TIDMBREE
RNS Number : 1659H
Breedon Group PLC
26 July 2023
26 July 2023
BREEDON GROUP PLC
Interim results 2023
Strong first half; full year expectations maintained
Strategic execution and operational focus deliver robust
performance
Breedon Group plc (Breedon or the Group), a leading
vertically-integrated construction materials group in Great Britain
and Ireland, announces unaudited interim results for the six months
ended 30 June 2023.
Statutory highlights Underlying (1) highlights
GBP m H1 2023 H1 2022 % change H1 2023 H1 2022 % change % LFL (2)
except where stated
-------- -------- --------- -------- -------- --------- ----------
Revenue 742.7 671.1 11% 742.7 671.1 11% 7%
EBIT 62.1 65.5 (5)% 70.5 66.9 5% 4%
EBIT margin 8.4% 9.8% (140)bps 9.5% 10.0% (50)bps
Profit Before Tax 56.5 59.5 (5)% 64.9 60.9 7%
Basic EPS(3,4) 13.0p 14.5p (10)% 15.3p 15.0 2%
Dividend per share(4) 4.0p 3.5p 14%
Net Debt(5) 220.4 256.7 (14)%
Covenant Leverage(6) 0.7x 1.0x (0.3)x
ROIC(7) 10.0% 10.0% -
FINANCIAL HIGHLIGHTS
Operational focus and agile delivery generated a strong first
half financial performance
-- Resilient end-markets continued to be supported by long-term structural growth drivers
-- Dynamic pricing tailwind more than offsets expected lower
volumes, leading to revenue increase of 11% or 7% on a
like-for-like basis
-- Underlying EBIT growth of 5% reflects revenue drop through,
partially offset by higher energy costs as hedges moved back into
line with market pricing
Financial flexibility maintained while investing for growth
-- ROIC maintained at 10%
-- Investment in three strategic bolt-on acquisitions
-- Significantly lower Covenant Leverage at 0.7x due to lower
seasonal working capital outflow, good control of inventories and
strong cash collection
Interim dividend increased significantly ahead of earnings by
14% to 4.0p
-- Reflecting our confidence in the prospects of the Group and
in keeping with our progressive dividend policy
OPERATING HIGHLIGHTS
Emphasis on operational excellence and cost recovery
-- Self-help; all divisions initiated operational excellence
reviews, Cement executed two scheduled kiln maintenance shutdowns
on time and within budget
-- GB revenue increased 10%; completed two bolt-on transactions
and delivered a solid first half through nimble execution, strong
pricing tailwind and careful cost management
-- Ireland grew revenue 11%; traded well through tendering
season, winning work on quality, and completed the acquisition of
Robinson Quarry Masters
-- Cement increased revenue 18%; strong pricing was sustained,
enabled by resilient end-market demand
Significant sustainability milestones achieved
-- Key partner in the launch of the Peak Cluster initiative, an
innovative carbon capture and storage collaboration aiming to
reduce industry emissions significantly
-- 'Breedon Balance', our range of products with sustainable
attributes, continued to gain traction, accounting for 30% of
revenue
-- Further improvement in our rate of Cement alternative fuel
substitution to 50% (2022: 48.5%)
ADMITTED TO THE MAIN MARKET OF THE LONDON STOCK EXCHANGE
Breedon shares now traded on the Main Market
-- We expect to be eligible for inclusion in the FTSE 250 and
FTSE-All share indices at the next index review in September
2023
CURRENT TRADING AND OUTLOOK
Well-positioned for the second half; full year expectations
maintained
-- The end-markets we serve have remained resilient. End-market
visibility beyond 2023 remains limited in light of the uncertain
economic outlook
-- In response, we have increased our emphasis across the Group
on operational excellence and agility to ensure Breedon is as
competitive as it has ever been
-- Well-positioned for the second half of the year; the Group is
trading in line with the Board's expectations which remain
unchanged
Rob Wood, Chief Executive Officer, commented :
"In the first half our vertically-integrated and local operating
model has again come to the fore, leveraging our long-term customer
relationships and deep market knowledge. Our first class team has
operated with great agility to deliver a strong start to 2023 for
which I thank them sincerely and we are well-positioned for the
second half of the year.
"The long-term structural dynamics driving infrastructure
spending and housebuilding in GB and Ireland have not changed. To
ensure we can efficiently and sustainably meet long-term demand for
our essential construction materials, we have re-doubled our focus
on those factors under our control; keeping our people safe and
well while minimising the cost of production and maximising the
value of the extensive portfolio of assets we own and acquire.
"By emphasising the operational factors we can influence, we
will ensure we remain competitive and continue to deliver
outstanding results. By challenging our procedures and practices,
we can be sure we will be in the strongest possible position when
our end-markets return to growth."
Notes:
1. Underlying results are stated before acquisition-related
expenses, redundancy and reorganisation costs, property gains and
losses, amortisation of acquisition intangibles, AIM to Main Market
costs and related tax items. References to an Underlying profit
measure throughout this announcement are defined on this basis.
2. Like-for-like reflects reported values adjusted for the
impact of acquisitions and disposals.
3. EPS in the Underlying Highlights is Adjusted Underlying Basic
EPS, which is Underlying Basic EPS adjusted to exclude the impact
of changes in the deferred tax rate of GBP0.1m (HY 2022:
GBP0.6m).
4. Comparative values for Earnings and Dividend per share
measures have been restated to reflect the impact of the 5:1 share
consolidation undertaken during the period.
5. Net Debt including IFRS 16 lease liabilities.
6. Covenant Leverage is defined as the ratio of Underlying
EBITDA to Net Debt, with both Underlying EBITDA and Net Debt
amended to reflect the material items which are adjusted by the
Group and its lenders in determining leverage for the purpose of
assessing covenant compliance. In both the current and prior
periods, the only material adjusting item was the impact of IFRS
16.
7. ROIC: post-tax return on average invested capital.
8. Information for investors, including analyst consensus
estimates, can be found on the Group's website at
www.breedongroup.com/investors .
RESULTS PRESENTATION
Breedon will host a results presentation for analysts and
investors at 08:30am today at the offices of Numis, 45 Gresham
Street, London EC2V 7BF, or online via
www.breedongroup.com/investors . The presentation will be followed
by Q&A, where it will be possible to participate through the
following dial-in details:
Event Title: Breedon Interim Results 2023
Start Time/Date: 08:30 Wednesday, 26 July 2023 - please
join the event 5-10 minutes prior to scheduled
start time. When prompted, provide the
confirmation code or event title
United Kingdom, Toll-free: 0808 109 0700
United Kingdom, Local: +44 (0) 33 0551 0200
Password: Quote 'Breedon interim results' when prompted
ENQUIRIES
Breedon Group plc +44 (0) 1332 694010
Rob Wood, Chief Executive Officer
James Brotherton, Chief Financial Officer
Louise Turner-Smith, Head of Investor Relations +44 (0) 7860 911909
+44 (0) 20 3128
MHP (Public relations adviser) 8193
Reg Hoare, Rachel Farrington, Charles Hirst breedon@mhpgroup.com
About Breedon Group plc
Breedon Group plc, a leading vertically-integrated construction
materials group in Great Britain and Ireland, delivers essential
products to the construction sector. Breedon holds 1bn tonnes of
mineral reserves and resources with long reserve life, supplying
value-added products and services, including specialty materials,
surfacing and highway maintenance operations, to a broad range of
customers through its extensive local network of quarries,
ready-mixed concrete and asphalt plants.
The Group's two well-invested cement plants are actively engaged
in a number of carbon reduction practices, which include utilising
alternative raw materials and lower carbon fuels. Breedon's 3,800
colleagues embody our commitment to 'Make a Material Difference' as
the Group continues to execute its strategy to create sustainable
value for all stakeholders, delivering growth through organic
improvement and acquisition in the heavyside construction materials
market. Breedon shares (BREE) are traded on the Main Market of the
London Stock Exchange.
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STRONG FIRST HALF BENEFITS FROM AGILE EXECUTION
Markets
The construction materials market is contending with a number of
conflicting forces. Long-term structural growth drivers remain in
place, supporting the need for investment in infrastructure and
housing. However, inflation-impacted government budgets, political
instability and housing affordability present near-term
headwinds.
Breedon's focus remains on charting our own clear course to
ensure we are as competitive and agile as we can be. By faithfully
implementing our sustainable growth strategy and maintaining our
financial flexibility, focusing on the quality of our products and
customer service, we have executed well through the first-half and
delivered a strong financial performance.
Financial performance
During the first half we grew revenue 11% to GBP742.7m (H1 2022:
GBP671.1m) or 7% on a like-for-like basis when adjusting for the
six bolt-on acquisitions completed in the last twelve months.
Volumes declined as expected, however were more than offset by a 12
ppt increase in pricing.
Underlying EBIT of GBP70.5m (H1 2022: GBP66.9m) grew 5%
reflecting the benefits of the pricing tailwind carried through
from 2022 and full input cost recovery achieved in the first half,
partially offset by higher energy costs as hedges moved back into
line with market pricing. Consequently, Underlying EBIT margin of
9.5% reduced by 50bps when compared to the same period in the prior
year (H1 2022: 10.0%).
The Group generated free cash inflow of GBP20.8m (H1 2022:
outflow of GBP22.0m) following stable capital investment and lower
seasonal working capital outflows of GBP40.9m (H1 2022: outflow of
GBP77.2m), assisted by strong cash collection. Following the
completion of three strategically significant bolt-on acquisitions
for a combined enterprise value of GBP19m, closing Covenant
Leverage was significantly lower at 0.7x (H1 2022: 1.0x). Post-tax
return on invested capital remained at 10.0% (H1 2022: 10.0%),
reflecting a robust trading outcome, partially offset by the impact
of the increased UK corporate tax rate from the second quarter.
Dividend
The Board regularly reviews capital allocation scenarios,
balancing capital investment and M&A with reducing debt and
returning cash to shareholders, while prioritising profitable
growth and ROIC. As a consequence of our strong financial
performance, the Board intend to pay an interim dividend of 4.0p
(H1 2022 restated: 3.5p), an increase of 14% and significantly
ahead of earnings. This reflects our confidence in the prospects of
the Group and is in keeping with our progressive dividend policy.
The dividend timetable will be published in due course.
Move to the Main Market
On 17 May 2023 Breedon Group plc shares were admitted to the
Premium Listing Segment of the Official List and to trading on the
Main Market of the London Stock Exchange. At the same time, Breedon
completed a five for one share consolidation which reduced the
number of shares in issue. Comparative earnings per share and
dividend per share figures have been restated as a consequence.
STRATEGY REVIEW
Sustain
Our sustainability strategy is gaining momentum and we were
pleased to achieve significant milestones during the first half
towards ensuring the long-term sustainability of the Group. During
the period we made progress towards meeting our commitment to the
Science Based Targets initiative. In addition, we have committed to
securing a rating from CDP with the rating process underway.
Breedon is a key partner in the Peak Cluster initiative and in
May we hosted the launch at our Hope cement plant in the heart of
the Peak District. This is an innovative collaboration to capture,
transport and permanently store CO(2) emissions from the cement and
lime industry in Derbyshire and Staffordshire, as well as
neighbouring industries in Cheshire. It is expected the project
will remove over three million tonnes of carbon dioxide emissions
each year by 2030, a move that will reduce UK emissions from cement
and lime manufacture by around 40%.
The performance of our cement business is remarkable in the
context of the high proportion of alternative fuels utilised, a
factor which adds complexity to the production process. Fossil fuel
replacement reached a combined rate of 50%; our Kinnegad cement
plant continued to push the boundaries of alternative fuel use,
achieving a rate of 82%, and at times exceeding 90%.
At Breedon, we have nearly 15,000 hectares of land, strong
relationships with the nature groups and communities around our
sites, and our colleagues are enthusiastic advocates of the
ecosystems surrounding our operations. We hosted a biodiversity
week in May to raise awareness of our commitment to nature and
biodiversity, highlight good practice, and to accelerate our
biodiversity action plans across the Group.
Our highest priority is ensuring that our 3,800 colleagues
return 'Home Safe and Well' each day. We constantly strive to
improve our outcomes in this area, so we were pleased to see
industry body, MPA, recognise our colleagues' achievements with
regional awards for health and safety initiatives on site. We
undertook a pulse engagement survey to understand cultural
perceptions around our safety behaviours and inform the training we
implement throughout the rest of the year.
We continue to strive to make Breedon a great place to work. We
partnered with a leading wealth and benefits advisor to host
regular personal finance seminars, and in April we awarded a pay
increase of at least 6%, acknowledging the cost of living pressures
many of our colleagues are facing. In May, Breedon Ireland achieved
an outstanding 12(th) place on the Sunday Independent/Statista list
of Ireland's 150 Best Employers, the highest placed company in the
construction related sectors, which is testament to our commitment
to our colleagues' overall health, safety and wellbeing.
Optimise
Our core values emphasise self-help, seeking to improve the
efficiency of our operations by 'keeping it simple' and 'striving
to improve'. Following more than a decade of growth, an active
M&A programme and more than 300 sites across the Group, each
division initiated operational excellence reviews in 2023.
GB created a new role to drive operational improvement and
standardise quarry operations. Ireland, under a new leadership team
and structure, reorganised support functions and is taking the
opportunity to implement solar energy solutions where possible.
Cement, which has a clear programme of scheduled maintenance,
sustained its market-leading reliability performance.
Expand
Many of our acquisition opportunities come to us through our
local knowledge and personal engagement with the asset owners.
During the first half we completed three transactions in GB and
Ireland, with a combined enterprise value of up to GBP19m, as our
active M&A pipeline continued to yield high quality, earnings
enhancing opportunities.
In Ireland the acquisition of Robinson Quarry Masters, a
family-run quarrying and concrete block business, has extended our
footprint North of Belfast. Robinson Quarry Masters, with nearly 40
million tonnes of mineral reserves and resources, has enhanced our
mineral footprint in Ireland and has a well-established customer
base with exposure to housing, commercial and infrastructure
end-markets.
In GB we acquired two downstream businesses. Broome Bros., a
leading manufacturer of concrete blocks based in Doncaster, is
adjacent to one of our existing ready-mixed concrete sites. Minster
Surfacing, an award-winning regional surfacing business based in
Lincoln with strong sustainability credentials, delivers a diverse
portfolio of works from the Midlands to London. Each of the
acquired businesses has started promisingly under Breedon
ownership.
Our M&A pipeline remains healthy and active. We are a
trusted partner for asset owners in GB and Ireland where we have
looked to build and strengthen relationships as we seek to in-fill
our existing capability and footprint. Longer-term, we continue to
explore the possibility of selectively establishing a platform in
the US, a large fragmented market that offers attractive growth
prospects.
Our vertically-integrated model is backed by around one billion
tonnes of mineral reserves and resources making us one of the
largest heavyside building materials suppliers in GB and Ireland,
with reserves under our stewardship equivalent to over 30 years of
production. Our mineral planning pipeline is currently in excess of
100 million tonnes.
OUTLOOK
We entered 2023 in a good strategic and financial position,
supplying structurally growing end-markets with essential
materials. We have had a strong start to the year, benefitting from
the dynamic pricing strategy implemented in recent years while
maintaining a sharp focus on operational excellence.
The UK economic landscape remains uncertain with limited
visibility beyond 2023, particularly with respect to residential
housebuilding from which c.20% of our revenues are derived. While
recent UK construction PMI data indicates infrastructure and
non-residential building (end-markets that account for c.70% of our
revenues) remain in expansionary territory, CPA growth forecasts
have been reduced, indicating construction output will return to
muted growth in 2024.
Similarly for Republic of Ireland, Euroconstruct construction
output forecasts were reduced during the period. Although growth
expectations for 2023 were reduced by 0.4% to 2.1%, this remained
one of the fastest growth rates in Western Europe. Encouragingly,
the construction PMI returned to growth territory, increasing to
50.4 in June 2023, the first upturn in activity since September
2022.
Our forward hedging programme, which has moved back into line
with market pricing, continues to provide visibility of our cost
base and support our careful approach to cost and risk
management.
Due to the timing of price increases in 2022, the phasing of
Underlying EBIT in 2023 will continue to be weighted towards the
second half, although to a lesser extent than in prior years
The Breedon model is resilient and continues to deliver a solid
operational performance with continued strong cash generation,
irrespective of the macroeconomic or political backdrop. We are
well-positioned for the second half of the year; the Group is
trading in line with the Board's expectations which remain
unchanged.
OPERATIONAL REVIEW
Product volumes
m' tonnes except where H1 2023 H1 2022 H1 2021 H1 2020 H1 2019
stated
-------- -------- -------- -------- --------
Aggregates 13.0 13.6 15.0 8.0 9.9
Asphalt 1.8 1.9 2.0 1.0 1.4
Cement 1.1 1.2 1.2 0.8 1.0
Ready-mixed concrete
(m(3) ) 1.5m 1.5m 1.7m 1.0m 1.5m
Volumes performed broadly in line with industry forecasts. On a
like-for-like basis, aggregate volumes reduced 6%, asphalt 3%,
cement 3% and ready-mixed concrete was marginally lower compared
with the first half of 2022.
Great Britain
GBPm except where stated H1 2023 H1 2022 Change LFL %
%
-------- -------- -------- ------
Revenue 519.6 473.1 +10% +5%
Underlying EBIT 42.8 41.5 +3% +1%
Underlying EBIT margin 8.2% 8.8% (60)bps
Our GB team delivered a solid performance in a softening market.
Revenue increased 10% or 5% on a like-for-like basis when adjusting
for the five transactions completed by the division since 30 June
2022.
Aggregate and asphalt volumes declined in line with the broader
market while volumes of ready-mixed concrete were stable. Pricing,
which benefitted from the prior year tailwind, remained
well-underpinned by resilient end-markets and was sufficient to
offset input cost inflation. Underlying EBIT margin decreased by
60bps to 8.2%, primarily attributable to product mix and the impact
of operating leverage from reduced volumes.
Our enhanced focus on operational excellence yielded positive
outcomes. At Dowlow, our largest rail-connected limestone quarry,
the team relocated the mobile crushing plant to a new processing
area, reducing fuel usage and cycle times while creating additional
maintenance windows. They also improved blasting efficiency by
increasing the size of shot-fires, which in turn reduced fuel
consumption, drill rig wear and the safety risk associated with
extracting mineral from the active face. Elsewhere, our Naunton
quarry installed a 0.5km pipeline from our own borehole, directly
into the concrete plant, reducing vehicle movements and fuel costs
whilst saving personnel time and improving safety.
Following the award of a position on the North Super Region of
the National Highways Pavement Delivery Framework in 2022, we
secured a good portfolio of work in the first year of delivery.
After nearly a year of reliably supplying high quality asphalt to
the A11 Wymondham resurfacing project, we have delivered nearly
150,000 tonnes to the largest project on the National Highways
concrete roads framework.
In recent years we have developed a successful airport runway
resurfacing business. We have a strong pipeline of work and during
the period we were active on Islay and Southampton airport runways.
Delivering our own high quality materials, pulled through our
vertically-integrated model and delivered reliably by our in-house
teams, has positioned us well to pursue and win other major
national surfacing works where the client's focus is increasingly
on quality and sustainability measures where we score highly.
Great Britain outlook
Markets remain unpredictable and so we are taking actions to
enhance our competitive position and maximise the benefit of our
vertically-integrated model. We recognise that recent decisions to
delay or cancel major infrastructure projects, alongside growing
pressure on local authority road maintenance budgets, has reduced
visibility. We will remain close to our customers and deliver a
high quality, sustainable service while continuing to review our
asset portfolio for efficiencies.
Ireland
GBPm except where stated H1 2023 H1 2022 Change LFL %
%
-------- -------- ------- ------
Revenue 109.1 98.4 +11% +10%
Underlying EBIT 10.0 9.0 +11% +9%
Underlying EBIT margin 9.2% 9.1% 10bps
Our business in Ireland is strategically located within markets
that have significant pent-up demand, long-term infrastructure
deficits and a material shortfall in residential housing, enabled
by strong client relationships and a long track record of high
quality delivery.
We have performed well in the first half of 2023. While the
market in Northern Ireland remains impacted by the absence of a
governing Assembly, we continued to secure new work, winning the
Limavady term surfacing contract, and resecured two street lighting
maintenance contracts. The market in RoI was healthy with a
positive tendering season, reflecting clients' increasing tendency
to award work on quality measures where we perform well.
Consequently, revenue for the six months to 30 June 2023
increased 11% to GBP109.1m. On a like-for-like basis, adjusting for
the acquisition of Robinson Quarry Masters, revenue increased 10%.
Softness in aggregate and ready-mixed concrete volumes reflected
the market decline in NI while increased asphalt volumes were
attributed to tendering activity in RoI.
Average selling prices remained well supported and we continued
to benefit from the price increases achieved in 2022. As a result,
we were able to fully recover input costs, generate Underlying EBIT
of GBP10.0m and sustain an Underlying EBIT margin of 9.2%.
The economic and social infrastructure requirements in Ireland
are driven by a growing population. The region enjoys long-term
government infrastructure spending commitments as well as
significant private foreign direct investment. Consequently our
Ireland growth strategy is focused on ensuring we have the right
assets and services in the right locations. To meet the demand for
the essential construction materials and services that we foresee,
our active organic mineral pipeline is complemented by a healthy
M&A channel.
Ireland outlook
In NI, where our business is underpinned by multi-year
frameworks and term contracts, the pace of activity remains
impacted by the absence of the governing Assembly, with a growing
pipeline of pent-up demand. We continue to deliver high quality
work for repeat customers in RoI which is forecast to remain the
fastest growing economy in Western Europe.
Cement
GBPm except where stated H1 2023 H1 2022 Change %
-------- -------- ---------
Revenue 176.8 150.1 +18%
Underlying EBIT 25.9 23.7 +9%
Underlying EBIT margin 14.6% 15.8% (120)bps
Our cement plants in GB and Ireland delivered a strong first
half, achieving a significant milestone towards our net zero
objective with the launch of the Peak Cluster carbon capture and
storage project.
Revenue increased 18% as the diverse end-markets we serve
remained resilient, underpinned by long-term structural growth
drivers. While cement volumes declined 3%, the pricing environment
was supported by robust fundamentals alongside the tailwind of
price increases achieved during 2022. Consequently, Underlying EBIT
increased 9%. A high proportion of the cost base associated with
cement production is fixed and, as a result of reduced volumes,
Underlying EBIT margin declined 120bps.
Our teams at Hope and Kinnegad carried out two planned kiln
maintenance shutdowns during January, both concluding on schedule
and within budget. Each plant maintained an outstanding reliability
record, in excess of 96%, due to the rigorous forward planning and
exceptional commitment of our Cement colleagues. Hope sustained
plant mastery status into its fifth year, a rare occurrence in the
industry, while the expertise and dedication of the team at
Kinnegad was recognised by the Ireland Operational Excellence
Awards 2023, winning Operations Team of the Year.
We continued to reduce the clinker content of our products,
supporting our clients' sustainability objectives; CEM II sales out
of Kinnegad exceeded 50% (2022: 50%) while in GB we are
well-positioned for the rapid uptake we expect to see in CEM II
once British concrete standards are reviewed.
Cement outlook
Our cement business remains resilient. End-market demand is
underpinned by large ongoing infrastructure projects in the UK
where industry fundamentals are well balanced. In RoI, housing and
infrastructure are supported by the government's development plans
to accommodate a rapidly growing population.
FINANCE REVIEW
The Group delivered a strong trading performance in the first
half. Favourable tailwinds from our dynamic pricing strategy more
than offset expected lower volumes and resulted in revenue for the
half-year increasing by 11% to GBP742.7m (H1 2022: GBP671.1m). The
revenue improvement includes 12ppt of pricing combined with volume
reductions of 5ppt. On a like-for-like basis, excluding the impact
of the six acquisitions completed since H1 2022, revenue in the
period increased by 7%.
Underlying EBIT benefited from the drop through on increased
revenues, partially offset by higher energy costs as hedges moved
back into line with market pricing, to increase by 5% to GBP70.5m
(H1 2022: GBP66.9m). Underlying EBIT margin in the first half was
9.5% (H1 2022: 10.0%).
Non-underlying items
The Group recorded GBP8.4m of non-underlying items during the
period (H1 2022: GBP1.4m, net of GBP0.4m of profits realised on
property transactions). This comprised GBP5.0m of professional fees
incurred in connection with the re-domiciliation of the Group's
parent company and the move from AIM to the Main Market of the
London Stock Exchange; GBP3.0m amortisation of intangible assets
and GBP0.4m of acquisition expenses.
Interest
Net interest costs in H1 were GBP5.6m (H1 2022 GBP6.0m) with the
benefit of increased returns on surplus cash holdings being largely
offset by non-cash increases in risk free rates used to unwind
discounts on the Group's provisions. The Group continues to benefit
from longer-term fixed rates of borrowing at a blended rate of c.2%
from the GBP250m of US Private Placement notes issued in 2021, with
repayment dates between 2028 and 2036.
Taxation
The underlying tax charge in the period has been based on the
estimated effective weighted average rate applicable for existing
operations for the full year. This represents a combined underlying
effective rate of 20.3% on profits arising in the Group's UK and
RoI subsidiary undertakings, with the increase in the effective
rate (FY 2022: 16.0%) primarily attributable to the impact of the
increased UK corporation tax rate from the second quarter.
Earnings per share
Adjusted Underlying Basic EPS for the period improved by 2% to
15.3p (H1 2022 restated: 15.0p), Statutory Basic EPS was 13.0p (H1
2022 restated: 14.5p).
Statement of financial position and ROIC
Net assets at 30 June 2023 were GBP1,060.1m (FY 2022:
GBP1,043.8m).
Using average invested capital over the past twelve months, ROIC
remained at 10.0% (H1 2022: 10.0%) reflecting a robust trading
outcome, partially offset by the impact of the increased UK
corporate tax rate. This remains in line with our medium term
target and reflects disciplined capital allocation across our
business.
Free cash flow
GBPm H1 2023 H1 2022 Change
-------- -------- -------
Underlying EBITDA 112.3 107.0 5.3
Working capital (40.9) (77.2) 36.3
Net interest (3.5) (4.5) 1.0
Income taxes paid (15.9) (15.3) (0.6)
Net capex (31.9) (32.5) 0.6
Other 0.7 0.5 0.2
-------- -------- -------
Free cash flow 20.8 (22.0) 42.8
Acquisitions (11.1) - (11.1)
Dividends paid (23.7) (18.6) (5.1)
Non-underlying items (5.4) 0.4 (5.8)
Other (3.3) (4.0) 0.7
(Increase)/decrease in net debt (22.7) (44.2) 21.5
The Group's free cash flow in H1 2023 was an inflow of GBP20.8m
(H1 2022: outflow of GBP22.0m) reflecting increased earnings and
reduced seasonal working capital outflows. The improvement in
working capital reflects strong cash collections, good control over
inventories and the timing of purchases of carbon emission trading
credits.
The spend on acquisitions relates to the initial payments and
associated transaction costs for the three bolt-on acquisitions
completed during the period. Further payments for these
acquisitions, estimated at c.GBP6.1m and subject to the agreement
of completion balance sheets, fall due within the second half of
the year.
Net debt
Closing Net Debt at 30 June 2023 was GBP220.4m (H1 2022:
GBP256.7m, FY 2022: GBP197.7m) and Covenant Leverage was 0.7x, in
line with the year end and significantly lower than June 2022 (H1
2022: 1.0x, FY 2022: 0.7x).
Borrowing facilities
The Group's facilities total GBP600m and are unchanged from
those disclosed in the 2022 Annual Report. All covenants were
comfortably met in the period.
The Group has exercised a one year extension option in respect
of its GBP350m Revolving Credit Facility, with the consequence that
the facility will now fall due for repayment in June 2026 rather
than June 2025. Arrangement fees of GBP0.7m have been incurred and
capitalised within loan arrangement fees.
Dividend
We have announced our intention to pay an interim dividend of
4.0p per share (H1 2022 restated: 3.5p per share) reflecting our
confidence in the prospects of the Group and in keeping with our
progressive dividend policy. The dividend timetable will be
announced in due course.
Group restructuring and share consolidation
In connection with the Group's move from AIM to the Premium
Segment of the Main Market of the London Stock Exchange during the
first half of 2023, a new UK holding company for the Group was
established with one share in the new company issued to
shareholders in exchange for every five shares held in the previous
Group holding company.
The Group's equity has been adjusted to reflect that of the new
holding company, with earnings and dividend per share measures
restated throughout this announcement to reflect the impact of the
five for one share consolidation. In all other aspects, the Group
results and financial position are unaffected by this change and
reflect the continuation of the Group.
Further details in relation to the restructuring have been
included under the basis of preparation note in the Interim
Financial Statements accompanying this announcement.
2023 technical guidance
The Group is trading in line with the Board's expectations which
remain unchanged.
Net interest expense for the full year will be c.GBP12m, of
which GBP8m will be cash interest.
We expect an effective tax rate for the full year of c.20%
(2022: 16%), rising to c.22% in 2024, which will impact our post
tax performance measures (including ROIC), with cash taxes higher
than the effective rate.
The net cash cost of the three-bolt on acquisitions completed in
H1 2023 will be c.GBP17m and total capital expenditure for the full
year will be c.GBP100m.
The cash cost of the interim dividend paid in the second half of
the year will be GBP13.6m, resulting in a total cash cost of
dividends paid during 2023 of GBP37.3m.
We continue to expect a modest inflationary increase in working
capital over the full year cycle.
RISK
The Group's principal risks in alphabetical order (by risk
category) are:
Strategic Operational Financial
* Credit risk
* Acquisitions * Environmental impact
* Currency risk
* Climate change * Failure of a critical asset
* Digitalisation * Health, safety and wellbeing * Financing and interest rate risk
* Market conditions * Input costs
* Mineral reserves * IT and cyber security
* People * Legal and regulatory
* Product specification
Further details of the principal risks facing the Group are set
out on pages 44-49 of the Group's Annual Report for the year ended
31 December 2022 which is available on the Group website.
The Board consider that these are the risks that could impact
the performance of the Group in the remaining six months of the
current financial year. Although the nature of the risks as
described in the 2022 Annual Report are unchanged for the half
year, current market conditions has increased the overall level of
risk faced by the Group. The Board continues to manage these risks
and to mitigate their expected impact.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The Directors confirm that, to the best of their knowledge:
-- the condensed consolidated half-year financial statements
have been prepared in accordance with IAS 34 Interim Financial
Reporting as adopted by the UK
-- the interim management report includes a fair review of the information required by:
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being
an indication of important events that have occurred during the
first six months of the financial year and their impact on the
condensed consolidated half-year financial statements; and a
description of the principal risks and uncertainties for the
remaining six months of the year; and
(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being
related party transactions that have taken place in the first six
months of the current financial year and that have materially
affected the financial position or performance of the entity during
that period; and any changes in the related party transactions
described in the last Annual Report that could do so.
The Directors of Breedon Group plc are listed in the Group's
2022 Annual Report on pages 96-97.
Since the publication of the 2022 Annual Report, there have been
no changes to the composition of the Board.
Rob Wood James Brotherton
Chief Executive Officer Chief Financial Officer
26 July 2023
Condensed Consolidated Income Statement
for the six months ended 30 June 2023
Six months ended 30 June 2023 Six months ended 30 June 2022 Year ended 31 December 2022
Underlying Non-underlying* Total Underlying Non- Total Underlying Non- Total
(note 5) underlying* underlying*
(note 5) (note 5)
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
---------------- ---------- --------------- ------- ---------- ----------------- ------- ------------- ----------------- -------
Revenue 742.7 - 742.7 671.1 - 671.1 1,396.3 - 1,396.3
Cost of sales (505.2) - (505.2) (449.2) - (449.2) (910.1) - (910.1)
----------------
Gross profit 237.5 - 237.5 221.9 - 221.9 486.2 - 486.2
Distribution
expenses (116.6) - (116.6) (109.1) - (109.1) (231.0) - (231.0)
Administrative
expenses (52.0) (8.4) (60.4) (47.6) (1.4) (49.0) (103.7) (7.0) (110.7)
Group operating
profit 68.9 (8.4) 60.5 65.2 (1.4) 63.8 151.5 (7.0) 144.5
Share of profit
of associate
and joint
ventures 1.6 - 1.6 1.7 - 1.7 3.5 - 3.5
---------------- ---------- --------------- ------- ---------- ----------------- ------- ------------- ----------------- -------
Profit from
operations 70.5 (8.4) 62.1 66.9 (1.4) 65.5 155.0 (7.0) 148.0
Financial income 0.7 - 0.7 - - - 0.2 - 0.2
Financial
expense (6.3) - (6.3) (6.0) - (6.0) (12.4) - (12.4)
----------------
Profit before
taxation 64.9 (8.4) 56.5 60.9 (1.4) 59.5 142.8 (7.0) 135.8
Tax at effective
rate (13.2) 0.7 (12.5) (10.0) 0.3 (9.7) (22.9) 0.8 (22.1)
Changes in
deferred tax
rate (0.1) - (0.1) (0.6) - (0.6) (1.1) - (1.1)
---------------- ---------- --------------- ------- ---------- ----------------- ------- ------------- ----------------- -------
Taxation (13.3) 0.7 (12.6) (10.6) 0.3 (10.3) (24.0) 0.8 (23.2)
---------------- ---------- --------------- ------- ---------- ----------------- ------- ------------- ----------------- -------
Profit for the
period 51.6 (7.7) 43.9 50.3 (1.1) 49.2 118.8 (6.2) 112.6
---------------- ---------- --------------- ------- ---------- ----------------- ------- ------------- ----------------- -------
Attributable to:
Breedon Group
shareholders 51.6 (7.7) 43.9 50.3 (1.1) 49.2 118.7 (6.2) 112.5
Non-controlling
interests - - - - - - 0.1 - 0.1
----------------
Profit for the
period 51.6 (7.7) 43.9 50.3 (1.1) 49.2 118.8 (6.2) 112.6
---------------- ---------- --------------- ------- ---------- ----------------- ------- ------------- ----------------- -------
* Non-underlying items represent acquisition-related expenses, redundancy and reorganisation
costs, property gains or losses, amortisation of acquisition intangibles, AIM to Main Market
costs and related tax items.
Earnings per
share
(restated**)
Basic 13.0p 14.5p 33.2p
Diluted 12.9p 14.5p 33.1p
---------------- ---------- --------------- ------- ---------- ----------------- ------- ------------- ----------------- -------
Underlying earnings per share are shown in note 8.
Dividends in respect of the
period
(restated**)
Dividend per
share 4.0p 3.5p 10.5p
---------------- ---------- --------------- ------- ---------- ----------------- ------- ------------- ----------------- -------
** Restated comparatives to reflect the impact of the 5:1 share
consolidation undertaken during the period. See note 1.
Condensed Consolidated Statement of Comprehensive Income
for the six months ended 30 June 2023
Six months ended Six months ended Year ended
30 June 30 June 31 December
2023 2022 2022
GBPm GBPm GBPm
-------------------------------------------------------------------- ---------------- ---------------- ------------
Profit for the period 43.9 49.2 112.6
Other comprehensive (expense)/income
Items which may be reclassified subsequently to profit and loss:
Foreign exchange differences on translation of foreign operations,
net of hedging (5.6) 5.5 10.2
Effective portion of changes in fair value of cash flow hedges (0.1) 0.3 (1.3)
Taxation on items taken directly to other comprehensive income - - 0.2
Other comprehensive (expense)/income for the period (5.7) 5.8 9.1
-------------------------------------------------------------------- ---------------- ---------------- ------------
Total comprehensive income for the period 38.2 55.0 121.7
-------------------------------------------------------------------- ---------------- ---------------- ------------
Total comprehensive income for the period is attributable to:
Breedon Group shareholders 38.2 55.0 121.6
Non-controlling interests - - 0.1
-------------------------------------------------------------------- ---------------- ---------------- ------------
38.2 55.0 121.7
-------------------------------------------------------------------- ---------------- ---------------- ------------
Condensed Consolidated Statement of Financial Position
at 30 June 2023
30 June 30 June 31 December
2023 2022 2022
GBPm GBPm GBPm
--------------------------------------------------------- -------------------------- -------- ------------
Non-current assets
Property, plant and equipment 790.5 749.9 787.9
Right-of-use assets 47.3 46.8 47.1
Intangible assets 519.4 503.2 518.2
Investment in associate and joint ventures 15.3 13.4 13.7
Trade and other receivables 1.8 5.3 3.8
---------------------------------------------------------
Total non-current assets 1,374.3 1,318.6 1,370.7
--------------------------------------------------------- -------------------------- -------- ------------
Current assets
Inventories 87.1 74.1 94.8
Trade and other receivables 322.6 291.3 218.6
Current tax receivable - 0.5 -
Cash and cash equivalents 76.9 39.2 101.7
Total current assets 486.6 405.1 415.1
--------------------------------------------------------- -------------------------- -------- ------------
Total assets 1,860.9 1,723.7 1,785.8
---------------------------------------------------------
Current liabilities
Interest-bearing loans and borrowings (7.8) (7.3) (7.9)
Trade and other payables (323.8) (277.2) (263.8)
Current tax payable (1.9) (1.5) (3.8)
Provisions (9.4) (9.6) (9.2)
--------------------------------------------------------- -------------------------- -------- ------------
Total current liabilities (342.9) (295.6) (284.7)
---------------------------------------------------------
Non-current liabilities
Interest-bearing loans and borrowings (289.5) (288.6) (291.5)
Provisions (78.0) (65.0) (76.8)
Deferred tax liabilities (90.4) (87.0) (89.0)
--------------------------------------------------------- -------------------------- -------- ------------
Total non-current liabilities (457.9) (440.6) (457.3)
--------------------------------------------------------- -------------------------- -------- ------------
Total liabilities (800.8) (736.2) (742.0)
--------------------------------------------------------- -------------------------- -------- ------------
Net assets 1,060.1 987.5 1,043.8
--------------------------------------------------------- -------------------------- -------- ------------
Equity attributable to Breedon Group shareholders
Share capital 3.4 - -
Stated capital - 554.8 555.0
Hedging reserve - 1.5 0.1
Translation reserve (5.2) (4.3) 0.4
Merger reserve 80.5 - -
Retained earnings 981.1 435.3 488.0
---------------------------------------------------------
Total equity attributable to Breedon Group shareholders 1,059.8 987.3 1,043.5
Non-controlling interests 0.3 0.2 0.3
--------------------------------------------------------- -------------------------- -------- ------------
Total equity 1,060.1 987.5 1,043.8
--------------------------------------------------------- -------------------------- -------- ------------
Condensed Consolidated Statement of Changes in Equity
for the six months ended 30 June 2023
For the six months ended 30 June 2023
----------------------------------------------------------------------------------------------------------------------------
Share Stated Hedging Translation Merger Retained Attributable Non-controlling Total
capital capital reserve reserve reserve earnings to Breedon interests equity
Group
shareholders
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
---------------- -------- -------- -------- ------------ -------- --------- ------------- ---------------- --------
Balance at
31 December
2022 - 555.0 0.1 0.4 - 488.0 1,043.5 0.3 1,043.8
Dividends paid - - - - - (23.7) (23.7) - (23.7)
Corporate
reorganisation
(note 1) 474.5 (555.0) - - 80.5 - - - -
Capital
reduction
(note 1) (471.1) - - - - 471.1 - - -
Total
comprehensive
income for the
period - - (0.1) (5.6) - 43.9 38.2 - 38.2
Share-based
payments
(inclusive of
deferred tax
recognised in
equity) - - - - - 1.8 1.8 - 1.8
Balance at 30
June 2023 3.4 - - (5.2) 80.5 981.1 1,059.8 0.3 1,060.1
---------------- -------- -------- -------- ------------ -------- --------- ------------- ---------------- --------
For the six months ended 30 June 2022
Stated Hedging Translation Retained Attributable Non-controlling Total
capital reserve reserve earnings to Breedon interests equity
Group
shareholders
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
--------------- ------------- ------------- ------------- ------------- ------------- ---------------- --------
Balance at 31
December 2021 553.0 1.2 (9.8) 405.2 949.6 0.2 949.8
Shares issued 1.8 - - - 1.8 - 1.8
Dividends paid - - - (18.6) (18.6) - (18.6)
Total
comprehensive
income for
the period - 0.3 5.5 49.2 55.0 - 55.0
Share-based
payments
(inclusive of
deferred tax
recognised in
equity) - - - (0.5) (0.5) - (0.5)
Balance at 30
June 2022 554.8 1.5 (4.3) 435.3 987.3 0.2 987.5
--------------- ------------- ------------- ------------- ------------- ------------- ---------------- --------
For the six months ended 31 December 2022
Stated Hedging Translation Retained Attributable Non-controlling Total
capital reserve reserve earnings to Breedon interests equity
Group
shareholders
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
--------------- ------------- ------------- ------------- ------------- ------------- ---------------- --------
Balance at 31
December 2021 553.0 1.2 (9.8) 405.2 949.6 0.2 949.8
Shares issued 2.0 - - - 2.0 - 2.0
Dividends paid - - - (30.5) (30.5) - (30.5)
Total
comprehensive
income for
the period - (1.1) 10.2 112.5 121.6 0.1 121.7
Share-based
payments
(inclusive of
deferred tax
recognised in
equity) - - - 0.8 0.8 - 0.8
Balance at 31
December 2022 555.0 0.1 0.4 488.0 1,043.5 0.3 1,043.8
--------------- ------------- ------------- ------------- ------------- ------------- ---------------- --------
Condensed Consolidated Statement of Cash Flows
for the six months ended 30 June 2023
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
GBPm GBPm GBPm
---------------------------------------------------------------------- ----------- ----------- -------------
Cash flows from operating activities
Profit for the period 43.9 49.2 112.6
Adjustments for:
Depreciation and mineral depletion 43.4 41.8 83.5
Amortisation 3.0 1.8 4.8
Financial income (0.7) - (0.2)
Financial expense 6.3 6.0 12.4
Share of profit associate and joint ventures (1.6) (1.7) (3.5)
Net gain on sale of property, plant and equipment (1.0) (1.8) 2.4
Gain on stepped acquisition - - (0.3)
Share-based payments 1.8 - 1.2
Taxation 12.6 10.3 23.2
---------------------------------------------------------------------- ----------- ----------- -------------
Operating cash flow before changes in working capital and provisions 107.7 105.6 236.1
Increase in trade and other receivables (99.7) (84.8) (0.2)
Decrease/(increase) in inventories 7.8 (11.6) (31.7)
Increase/(decrease) in trade and other payables 51.3 19.3 (9.1)
(Decrease)/increase in provisions (0.3) (0.1) 7.7
---------------------------------------------------------------------- ----------- ----------- -------------
Cash generated from operating activities 66.8 28.4 202.8
Interest paid (3.0) (3.3) (6.7)
Interest element of lease payments (1.2) (1.2) (2.5)
Interest received 0.7 - 0.2
Income taxes paid (15.9) (15.3) (25.8)
----------------------------------------------------------------------
Net cash from operating activities 47.4 8.6 168.0
---------------------------------------------------------------------- ----------- ----------- -------------
Cash flows used in investing activities
Acquisition of businesses (11.1) - (12.6)
Dividends from associate and joint ventures - 0.5 1.7
Purchase of property, plant and equipment (33.8) (35.1) (106.8)
Proceeds from sale of property, plant and equipment 1.9 2.6 4.8
Net cash used in investing activities (43.0) (32.0) (112.9)
---------------------------------------------------------------------- ----------- ----------- -------------
Cash flows used in financing activities
Dividends paid (23.7) (18.6) (30.5)
Proceeds from the issue of shares (net of costs) - 1.8 2.0
Revolving Credit Facility extension costs (0.7) (0.7) (0.7)
Repayment of lease obligations (4.7) (4.1) (8.8)
Net cash used in financing activities (29.1) (21.6) (38.0)
---------------------------------------------------------------------- ----------- ----------- -------------
Net (decrease)/increase in cash and cash equivalents (24.7) (45.0) 17.1
Cash and cash equivalents at beginning of period 101.7 83.9 83.9
Foreign exchange differences (0.1) 0.3 0.7
---------------------------------------------------------------------- ----------- ----------- -------------
Cash and cash equivalents at end of period 76.9 39.2 101.7
---------------------------------------------------------------------- ----------- ----------- -------------
Notes to the Condensed Consolidated Interim Financial
Statements
1 Basis of preparation
Breedon Group plc is a company domiciled in England. These
Condensed Consolidated Interim Financial Statements (the "Interim
Financial Statements") consolidate the results of the Company and
its subsidiary undertakings (collectively the "Group").
These Interim Financial Statements have been prepared in
accordance with IAS 34 - Interim Financial Reporting, as adopted by
the UK. The Interim Financial Statements have been prepared under
the historical cost convention except where the measurement of
balances at fair value is required. The Interim Financial
Statements have been prepared applying the accounting policies and
presentation that were applied in the Consolidated Financial
Statements for the year ended 31 December 2022.
These Interim Financial Statements have not been audited or
reviewed by auditors pursuant to the Auditing Practices Board's
guidance on the review of interim financial information. These
statements do not include all of the information required for full
annual financial statements and should be read in conjunction with
the full Annual Report for the year ended 31 December 2022.
The comparative figures for the financial year ended 31 December
2022 have been extracted from the statutory accounts for that
financial year other than Earnings and Dividends per share which
have been restated due to the five to one share consolidation
undertaken in the period (see corporate reorganisation below).
Those accounts have been reported on by the Company's auditor. The
report of the auditor (i) was unqualified and (ii) did not include
a reference to any matters to which the auditor drew attention by
way of emphasis without qualifying their report.
Corporate Reorganisation (AIM to Main)
In connection with the Group's move from AIM to the Premium
Segment of the Main Market of the London Stock Exchange during the
first half of 2023, a new holding company for the Group was
established. Breedon Group plc ('New Breedon'), a company
registered in England & Wales with registration number 14739556
was incorporated on 17 March 2023 to act as the new parent company
for the Group, in place of Breedon Group plc ('Old Breedon'), a
company incorporated in Jersey with registration number 98465.
New Breedon obtained control of the Group on 17 May 2023 via a
court approved scheme of arrangement. Under the scheme of
arrangement, shares with a nominal value of GBP1.40 were issued in
exchange for all the shares in Old Breedon at a ratio of one share
in New Breedon for every five shares in Old Breedon. There were no
changes in rights or proportion of control exercised as a result of
the transaction.
IFRS 3 - Business combinations excludes common control
transactions and group reconstructions. The Interim Financial
Statements therefore incorporate the results of the reorganisation
using the merger accounting method, whereby the results and
cashflows of all the combining entities are brought into the
Interim Financial Statements from the beginning of the financial
year in which the combination occurs and comparative figures also
reflect the combination of the entities. The Group's equity is
adjusted to reflect that of the new holding company, with the
difference between Stated Capital reported by Old Breedon under
Jersey company law and Share Capital reported by New Breedon
recognised as a Merger Reserve as follows:
Stated capital Share capital Merger reserve Retained earnings
GBPm GBPm GBPm GBPm
-------------------------------------- -------------- ------------- -------------- -----------------
As at 31 December 2022 555.0 - - 488.0
Impact of corporate reorganisation (555.0) 474.5 80.5 -
Capital structure post reorganisation - 474.5 80.5 488.0
---------------------------------------- -------------- ------------- -------------- -----------------
Earnings and Dividend per share measures have been restated to
reflect the impact of the five to one share consolidation, but in
all other aspects the Group's results and financial position are
unaffected by the change and reflect the continuation of the
Group.
Capital reduction
Further to the corporate reorganisation outlined above, on 9
June 2023 New Breedon undertook a capital reduction to convert
GBP471.1m of share capital to distributable reserves, with Share
Capital remaining at 338.9 million shares but with a nominal value
of GBP0.01 per share.
1 Basis of preparation (continued)
New IFRS Standards and Interpretations
The Group has adopted the following standards from 1 January
2023:
- IFRS 17 - Insurance Contracts
- Amendments to IAS 1 - Presentation of Financial Statements - Classification of Liabilities
- Amendments to IAS 1 - Presentation of Financial Statements -
Disclosure of Accounting Policies
- Amendments to IAS 8 - Accounting Policies, Changes in
Accounting Estimates and Errors - Definition of Accounting
Estimates
- Amendments to IAS 12 - Income Taxes - Deferred Tax Related to
Assets and Liabilities Arising from a Single Transaction
The adoption of these standards has not had a material impact on
the Interim Financial Statements.
2 Going concern
These Interim Financial Statements are prepared on a going
concern basis which the directors consider to be appropriate for
the following reasons:
The Group meets day-to-day working capital and other funding
requirements through banking facilities, which include an overdraft
facility. Longer term debt financing is accessed through the
Group's USPP loan note programme. The facilities comprise a GBP350m
multi-currency RCF to June 2026 and GBP250m of USPP loan notes with
maturities between 2028 and 2036. Further details of these
facilities are provided in note 7 to these Interim Financial
Statements.
The Group comfortably met all covenants and other terms of its
borrowing agreements in the period, and maintained its track record
of profitability, with an overall profit before taxation for the
period of GBP56.5m. The Group has prepared cash flow forecasts for
a period of more than 12 months from the date of signing these
Interim Financial Statements, which show a sustained trend of
profitability and cash generation. At 30 June 2023, the Group had
cash of GBP76.9m and undrawn banking facilities of GBP350.0m, and
at the date of this report, retains similar levels of liquidity
which it is expected will provide sufficient liquidity for the
Group to discharge its liabilities as they fall due and retain
covenant headroom, even under a 'severe but plausible' downside
scenario of forecast cash flows.
Consequently, the directors are confident that the Group will
have sufficient funds to continue to meet its liabilities as they
fall due for at least 12 months from the date of approval of these
financial statements and therefore have prepared the financial
statements on a going concern basis.
3 Accounting estimates and judgements
In preparing these Interim Financial Statements, management have
been required to make assumptions, estimates and judgements that
affect the application of accounting policies and the reported
amounts of assets and liabilities and income and expense. Actual
results may differ from estimates. There have been no material
additional significant judgements made by management in applying
the Group's accounting policies, nor key sources of estimation
uncertainty compared to those applicable to the Consolidated
Financial Statements for the year ended 31 December 2022 as set out
in note 26 of the Annual Report for that year.
4 Segmental analysis
The principal activities of the Group are the quarrying of
aggregates and manufacture and sale of construction materials and
building products, including cement, asphalt and ready-mixed
concrete, together with related activities in Great Britain and
Ireland.
The Group's activities comprise the following reportable
segments:
Great Britain: our construction materials and surfacing
businesses in Great Britain.
Ireland: our construction materials and surfacing businesses on
the Island of Ireland.
Cement: our cementitious operations in Great Britain and
Ireland.
Six months ended Six months ended Year ended
30 June 30 June 31 December
2023 2022 2022
Revenue Underlying Revenue Underlying EBITDA* Revenue Underlying
EBITDA* EBITDA*
Income statement GBPm GBPm GBPm GBPm GBPm GBPm
----------------------------------- --------- ---------- ----------- ------------------ ------- ----------
Great Britain 519.6 69.0 473.1 66.3 972.4 136.1
Ireland 109.1 13.2 98.4 12.0 226.2 34.4
Cement 176.8 39.8 150.1 37.7 300.7 79.6
Central administration - (9.7) - (9.0) - (15.1)
Eliminations (62.8) - (50.5) - (103.0) -
----------------------------------- --------- ---------- ----------- ------------------ ------- ----------
Group 742.7 112.3 671.1 107.0 1,396.3 235.0
----------------------------------- --------- ---------- ----------- ------------------ ------- ----------
Reconciliation to statutory profit
Group Underlying EBITDA as above 112.3 107.0 235.0
Depreciation and mineral depletion (43.4) (41.8) (83.5)
Great Britain 42.8 41.5 86.4
Ireland 10.0 9.0 28.3
Cement 25.9 23.7 52.1
Central administration (9.8) (9.0) (15.3)
---------- ------------------ ----------
Underlying Group operating profit 68.9 65.2 151.5
Share of profit of associate and
joint ventures 1.6 1.7 3.5
Underlying profit from operations
(EBIT) 70.5 66.9 155.0
Non-underlying items (note 5) (8.4) (1.4) (7.0)
Profit from operations 62.1 65.5 148.0
----------------------------------- --------- ---------- ----------- ------------------ ------- ----------
*Underlying EBITDA is earnings before interest, tax,
depreciation, amortisation, non-underlying items (note 5) and
before our share of profit from associate and joint ventures.
4 Segmental analysis (continued)
Analysis of revenue by major products and service lines by
segment
Six months ended Six months ended Year ended
30 June 30 June 31 December
2023 2022 2022
GBPm GBPm GBPm
--------------- -------------------- ----------------- -------------
Sale of goods
Great Britain 441.1 413.3 829.0
Ireland 48.0 38.4 82.0
Cement 176.8 150.1 300.7
Eliminations (62.8) (50.5) (103.0)
--------------- -------------------- ----------------- -------------
603.1 551.3 1,108.7
--------------- -------------------- ----------------- -------------
Surfacing
Great Britain 78.5 59.8 143.4
Ireland 61.1 60.0 144.2
--------------- -------------------- ----------------- -------------
139.6 119.8 287.6
--------------- -------------------- ----------------- -------------
Total 742.7 671.1 1,396.3
--------------- -------------------- ----------------- -------------
Timing of revenue recognition
Al l revenues from the sale of goods relate to products for
which revenue is recognised at a point in time as the product is
transferred to the customer. Surfacing revenues are accounted for
as products and services for which revenue is recognised over
time.
Statement of financial position
30 June 30 June 31 December
2023 2022 2022
Total Total Total Total Total Total
assets liabilities assets liabilities assets liabilities
GBPm GBPm GBPm GBPm GBPm GBPm
----------------------- ------- ------------ ------- ------------ ------- ------------
Great Britain 950.6 (251.8) 881.4 (213.5) 900.9 (228.0)
Ireland 296.6 (55.9) 275.3 (46.3) 260.6 (40.5)
Cement 531.9 (77.4) 524.1 (73.5) 519.7 (62.0)
Central administration 4.9 (26.1) 3.2 (18.5) 2.9 (19.3)
----------------------- ------- ------------ ------- ------------ ------- ------------
Total operations 1,784.0 (411.2) 1,684.0 (351.8) 1,684.1 (349.8)
Current tax - (1.9) 0.5 (1.5) - (3.8)
Deferred tax - (90.4) - (87.0) - (89.0)
Net debt 76.9 (297.3) 39.2 (295.9) 101.7 (299.4)
----------------------- ------- ------------ ------- ------------ ------- ------------
Total Group 1,860.9 (800.8) 1,723.7 (736.2) 1,785.8 (742.0)
----------------------- ------- ------------ ------- ------------ ------- ------------
Net assets 1,060.1 987.5 1,043.8
----------------------- ------- ------------ ------- ------------ ------- ------------
5 Non-underlying items
Non-underlying items are those which are either unlikely to
recur in future periods or which distort the underlying trading
performance of the business, including non-cash items. The
directors monitor the performance of the Group using alternative
performance measures which are on an underlying basis. In the
opinion of the directors, this presentation aids understanding of
the underlying business performance and any references to
underlying earnings measures throughout this report are made on
this basis. Underlying measures are presented on a consistent basis
over time to assist in the comparison of performance.
Six months ended Six months ended Year ended
30 June 30 June 31 December
2023 2022 2022
GBPm GBPm GBPm
-------------------------------------------- ------------------- ------------------- ------------
Included in administrative expenses:
Acquisition costs 0.4 - 0.7
Property (gains)/losses - (0.4) 1.5
Amortisation of acquired intangible assets 3.0 1.8 4.8
AIM to Main Market costs (note 1) 5.0 - -
Total non-underlying items (before tax) 8.4 1.4 7.0
Non-underlying taxation (0.7) (0.3) (0.8)
-------------------------------------------- ------------------- ------------------- ------------
Total non-underlying items (after tax) 7.7 1.1 6.2
-------------------------------------------- ------------------- ------------------- ------------
6 Taxation
The tax charge at effective rate for the six months ended 30
June 2023 is based on the estimated effective weighted average rate
applicable for existing operations for the full year.
This reflects a combined underlying effective rate of 20.3% per
cent on profits arising in the Group's UK and Irish subsidiary
undertakings.
7 Interest-bearing loans and borrowings
Net debt
30 June 30 June 31 December
2023 2022 2022
GBPm GBPm GBPm
----------------------------- ------- ------- -----------
Cash and cash equivalents 76.9 39.2 101.7
Current borrowings (7.8) (7.3) (7.9)
Non-current borrowings (289.5) (288.6) (291.5)
----------------------------- ------- ------- -----------
Net debt (including IFRS 16) (220.4) (256.7) (197.7)
----------------------------- ------- ------- -----------
IFRS 16 lease liabilities 49.5 48.5 49.3
----------------------------- ------- ------- -----------
Net debt (excluding IFRS 16) (170.9) (208.2) (148.4)
----------------------------- ------- ------- -----------
Analysis of borrowings between current and non-current
30 June 30 June 31 December
2023 2022 2022
GBPm GBPm GBPm
----------------------- ------- ------- -----------
Lease liabilities 7.8 7.3 7.9
----------------------- ------- ------- -----------
Current borrowings 7.8 7.3 7.9
----------------------- ------- ------- -----------
Bank and USPP debt 247.8 247.4 250.1
Lease liabilities 41.7 41.2 41.4
----------------------- ------- ------- -----------
Non-current borrowings 289.5 288.6 291.5
----------------------- ------- ------- -----------
7 Interest-bearing loans and borrowings (continued)
Facilities
The Group's borrowing facilities comprise a GBP350m
multi-currency RCF and a GBP250m USPP.
The RCF is available to the Group until June 2026. Interest on
the RCF is calculated as a margin referenced to the Group's
Covenant Leverage plus SONIA or EURIBOR according to the currency
of borrowing. Interest margin on the RCF was charged in the period
at rates of between 1.7% and 1.8%.
The USPP was issued in 2021 with an average fixed coupon of
approximately 2% and comprises GBP170m sterling and GBP80m drawn in
euro, with a maturity profile between 2028 and 2036.
During the period, the Group exercised an option to extend the
RCF for a further one year period. Arrangement fees of GBP0.7m were
capitalised in the year and will be amortised over the period of
the additional borrowing.
Borrowing facilities are subject to leverage and interest cover
covenants which are tested half-yearly. The Group remained fully
compliant with all covenants during the period.
8 Earnings per share (restated)
30 June *30 June *31 December
2023 2022 2022
pence pence pence
------------------------------ ------- -------- ------------
Adjusted Underlying Basic EPS 15.3 15.0 35.4
Underlying Basic EPS 15.2 14.9 35.1
Statutory Basic EPS 13.0 14.5 33.2
Underlying Diluted EPS 15.2 14.8 34.9
Statutory Diluted EPS 12.9 14.5 33.1
* Comparative figures restated to reflect the impact of the 5:1
share consolidation undertaken in the period. See note 1.
Adjusted Underlying Basic EPS is calculated based on Underlying
profit for the period attributable to Breedon Group shareholders of
GBP51.6m (30 June 2022: GBP50.3m, 31 December 2022: GBP118.7m),
adjusted to exclude the impact of changes in the deferred tax rate
of GBP0.1m (30 June 2022: GBP0.6m, 31 December 2022: GBP1.1m). The
weighted average number of ordinary shares in issue during the
period was 338,882,282 (*30 June 2022: 338,237,544, *December 2022:
338,553,497).
Underlying Basic EPS is calculated based on the Underlying
profit for the period attributable to Breedon Group shareholders of
GBP51.6m (30 June 2022: GBP50.3m, 31 December 2022: GBP118.7m) and
on the weighted average number of ordinary shares in issue during
the period as above.
Statutory Basic EPS is based on the profit for the period
attributable to Breedon Group shareholders of GBP43.9m (30 June
2022: GBP49.2m, 31 December 2022: GBP112.5m) and on the weighted
average number of ordinary shares in issue during the period as
above.
Diluted earnings per ordinary share is based on 339,548,658
shares (*30 June 2022: 339,495,425, *31 December 2022: 339,812,882)
and reflects the effect of all dilutive potential ordinary
shares.
9 Related party transactions
The nature of related party transactions is consistent with
those disclosed in the Annual Report for the year ended 31 December
2022. Related party transactions are conducted on an arm's length
basis.
10 Acquisitions
The Group completed three acquisitions in the period,
acquiring:
-- 80% of the ordinary share capital of Minster Surfacing Limited on 5 May 2023
-- 100% of the ordinary share capital of Broome Bros. (Doncaster) Limited on 1 May 2023; and
-- 100% of the ordinary share capital of Robinson Quarry Masters Limited on 16 May 2023.
The provisional fair values of the assets and liabilities
acquired are set out as below:
Book value Fair value adjustments Provisional fair value on acquisition
GBPm GBPm GBPm
Intangible assets - 2.8 2.8
Property, plant and equipment 4.7 6.5 11.2
Inventories 1.2 - 1.2
Trade and other receivable 5.4 - 5.4
Cash and cash equivalents 6.0 - 6.0
Trade and other payables (3.3) - (3.3)
Provisions (0.3) - (0.3)
Current tax payable (0.7) - (0.7)
Deferred tax liabilities (0.7) (2.2) (2.9)
--------------------------------- ---------- ---------------------- -------------------------------------
Total 12.3 7.1 19.4
--------------------------------- ---------- ---------------------- -------------------------------------
Cash consideration on completion 17.1
Deferred consideration 8.2
Goodwill arising 5.9
--------------------------------- ---------- ---------------------- -------------------------------------
Consideration
Deferred consideration includes GBP1.1m relating to an earnout
arrangement and GBP1.0m relating to a put liability over the
remaining 20% of the ordinary shares of Minster Surfacing Limited.
The put liability has been accounted for using the anticipated
acquisition method.
The remaining deferred consideration relates to payments to be
made in the second half of 2023 subject to agreement of final
completion accounts.
Fair value adjustments
The fair value adjustments primarily comprised:
- Intangible assets, including the value of acquired customer lists;
- Mineral valuations relating to acquired quarries; and
- Deferred tax balances.
The goodwill arising represents expected synergies, the
potential for future growth, access to new markets and the skills
of the existing workforce. Goodwill is not deductible for tax
purposes.
Impact of current year acquisition
Income statement
During the period, the combined acquisitions contributed
revenues of GBP2.4m, Underlying EBIT of GBP0.4m and profit before
tax of GBP0.4m to the Group. If these acquisitions had occurred on
1 January 2023, the results of the Group for the six months ended
30 June 2023 would have shown revenue of GBP750.0m, Underlying EBIT
of GBP71.6m and Profit before tax of GBP57.6m.
10 Acquisitions (continued)
Cash flow
The cash flow impact of acquisitions in the year can be
summarised as follows:
GBPm
Consideration - cash 17.1
Cash and cash equivalents acquired (6.0)
Net cash consideration shown in the consolidated statement of cash flows 11.1
------------------------------------------------------------------------- -----
Acquisition costs
The Group incurred acquisition related costs of GBP0.4m which
included external professional fees in relation to these
acquisitions. See note 5.
11 Stated and Share capital
Six months ended Six months ended Year ended
30 June 30 June 31 December
Number of Ordinary Shares (m) 2023 2022 2022
Issued ordinary shares at the beginning of period 1,694.4 1,689.7 1,689.7
Issued in connection with:
Exercise of savings-related share options - 2.8 3.1
Vesting of Performance Share Plan awards - 1.6 1.6
5:1 share consolidation as part of corporate
reorganisation (note 1) (1,355.5) - -
338.9 1,694.1 1,694.4
--------------------------------------------------- --------------------------------- ---------------- ------------
12 Reconciliation to non-GAAP measures
A number of non-GAAP performance measures are used throughout
this Interim Report and these Interim Financial Statements. This
note provides a reconciliation from these alternative performance
measures to the most directly related statutory measures.
Reconciliation of earnings based alternative performance
measures
Six months ended Central
30 June 2023 administration Share of profit of
and associate and joint
Great Britain Ireland Cement eliminations ventures Total
GBPm GBPm GBPm GBPm GBPm GBPm
Revenue 519.6 109.1 176.8 (62.8) 742.7
Profit from operations 62.1
Non-underlying items
(note 5) 8.4
------------------------ -------------- --------- ------ ------------------------- ----------------------- -----
Underlying EBIT 42.8 10.0 25.9 (9.8) 1.6 70.5
Underlying EBIT margin 8.2% 9.2% 14.6% 9.5%
------------------------ -------------- --------- ------ ------------------------- ----------------------- -----
Underlying EBIT 42.8 10.0 25.9 (9.8) 1.6 70.5
Share of profit of
associate
and joint ventures - - - - (1.6) (1.6)
Depreciation and mineral
depletion 26.2 3.2 13.9 0.1 - 43.4
------------------------ -------------- --------- ------ ------------------------- ----------------------- -----
Underlying EBITDA 69.0 13.2 39.8 (9.7) - 112.3
------------------------ -------------- --------- ------ ------------------------- ----------------------- -----
12 Reconciliation to non-GAAP measures (continued)
Six months ended Central
30 June 2022 administration Share of profit of
and associate and
Great Britain Ireland Cement eliminations joint ventures Total
GBPm GBPm GBPm GBPm GBPm GBPm
Revenue 473.1 98.4 150.1 (50.5) 671.1
Profit from operations 65.5
Non-underlying items
(note 5) 1.4
------------------------ -------------- --------- ------ ------------------------- ----------------------- -----
Underlying EBIT 41.5 9.0 23.7 (9.0) 1.7 66.9
Underlying EBIT margin 8.8% 9.1% 15.8% 10.0%
------------------------ -------------- --------- ------ ------------------------- ----------------------- -----
Underlying EBIT 41.5 9.0 23.7 (9.0) 1.7 66.9
Share of loss of
associate
and joint ventures - - - - (1.7) (1.7)
Depreciation and mineral
depletion 24.8 3.0 14.0 - - 41.8
------------------------ -------------- --------- ------ ------------------------- ----------------------- -----
Underlying EBITDA 66.3 12.0 37.7 (9.0) - 107.0
------------------------ -------------- --------- ------ ------------------------- ----------------------- -----
Year ended Central
31 December 2022 administration Share of profit
and of associate and
Great Britain Ireland Cement eliminations joint ventures Total
GBPm GBPm GBPm GBPm GBPm GBPm
Revenue 972.4 226.2 300.7 (103.0) 1,396.3
Profit from operations 148.0
Non-underlying items
(note 5) 7.0
----------------------- -------------- --------- ------ ------------------------- ---------------------- -------
Underlying EBIT 86.4 28.3 52.1 (15.3) 3.5 155.0
Underlying EBIT margin 8.9% 12.5% 17.3% 11.1%
----------------------- -------------- --------- ------ ------------------------- ---------------------- -------
Underlying EBIT 86.4 28.3 52.1 (15.3) 3.5 155.0
Share of profit of
associate
and joint ventures - - - - (3.5) (3.5)
Depreciation and
mineral depletion 49.7 6.1 27.5 0.2 - 83.5
----------------------- -------------- --------- ------ ------------------------- ---------------------- -------
Underlying EBITDA 136.1 34.4 79.6 (15.1) - 235.0
----------------------- -------------- --------- ------ ------------------------- ---------------------- -------
Free cash flow
Six months ended Six months ended Year ended
30 June 30 June 31 December
2023 2022 2022
GBPm GBPm GBPm
Net cash from operating activities 47.4 8.6 168.0
Net cash used in investing activities (43.0) (32.0) (112.9)
Acquisition of businesses 11.1 - 12.6
Cash impact of non-underlying items 5.3 1.4 1.0
-------------------------------------- ---------------- ---------------- ------------
Free Cash Flow 20.8 (22.0) 68.7
-------------------------------------- ---------------- ---------------- ------------
12 Reconciliation to non-GAAP measures (continued)
Return on invested capital
Twelve months Year
Twelve months ended ended ended
30 June 30 June 31 December
2023 2022 2022
GBPm GBPm GBPm
-------------------------------------------------- ------------------- ------------- ------------
H2 2021 Underlying EBIT - 77.2 -
H1 2022 Underlying EBIT - 66.9 66.9
H2 2022 Underlying EBIT 88.1 - 88.1
H1 2023 Underlying EBIT 70.5 - -
-------------------------------------------------- ------------------- ------------- ------------
LTM Underlying EBIT 158.6 144.1 155.0
-------------------------------------------------- ------------------- ------------- ------------
Underlying effective tax rate 20.3% 16.4% 16.0%
-------------------------------------------------- ------------------- ------------- ------------
Taxation at the Group's underlying effective rate (32.2) (23.6) (24.8)
Underlying earnings before interest 126.4 120.5 130.2
-------------------------------------------------- ------------------- ------------- ------------
Net assets 1,060.1 987.5 1,043.8
Net debt (note 7) 220.4 256.7 197.7
-------------------------------------------------- ------------------- ------------- ------------
Invested capital 1,280.5 1,244.2 1,241.5
-------------------------------------------------- ------------------- ------------- ------------
Average invested capital* 1,262.4 1,203.3 1,201.9
Return on invested capital** 10.0% 10.0% 10.8%
-------------------------------------------------- ------------------- ------------- ------------
* Average invested capital is calculated by taking the average
of the opening invested capital at the start of the period and the
closing invested capital at the reporting date. Opening invested
capital at 1 January 2022 was GBP1,162.3m.
** Return on invested capital is calculated as underlying
earnings before interest for the previous twelve months, divided by
average invested capital for the period.
Covenant Leverage
Twelve months Twelve months Year
ended ended ended
30 June 30 June 31 December
2023 2022 2022
GBPm GBPm GBPm
As reported
-------------------------------- ------------- ------------- ------------
H2 2021 Underlying EBITDA - 118.2 -
H1 2022 Underlying EBITDA - 107.0 107.0
H2 2022 Underlying EBITDA 128.0 - 128.0
H1 2023 Underlying EBITDA 112.3 - -
-------------------------------- ------------- ------------- ------------
LTM Underlying EBITDA 240.3 225.2 235.0
-------------------------------- ------------- ------------- ------------
Impact of IFRS 16 (11.0) (11.8) (11.3)
-------------------------------- ------------- ------------- ------------
Underlying EBITDA for covenants 229.3 213.4 223.7
-------------------------------- ------------- ------------- ------------
Net debt (excluding IFRS 16) (170.9) (208.2) (148.4)
-------------------------------- ------------- ------------- ------------
Covenant leverage 0.7x 1.0x 0.7x
-------------------------------- ------------- ------------- ------------
Covenant leverage is defined as the ratio of Underlying EBITDA
to Net debt, with both Underlying EBITDA and Net debt adjusted to
reflect the material items which are adjusted by the Group and its
lenders in determining leverage for the purpose of assessing
covenant compliance and, in the case of our bank facilities, the
margin payable on debt. In both the current and prior periods, the
only material adjusting item was the impact of IFRS 16.
Cautionary Statement
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 (which forms part of
domestic UK law pursuant to the European Union (Withdrawal) Act
2018 ("EUWA")) ("UK MAR"). In addition, market soundings (as
defined in MAR) were taken in respect of certain matters contained
in this Announcement with the result that certain persons became
aware of inside information (as defined in MAR), as permitted by
MAR. This inside information is set out in this Announcement.
Therefore those persons that received inside information in a
market sounding are no longer in possession of such inside
information relating to the Company and its securities.
GLOSSARY
The following definitions apply throughout this announcement,
unless the context requires otherwise.
Breedon Breedon Group plc
CDP CDP, formerly known as the 'Carbon Disclosure Project', is a not-for-profit charity that runs
the global disclosure system for investors, companies, cities, states and regions to manage
their environmental impacts.
CEM II CEM II is a composite cement; comprising Portland cement and up to 35% of other single
constituents
to reduce the product's carbon intensity
Covenant Leverage Leverage as defined by the Group's banking facilities. This excludes the impact of IFRS 16
and includes the proforma impact of M&A
EBIT Earnings before interest and tax
EPS Earnings per share
EURIBOR Euro Inter-bank Offered Rate
GAAP Generally Accepted Accounting Principles
GB Great Britain
Group Breedon and its subsidiary companies
IAS International Accounting Standards
IFRS International Financial Reporting Standards
Invested capital Net assets plus net debt
Ireland The Island of Ireland
IT Information Technology
Leverage Net debt expressed as a multiple of Underlying EBITDA
Like-for-like Like-for-like reflects reported values adjusted for the impact of acquisitions, disposals
and the timing of cement plant maintenance shutdowns compared to the comparable period.
LTM Last twelve months
M&A Mergers & acquisitions
NI Northern Ireland
Ppt Percentage point
RCF Revolving credit facility
RoI Republic of Ireland
ROIC Post tax Return on Invested Capital for the previous twelve months
SONIA Sterling Overnight Index Average
UK United Kingdom (GB & NI)
Underlying Stated before acquisition-related expenses, redundancy and reorganisation costs, property
gains and losses, amortisation of acquisition intangibles, AIM to Main Market costs and related
tax items.
Underlying EBITDA Earnings before interest, tax, depreciation and amortisation non-Underlying items and before
our share of profit from associate and joint ventures
USPP US Private Placement
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END
IR DZGZNVKZGFZM
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