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• Revenue: Like-for-like revenue fell by 5%.

• EBITDA Margin: Improved by 80 basis points, now slightly below the 17.5% target.

• Net Debt: Closed at just over GBP405 million, with a covenant leverage of 1.4 times.

• Free Cash Flow: Increased, supporting investment and M&A activity.

• Return on Invested Capital (ROIC): Slightly lower at 9%.

• Earnings Per Share (EPS): Increased, with BMC being marginally accretive to EPS.

• Dividend: Increased by 7% to 14.5p per share.

• GB Business Volumes: Fell by 6% across the full year.

• Aggregates and Asphalt Volumes: Declined by 3% to 5%.

• Cement and Ready-Mixed Concrete Volumes: Down 5% and 11% respectively.

• Investment: Over GBP350 million in core capital expenditure over the past three years.

• Major Capital Projects: Expenditure of over GBP23 million in 2024.

• Acquisition of Lionmark: Enterprise value of $238 million, expected to be immediately earnings enhancing.

• US Business EBITDA Margin: 18.7% for BMC.

• Interest Paid: Higher due to increased indebtedness.

• Tax Rate: Effective tax rate higher, with a marginal tax rate for the US business around 25%.

• Capital Expenditure Guidance for 2025: Between GBP125 million and GBP135 million.

• Year-End Net Debt Guidance for 2025: Expected to be just over GBP550 million.

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Release Date: March 05, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Breedon Group PLC (FRA:CQB0) delivered a strong market-beating performance in 2024 despite challenging market conditions.

• The company successfully launched its third platform in the US and announced the acquisition of Lionmark, enhancing its US operations.

• Breedon Group PLC (FRA:CQB0) increased its free cash flow generation and maintained leverage headroom, reducing it by 0.2 times since the half year.

• The company achieved a 7% increase in dividends to 14.5p per share, reflecting confidence in future growth.

• The acquisition of Lionmark is expected to be immediately earnings enhancing and aligns with Breedon Group PLC (FRA:CQB0)'s strategic goals.

Negative Points

• The GB business experienced volume declines, with a 6% fall in volumes across the full year.

• The company's ROIC was slightly lower at 9%, impacted by trading in the GB business and a higher effective tax rate.

• Breedon Group PLC (FRA:CQB0) faced challenges from poor weather conditions, particularly impacting its US operations in the last quarter.

• The economic outlook in the UK remains uncertain, with a lack of catalysts to stimulate a recovery in confidence and investment.

• The company's cash conversion target was reduced to 45%, partly due to increased UK corporation tax rates and higher marginal tax rates in North America.