SOURCE: Aggregates Business | March 14, 2025
Breedon, the FTSE 250 vertically-integrated construction materials group in Great Britain, Ireland and the United States, has announced its record underlying results for the year ended 31 December 2024 and its latest US acquisition – Lionmark Construction Companies, for an enterprise value of US$238m.
Today’s acquisition of Lionmark is expected to more than double Breedon’s US turnover and immediately enhance earnings; in the space of a year, Breedon has built a US business of scale that is already, on a pro-forma basis, the equivalent size of its Irish business.
Breedon’s full-year 2024 revenues were up 6% to £1.576.3 billion, with EBITDA up 6% to £245.8 million. Profit before tax was down 7% to £125.4 million.
On the results, Rob Wood, Chief Executive Officer, remarked: “2024 was another successful year for Breedon. We entered the US market, delivered record revenue in the face of challenging conditions, and took care of our people. I am extremely proud of what our team has accomplished. What they deliver is remarkable and does not happen by chance. It takes grit, resolve and a relentless focus on getting the job done, and so I thank them for ‘Making it Happen’.
“When I reflect on another year of progress at Breedon, I am struck by how much we have changed and improved. We have extended our model downstream and into new geographies, grown our team and expanded our market position. Even more striking is what has remained the same. By staying true to our purpose of making a material difference while living our values, we have built a bigger and better Breedon.
“Entering 2025, we have three strong platforms, a first-class team, and an abundance of opportunity and our markets are poised for recovery. Our refreshed Breedon 3.0 strategy means that everything we need for success is now in place, and I am more excited than ever for our future”.
On the acquisition, Andy Arnold, CEO and President of BMC, commented: “The acquisition of Lionmark represents a significant milestone in the development of our US business. Lionmark is extremely complementary to our existing operations, diversifying BMC’s product to supply asphalt and surfacing solutions into an attractive market which is well-positioned for future growth.”
On the acquisition, Rob Wood, Chief Executive Officer, commented: “The acquisition of Lionmark will more than double our US revenue, is expected to be immediately earnings enhancing for shareholders while allowing Breedon to maintain a conservative and flexible balance sheet to pay dividends and make further bolt-on acquisitions across each of our platforms as opportunities arise.
“In a year, we have built a US business of scale that is already on a pro-forma basis the equivalent size of our Irish business. We are delighted to welcome our new colleagues to Breedon and look forward to working with them as we continue to expand Breedon’s presence in the United States.”
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