Materials firm returns to black in first half

Materials firm Breedon is raising its underlying full year profit forecast to the top end of expectations after returning to the black in the first half.

The company said a booming housing market and a commitment from the British and Irish governments to increasing spending on infrastructure meant underlying earnings for the year would be closer to 拢128m.

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Breedon said underlying earnings will be close to 拢130m this year

The firm added it was paying its first ever interim dividend after its numbers jumped from a 拢10.1m loss for the first half last year to a 拢46.2m pre-tax profit in the six months to the end of June.

Turnover in the first half was up 79% to 拢601m following the easing of lockdown restrictions.

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