has produced excellent results, advancing our margins and returns towards our medium term targets,’ Chief Executive Rob Wood said.
Encouraged by its results, the company increased its interim dividend by 40% to 0.70 pence from 0.50p a year before.
Looking ahead, the company said that infrastructure demand is going to be well supported by large long-term projects and centrally funded schemes.
Further, it said ‘material’ industrial projects are coming to market, driven by the ‘environmental agenda.’
Shares in the company were 1.0% higher at 72.14 pence each in London on Wednesday morning.
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