Quick Facts / Company Snapshot
- Total Revenue (2025): £1,713.8 million
- Underlying EBITDA (2025): £278.8 million
- Statutory Group Profit from Operations: £134.8 million
- Statutory Basic Earnings per Share: 24.2p
- Total Assets: £2,357.6 million
- Net Assets: £1,197.2 million
- Total Liabilities: £1,160.4 million
- Net Debt: £527.3 million
- Free Cash Flow: £133.2 million
- Covenant Leverage: 1.8x
- Mineral Reserves and Resources: 1.5 billion tonnes
- Number of Operational Sites: >350
- Number of Colleagues: Approximately 4,800
- Great Britain Revenue: £1,116.1 million
- United States Revenue: £316.1 million
- Ireland Revenue: £291.6 million
- Total Ordinary Shares Issued: 346.6 million
- Dividend per Share (2025): 15.0p
- Colleague Engagement Score: 77%
- Total Social Value Generated: £134.5 million
Company overview
Breedon Group plc is a leading vertically-integrated international construction materials group operating across Great Britain, Ireland, and the United States. The enterprise supplies the construction industry with the essential materials required to build the places where people live, work, and play. The operational model is designed to produce value-added construction materials, strategically pulling through aggregates and cement to be utilised downstream in the production of ready-mixed concrete, asphalt, and the provision of surfacing solutions.
The business is structured around an evolved strategy committed to expanding and improving operations while prioritising profitable growth. This strategic direction, often referred to as “Breedon 3.0”, relies heavily on a disciplined financial framework and a strong, agile balance sheet that provides strategic flexibility. The overarching purpose of the enterprise is to make a material difference to the lives of its colleagues, customers, and communities.
- 1.5 billion tonnes of mineral reserves and resources provide a long-term store of incumbent value for the enterprise.
- Over 350 operational sites form the extensive footprint across three distinct geographical platforms.
- Approximately 4,800 colleagues are employed to drive operational and commercial excellence.
The vertically-integrated business model is fundamentally asset-backed. The enterprise operates more than 100 quarries, two cement plants, approximately 200 ready-mixed concrete plants, and over 50 asphalt plants. This extensive network enables the efficient extraction, processing, and distribution of value-added materials. Vertical integration provides security of supply and enhanced service, which in turn strengthens customer relationships.
The customer base is highly diversified across sectors and geographies, which inherently reduces reliance on any single customer, product, or region. The enterprise serves infrastructure, housing, commercial, and industrial end-markets. Infrastructure represents approximately 50% of the revenue base, while housing accounts for approximately 20%, and industrial, commercial, and other sectors make up the remaining 30%.
- Aggregates provide a lasting store of value and constrain the distances materials can travel economically.
- Asphalt and ready-mixed concrete are manufactured and delivered locally to order on the day of manufacture.
- Cash collection is highly efficient, rapidly converting revenue into strong operating cash flows.
The enterprise values—keeping it simple, making it happen, striving to improve, and showing we care—are embedded in all aspects of the operation. The commitment to these principles establishes a foundation of trust, integrity, and accountability. The strategic priorities are viewed through the interconnected lenses of Planet, People, Places, and Principles, ensuring a robust approach to operating responsibly and transparently.
Business segments
The operations are organised into a country-based management structure reflecting the geographical profile of the enterprise. Effective 1 July 2025, the structure transitioned from a divisional model to three distinct country-based reporting segments: Great Britain, United States, and Ireland. Total revenue for the enterprise was £1,713.8 million, before eliminations of £(10.0) million.
- Great Britain generated £1,116.1 million in revenue.
- United States generated £316.1 million in revenue.
- Ireland generated £291.6 million in revenue.
Great Britain
The Great Britain segment is the largest within the enterprise, generating £1,116.1 million in revenue, which represents 65.12% of total gross revenue before eliminations. The segment reported an Underlying EBITDA of £185.2 million with an Underlying EBITDA margin of 16.6%. The segment comprises an extensive footprint of assets extending from Somerset to the Hebrides, including quarries, cement, asphalt, ready-mixed concrete, and block plants.
The integration into a unified operating model in Great Britain combines materials, products, cement, and surfacing operations under a single leadership team. This structural shift has streamlined communication, accelerated decision-making, and unlocked significant internal efficiencies. Operational excellence initiatives within this segment delivered material savings, offsetting the impact of rising National Insurance costs and other external pressures through workforce changes and targeted procurement strategies.
- Aggregate volumes in Great Britain declined by 3% during the 2025 financial year.
- Asphalt volumes experienced a 1% growth, largely supported by infrastructure resilience.
- Ready-mixed concrete volumes dropped by 9% to levels last seen in 1963.
The segment includes the Hope Cement plant, the largest in the UK, which demonstrated strong performance by achieving 97% reliability and a record 39% fossil fuel replacement. The segment also extended its southern boundary through two bolt-on acquisitions during the year: Tor Multimix Limited and Hardcrete Limited. Despite a challenging macroeconomic environment and four consecutive years of declining volumes, the segment’s focus on decisive strategic execution ensured that margins were broadly maintained.
United States
The United States segment generated £316.1 million in revenue, accounting for 18.44% of total gross revenue before eliminations. The segment delivered an Underlying EBITDA of £42.8 million with an Underlying EBITDA margin of 13.5%. Headquartered in St. Louis, Missouri, the US business operates a network of quarries, asphalt plants, and ready-mixed concrete facilities, alongside delivering surfacing solutions across four states.
The US platform experienced substantial expansion and diversification during the year following the acquisition of Lionmark Construction Companies LLC. This strategic move balanced the US profile towards the well-funded infrastructure market and enhanced the ability to participate in major transport projects, such as the I-70 highway improvement programme. The segment saw exceptional growth in upstream products, heavily supported by increased vertical integration.
- Aggregates volumes in the US increased by 65%, or 9% on a like-for-like basis.
- Ready-mixed concrete volumes grew by 11%, or 4% on a like-for-like basis.
- The US segment recorded its first asphalt volumes during the 2025 reporting period.
Operations in the Midwest faced extreme adverse weather patterns during the first half of the year, which disrupted customer activity on site for extended periods. St. Louis recorded 31 days with average temperatures below freezing in January and February, and April was the wettest month in over a century. Despite these severe weather disruptions and a subdued residential housing market, the successful integration of Lionmark and strong aggregates pricing power drove significant profitability growth.
Ireland
The Ireland segment generated £291.6 million in revenue, representing 17.01% of total gross revenue before eliminations. The segment achieved an Underlying EBITDA of £64.3 million with an Underlying EBITDA margin of 22.1%. This segment covers operations across the Island of Ireland and encompasses a network of quarries, asphalt plants, a modern cement plant near Dublin, and a highly regarded surfacing business.
The transition to a country-based operating model brought together the strengths of the materials, surfacing, and cement product lines under a unified brand to enhance customer service. The segment successfully reactivated the Spink quarry and secured planning permission to reactivate the Sligo quarry, demonstrating a strategic expansion of mineral reserves. The Kinnegad Cement plant maintained high performance, achieving 95% reliability and a remarkable 82% alternative kiln fuel substitution rate on average.
- Aggregate volumes in Ireland declined by 2% throughout the year.
- Ready-mixed concrete volumes experienced a 4% increase.
- Asphalt volumes grew by 5%, supported by strong infrastructure development.
In the Republic of Ireland, end-market demand remained robust, driven by net immigration and household formation, although infrastructure development slightly lagged. In Northern Ireland, construction activity was more muted, and the A5 upgrade project was paused indefinitely. The segment concluded the year positively by executing high-profile surfacing projects, including work at Dublin airport and enabling works for the delayed Adare Bypass.
History and evolution
The enterprise has built an impressive foundation through 15 years of continuous, profitable growth. Since the first full year of trading in 2011, the compound annual growth rate (CAGR) for revenue has stood at 18%, while Underlying EBITDA has achieved a CAGR of 22%. The strategic approach has been heavily focused on expanding the geographical footprint and improving operational capacities through disciplined mergers and acquisitions alongside robust organic investment.
In the original stages of development, the enterprise concentrated entirely on the Great Britain market, initiating growth through six critical bolt-on transactions between 2012 and 2014. A major milestone was reached in August 2016 with the acquisition of Hope Construction Materials, which brought the UK’s largest independent building materials business into the portfolio. This pivotal transaction incorporated the formidable Hope Cement plant into the asset base and significantly elevated the operational scale.
- The acquisition of Lagan Group in 2018 marked the first expansion outside Great Britain into the Republic of Ireland and Northern Ireland.
- In 2020, a major acquisition of Cemex UK assets was successfully executed to further solidify domestic market share.
- Between 2021 and 2023, twelve targeted bolt-on transactions were seamlessly integrated into the operational network.
The original Lagan Group business was established in Northern Ireland in 1960 and later expanded into the Republic of Ireland in 1989. Following the acquisition by the enterprise in 2018, the Irish operations functioned under the Lagan and Whitemountain brands before merging in 2022 to simplify the brand structure. These historical developments created the robust Ireland platform that currently operates from Cork to Donegal and Galway to Dublin.
The enterprise continued its geographical evolution by launching a third major platform in the United States in 2024 through the acquisition of BMC Enterprises, Inc.. Headquartered in St. Louis, Missouri, this acquisition provided a significant foothold in the US Midwest. In March 2025, the US platform was dramatically expanded and diversified with the acquisition of Lionmark Construction Companies LLC. Today, the enterprise stands as an established Main Market listed company backed by 1.5 billion tonnes of mineral reserves.
Products and services
The vertically integrated business model pulls high-margin products through an extensive distribution network to serve diversified end-markets. The product portfolio includes aggregates, asphalt, ready-mixed concrete, cement, and a variety of specialized building products. The enterprise acts as a business-to-business provider, meeting the complex needs of small local businesses, builders merchants, and major national contractors.
The sale of physical goods constitutes the vast majority of the overall revenue streams. Sale of goods generated £1,209.4 million, representing 70.56% of total revenue. The provision of services, primarily relating to surfacing solutions, generated £504.4 million, which represents 29.43% of total revenue. The focus remains on maximising the value of every tonne of material produced by moving it efficiently from the quarry face to the final construction site.
Sale of Goods (Aggregates, Cement, Concrete, Asphalt)
The sale of goods is the core of the enterprise, generating £1,209.4 million in revenue, which accounts for 70.56% of total revenue. Aggregates represent approximately 30% of total product data revenue, while ready-mixed concrete accounts for roughly 30%. Cement and asphalt each contribute approximately 20% to the product mix. The raw materials are primarily sourced from the 1.5 billion tonnes of mineral reserves held by the enterprise.
Aggregates form the foundational layer of the supply chain. The enterprise extracts crushed rock, sand, and gravel from over 100 active quarries. These primary materials are sold directly to external customers and heavily utilised internally in the production of asphalt and ready-mixed concrete. The aggregates market pricing in both the UK and the US has historically outpaced inflation, creating a resilient pricing environment.
- The Hope and Kinnegad cement plants are capable of producing more than two million tonnes of cement annually.
- Sulfate Resisting Cement is manufactured to prevent rapid deterioration in challenging environments like soils and groundwater.
- The enterprise introduced 12 new decorative aggregates in 2026, including Moorland Black, Polar White, and Harvest Pearl.
Ready-mixed concrete is supplied via a vast fleet of mixer trucks from approximately 200 operational plants. Asphalt is manufactured across more than 50 plants, supplying quality-assured materials for projects ranging from car parks to major trunk roads. The product portfolio is further augmented by bagged cement, concrete blocks, traditional clay flue liners, and decorative chimney pots crafted from local clay. The enterprise actively focuses on substituting primary resources with alternative materials, such as recycled asphalt planings (RAP).
Provision of Services (Surfacing and Maintenance)
The provision of services generated £504.4 million in revenue, representing 29.43% of total revenue. This segment fundamentally encompasses surfacing operations and contracting services. Surfacing revenue is driven by the application of core products, which inherently enhances margins within a highly conservative risk profile. The service teams operate locally but leverage a national footprint to execute projects efficiently.
The enterprise delivers surfacing and maintenance services to a wide array of clients, including national frameworks, local road network authorities, and specialised airfield operators. The integration of surfacing capabilities pulls through high-value materials straight from the quarries and asphalt plants, completing the vertical integration loop. This division is deeply embedded in regional markets to foster direct connections with localized project demands.
- Surfacing services in Great Britain generated £210.9 million in revenue.
- Surfacing operations in the United States generated £161.5 million in revenue.
- Surfacing activities in Ireland generated £132.0 million in revenue.
The business maintains a strong reputation for reliability, executing multi-year frameworks that support infrastructure sustainability. Airfield surfacing represents a highly specialised market where the enterprise has rapidly established a robust position across the UK and the Republic of Ireland, servicing both commercial and defence infrastructure requirements.
Brand portfolio
The enterprise operates a streamlined portfolio of established brands across its markets, retaining significant brand equity following key acquisitions. The strategy emphasises simplifying communication to the industry and stakeholders while preserving the trusted heritage of specialised products. The exact revenue breakdown per brand is not isolated, but the brands directly drive the primary revenue segments within their respective regional markets.
- Breedon is the primary overarching brand used extensively across Great Britain.
- Breedon Ireland was formed in 2022 to consolidate the previously distinct Lagan and Whitemountain brands.
- Kingscourt Brick is synonymous with sustainable, high-quality clay products that have a service life of at least 150 years.
Breedon
The Breedon brand operates as the primary identity for the majority of the enterprise’s heavyside construction materials in Great Britain. Over a decade, it has ascended to become a top-five provider in Great Britain and the Republic of Ireland, recognised highly for product quality and service reliability. The brand encompasses the vast network of aggregates, asphalt, and ready-mixed concrete plants. Under this umbrella, specialised ranges such as “Breedon Balance” have been launched, contributing 39% to the total manufactured product revenue by offering lower-carbon and recycled material solutions.
Breedon Ireland
Breedon Ireland represents the consolidated operations on the Island of Ireland. The brand was unified in 2022 by merging the Lagan and Whitemountain identities, both of which possessed strong heritage as market leaders. The primary objective of the merger was to simplify the operational structure and provide clear, singular communication to the regional industry. The brand encompasses the highly productive Kinnegad Cement plant, an extensive surfacing division, and a widespread quarrying network from Cork to Donegal.
BMC and Lionmark
In the United States, the enterprise retains the established brand identities acquired during its geographical expansion. BMC Enterprises, Inc. serves as the foundational brand for the Midwest platform, delivering aggregates and ready-mixed concrete. Lionmark Construction Companies LLC brings vital asphalt and surfacing capabilities to the portfolio. These brands are extremely well-regarded in Missouri and surrounding states, benefiting from deep, long-standing relationships with state transport authorities and major tier-one contractors.
Kingscourt Brick
Kingscourt Brick is an iconic heritage brand known for more than 100 years of craftsmanship in clay building products. The bricks are manufactured using locally sourced Keuper Marl Clay and fired in state-of-the-art, energy-efficient facilities. The brand provides highly durable products available in multiple textures, colours, and sizes (such as 65mm and 73mm). Kingscourt products are celebrated for their high thermal mass, which contributes to energy performance by naturally regulating internal building temperatures.
Geographical presence
The geographical presence of the enterprise is highly diversified, reducing vulnerability to regional economic downturns. The operations span three major territories: the United Kingdom, the Republic of Ireland, and the United States. This widespread footprint enables the enterprise to supply structurally attractive end-markets that are supported by significant government infrastructure spending. Total revenue is split proportionally across these resilient regions.
- The United Kingdom generated £1,208.8 million, representing 70.53% of total revenue.
- The United States generated £316.1 million, representing 18.44% of total revenue.
- The Republic of Ireland generated £185.0 million, representing 10.79% of total revenue.
United Kingdom (Great Britain and Northern Ireland)
The United Kingdom is the historic core and the largest revenue-generating region for the enterprise, contributing £1,208.8 million in revenue. The operational footprint within Great Britain stretches comprehensively from Somerset in the south to the Hebrides in the north. The region holds over 100 quarries, the flagship Hope Cement plant, and an expansive network of asphalt and concrete plants. Non-current assets located in the United Kingdom amount to £1,105.8 million.
The UK construction market is fundamentally supported by a severe housing shortage, estimated at over 1.5 million homes, generating an ongoing backlog of at least 10 years. Infrastructure spending is heavily backed by the UK government’s commitment to invest £725 billion over the decade to 2035. Despite near-term macroeconomic volatility, the enterprise sustains its market dominance through disciplined cost management, operational efficiency, and a unified country-based management structure.
United States
The United States represents the fastest-growing geographical segment, generating £316.1 million in revenue. Headquartered in St. Louis, Missouri, the US footprint extends across four states within the Midwest. Non-current assets located in the United States currently stand at £392.0 million. The acquisition of Lionmark substantially diversified this regional platform by adding asphalt and surfacing operations to the existing aggregate and ready-mixed concrete capabilities.
Market conditions in the US are highly fragmented, presenting immense opportunities for consolidation through targeted bolt-on acquisitions. Infrastructure funding in this region is uniquely robust, fortified by the US$1.2 trillion Infrastructure Investment and Jobs Act (IIJA) alongside state-level transport fuel taxes. The enterprise has firmly established its reputation locally, securing strong positions on major developments like the I-70 highway improvement programme.
Republic of Ireland
The Republic of Ireland is a highly consolidated and fast-growing market, generating £185.0 million in revenue. Non-current assets positioned within the Republic of Ireland are valued at £353.8 million. The region is characterised by a strong structural growth story driven by demographics, net immigration, and severe housing demand. The enterprise operates the highly efficient Kinnegad Cement plant and a wide array of quarries and asphalt plants servicing the entire country.
The Irish government’s National Development Plan outlines an ambitious €275 billion in public capital investment by 2035, specifically targeting underlying water, energy, and transport infrastructure. The enterprise is uniquely positioned to capture this accelerating demand. Furthermore, strategic expansion continues within the crucial Dublin market, evidenced by the recent acquisition of Booth Precast Products Limited and the successful planning secured for a new ready-mixed concrete facility in the area.
Profit and loss
The enterprise demonstrated resilient statutory performance throughout 2025, supported by stringent financial discipline and the integration of highly synergistic acquisitions. Total revenue experienced a 9% growth to £1,713.8 million, heavily assisted by the Lionmark acquisition and a full-year contribution from BMC. Profit from operations on a statutory basis was recorded at £134.8 million.
- Total Revenue: £1,713.8 million
- Underlying Operating Expenses: £(1,548.2) million
- Non-underlying Operating Expenses: £(34.9) million
- Group Operating Profit: £130.7 million
The depreciation and mineral depletion charge increased to £113.2 million, largely driven by the recent acquisitions and the commencement of depreciation on major capital projects constructed in 2024. The enterprise executed operational excellence initiatives that delivered over £20 million in self-help savings. These savings, achieved through procurement improvements and headcount reductions, effectively offset the financial pressures stemming from inflation and rising employment taxes.
| Profit and Loss Metric | 2025 (£m) | 2024 (£m) |
| Revenue | 1,713.8 | 1,576.3 |
| Operating expenses | (1,583.1) | (1,430.2) |
| Group operating profit | 130.7 | 146.1 |
| Share of profit of associate and joint ventures | 4.1 | 3.5 |
| Profit from operations | 134.8 | 149.6 |
| Financial income | 0.2 | 1.2 |
| Financial expense | (29.7) | (25.4) |
| Profit before taxation | 105.3 | 125.4 |
| Taxation | (21.4) | (29.1) |
| Profit for the year | 83.9 | 96.3 |
Statutory Basic Earnings per Share (EPS) concluded at 24.2p, reflecting the increased interest and amortisation charges linked to funding aggressive expansion strategies. The Underlying effective tax rate was effectively managed at 21.3%, with minimal impact from the new Global Minimum Corporate Tax ‘Pillar Two’ rules.
Balance sheet
The enterprise maintains a strong, flexible balance sheet designed to support strategic optionality, resilient capital deployment, and progressive dividend distribution. At the close of 2025, Net Assets demonstrated growth, standing robustly at £1,197.2 million. This structural financial strength ensures the enterprise is capable of undertaking targeted M&A while surviving the inherent cyclicality of global construction markets.
- Total Non-Current Assets: £1,851.6 million
- Total Current Assets: £506.0 million
- Total Current Liabilities: £(375.1) million
- Total Non-Current Liabilities: £(785.3) million
Increases in total assets to £2,357.6 million and total liabilities to £1,160.4 million were predominantly driven by the strategic acquisition of Lionmark. The balance sheet reflects £996.1 million in property, plant, and equipment, heavily anchoring the asset-backed nature of the business model. Intangible assets rose to £792.1 million, reflecting acquired goodwill and customer relationships.
| Balance Sheet Metric | 2025 (£m) | 2024 (£m) |
| Property, plant and equipment | 996.1 | 939.1 |
| Intangible assets | 792.1 | 686.3 |
| Inventories | 127.1 | 135.7 |
| Trade and other receivables (Current) | 263.4 | 261.0 |
| Cash and cash equivalents | 115.5 | 70.0 |
| Interest-bearing loans and borrowings (Current) | (49.1) | (49.8) |
| Trade and other payables | (285.9) | (283.6) |
| Interest-bearing loans and borrowings (Non-current) | (593.7) | (425.5) |
| Provisions (Non-current) | (88.7) | (91.4) |
| Net Assets | 1,197.2 | 1,170.6 |
Net Debt expanded to £527.3 million primarily to fund the Lionmark transaction. However, precise financial management allowed Covenant Leverage to fall to 1.8x by December, down from a half-year peak of 2.2x. The business successfully extended its £400 million Revolving Credit Facility to July 2029 and issued an additional €95 million of USPP loan notes at highly attractive fixed interest rates.
Cash flow
The operating model is highly cash-generative, swiftly converting revenue and underlying profit into liquid cash. The short lifespan of delivered products like asphalt and ready-mixed concrete, coupled with highly efficient cash collection procedures, creates rapid liquidity turnover. In 2025, Net cash from operating activities achieved an impressive £225.9 million.
- Operating cash flows before changes in working capital and provisions: £273.2 million
- Net cash used in investing activities: £(265.2) million
- Net cash used in financing activities: £82.3 million
- Free Cash Flow: £133.2 million
Free Cash Flow (FCF) before major capital investment projects increased to £133.2 million, setting a record post-Covid performance. The Free Cash Flow conversion rate improved for the third successive year to 48%, surpassing the medium-term target of 45%. This exceptionally strong conversion was heavily supported by disciplined working capital management and carefully controlled capital expenditure.
| Cash Flow Metric | 2025 (£m) | 2024 (£m) |
| Cash generated from operating activities | 269.4 | 243.3 |
| Interest and income taxes paid | (40.9) | (39.9) |
| Net cash from operating activities | 225.9 | 201.7 |
| Acquisition of businesses | (159.9) | (173.6) |
| Purchase of property, plant and equipment | (120.1) | (131.3) |
| Net cash used in investing activities | (265.2) | (296.2) |
| Dividends paid | (51.5) | (48.3) |
| Proceeds from interest-bearing loans | 166.0 | 357.4 |
| Repayment of interest-bearing loans | (22.1) | (304.0) |
| Net cash used in financing activities | 82.3 | (3.0) |
| Net increase/(decrease) in cash and cash equivalents | 43.0 | (97.5) |
Investing cash flows were dominated by the £159.9 million dedicated to the acquisition of businesses, primarily Lionmark. Furthermore, £120.1 million was proactively invested in purchasing property, plant, and equipment to drive operational efficiency and modernization. Financing activities included £51.5 million distributed as robust dividend payouts to shareholders, alongside significant strategic loan negotiations.
Board of directors and leadership team
The Board of Directors is structured to provide rigorous, forward-looking governance. The Board comprises an executive leadership team with deep international construction materials experience, supported by independent non-executive directors who contribute a vast wealth of governance, risk, and corporate finance expertise.
- Amit Bhatia serves as the Non-executive Chair. He was appointed to the Board in August 2016, became Deputy Chair in April 2018, and stepped into the Chair role in May 2019. Bhatia brings over 20 years of corporate finance and private equity experience to the table. He previously served as the Executive Chairman of Hope Construction Materials before its acquisition by the enterprise. He acts as a founding Partner at Summix Capital and is a Director of Queens Park Rangers Football Club.
- Rob Wood is the Chief Executive Officer. Appointed to the Board in March 2014 as Group Finance Director, he transitioned to CEO in April 2021. He boasts over 25 years of experience in the international building materials industry, having held senior positions at Hanson plc and Drax Group plc. He ensures the operational day-to-day management aligns strictly with long-term strategy.
- James Brotherton acts as the Chief Financial Officer, having joined the Board in April 2021. Prior to this, he served as CFO of Tyman plc from 2010 to 2019 and brings extensive investment banking experience from his time at Citi and HSBC. He currently holds positions as a Director of The Quoted Companies Alliance and is a Member of the Panel on Takeovers and Mergers.
- Pauline Lafferty operates as an Independent Non-executive Director, Chair of the Remuneration Committee, and Designated Non-executive Director for Workforce Engagement. She provides extensive international human resources experience, previously serving as Chief People Officer at Weir Group plc.
- Helen Miles is an Independent Non-executive Director and joined the Board in April 2021. With profound operational experience across telecom and banking, she currently serves as the Chief Financial Officer for Severn Trent plc and previously worked as CFO for Openreach.
- Clive Watson serves as the Senior Independent Director and Chair of the Audit & Risk Committee, appointed in 2019. He brings substantial financial acumen as the former Group Finance Director of Spectris plc and CFO at Borealis.
- Carol Hui, OBE was appointed as an Independent Non-executive Director in May 2020 and serves as Chair of the Sustainability Committee. She formerly operated as the Non-executive Chairman at Robert Walters plc and Chief of Staff at Heathrow Airport Limited.
The governance framework is tightly regulated by key committees, including the Audit & Risk Committee, the Nomination Committee, the Remuneration Committee, and the Sustainability Committee, ensuring comprehensive oversight across all strategic domains.
Subsidiaries, associates, joint ventures
The enterprise oversees a vast network of indirectly and directly held subsidiaries, joint ventures, and associates that execute the operational strategy across all regions. The complete ownership of numerous vital manufacturing, quarrying, and holding companies ensures seamless vertical integration.
- Lionmark Construction Companies LLC is 100% held by the enterprise. As the monumental 2025 acquisition, it brought vital asphalt capabilities to the US operations, contributing £161.4 million in revenue for its ten-month period under ownership, equating to roughly 9.4% of total group revenue.
- BMC Enterprises, Inc is 100% held. Acquired in 2024, it functions as the cornerstone of the United States platform, managing extensive aggregate and concrete operations.
- Lagan Group (Holdings) Limited and Whitemountain Quarries Ltd are both 100% held. These entities form the historical bedrock of the highly profitable operations across the Island of Ireland.
- Hope Construction Products Limited and Breedon Cement Limited are 100% owned, managing the immense output of the flagship UK cement facilities.
The enterprise also maintains strategic joint ventures and associates to leverage shared expertise. BEAR Scotland Limited is a 37.5% held associate. It serves as a major contributor to the £4.1 million share of profit from joint ventures, managing trunk roads across Scotland. Other 50% held joint ventures include Breedon Colas Limited, Northern Quarry Products Limited, and Priority Lagan Joint Venture Limited.
Other Investments (Including Minority / Portfolio Holdings)
Beyond its consolidated subsidiaries and 50% joint ventures, the enterprise strategically holds minority stakes in specific entities to foster industry collaboration and forward-looking technological advancements.
- Peak Cluster Limited is a critical strategic holding in which the enterprise possesses a 14.4% ownership stake. The entity is a joint venture bringing together industry giants (including Tarmac CRH, Holcim UK, and SigmaRoc) alongside Progressive Energy and the National Wealth Fund. It is a strategic, non-passive investment incorporated in England and Wales focused on advancing Carbon Capture and Storage (CCS) technology within the Peak District to decarbonise the UK cement industry.
- Lough Neagh Sand Traders Limited is 25% owned by the enterprise. Located in Northern Ireland, this holding supports strategic access to specialised mineral resources.
- Fruitland Asphalt LLC is a 30% owned holding situated in the United States, providing supplementary reach within the Missouri asphalt market.
Physical properties
The enterprise operates an extensive, asset-backed physical network that guarantees security of supply and robust market access. The operational footprint encompasses more than 350 active sites. The physical properties are intricately linked to the underlying 1.5 billion tonnes of permitted mineral reserves.
- Quarries: The enterprise controls more than 100 highly productive quarries. Notable sites include the newly reactivated Spink quarry in the Republic of Ireland, Leaton quarry, and the historically rich White Mountain quarry near Belfast.
- Cement Plants: Two massive, well-invested cement plants serve as the anchor of the materials division: the Hope Cement plant in Derbyshire, England, and the Kinnegad Cement plant in Westmeath, Ireland.
- Concrete and Asphalt Plants: Over 200 ready-mixed concrete plants and more than 50 asphalt plants are distributed strategically to ensure materials are manufactured close to the end-consumer.
- Specialised Facilities: The enterprise operates vital infrastructure including bitumen terminals at Belfast and Dublin ports, concrete block manufacturing plants, and the historic Kingscourt clay brick factory.
Founders
The current corporate structure is the culmination of vast historical consolidation rather than the continuous operation of a single founder-led entity. However, the foundational heritage of the business’s distinct divisions is deeply tied to prominent industry pioneers. The Irish operations trace their lineage directly to Peter Lagan, who established the original Lagan Group in 1960 by opening the very first quarry at White Mountain on the outskirts of Belfast. The Kingscourt Brick operations boast over a century of traditional brickmaking craftsmanship, establishing a legacy of durability in County Cavan. Similarly, the US operations have roots in multi-generational family-run businesses that built the Midwest infrastructure.
Parent
The enterprise operates as a completely independent, publicly traded entity listed on the Premium Segment of the Main Market of the London Stock Exchange. There is no ultimate controlling party, and the enterprise does not have a parent company overseeing its operations.
Investments and capital expenditure plans
Capital deployment is thoughtfully balanced between maintaining asset integrity and aggressively pursuing growth opportunities. Investment strategies are firmly supported by the enterprise’s high Free Cash Flow conversion and conservative leverage policies.
- Total Capital Expenditure: £120.1 million was invested in purchasing property, plant, and equipment during 2025, representing 106% of depreciation.
- Fleet Modernisation: £15 million of capital expenditure was dedicated to replacing vehicles across the group with newer, more energy-efficient models.
- Asphalt Upgrades: £3.5 million was invested in modernising the Longwater asphalt plant, alongside extensive burner replacements at three other Great Britain sites to accommodate LPG and lower-carbon fuels.
- Cement Decarbonisation: The enterprise plans to invest over £20 million over the next three years to progress front-end engineering and design (FEED) for the Hope carbon capture plant in correlation with the Peak Cluster project.
Capital allocation priorities continually assess M&A opportunities, organic investment, and sustainable dividend payouts. The enterprise focuses relentlessly on securing incremental permits and contiguous land parcels to expand the 1.5 billion tonne mineral reserve, securing 50 million tonnes of new minerals in 2025 alone.
Shareholding pattern
The shareholder base consists of highly prominent institutional investors who support the long-term strategic vision of the enterprise. As of the end of 2025, 346.6 million ordinary shares were issued.
- Abicad Holding Limited holds 67,054,894 shares, representing a dominant 19.35% ownership stake.
- Blackrock, Inc. possesses 25,193,171 shares, reflecting a 7.25% holding.
- Lansdowne Partners (UK) LLP holds 17,614,547 shares, equalling 5.09% of the voting rights.
- GLG Partners LP retains 17,387,925 shares, amounting to 5.03% ownership.
- Ameriprise Financial, Inc. controls 16,868,435 shares, equivalent to a 4.97% stake.
The board encourages widespread employee ownership, facilitating Sharesave schemes in Great Britain and Ireland, alongside the rollout of the US Employee Stock Purchase Plan (ESPP) to align the interests of colleagues with those of long-term investors.
Future strategy
The future strategy is boldly outlined within the “Breedon 3.0” framework, which prioritises aggressive, profitable growth through dual lenses: Expand and Improve. The primary goal over the next decade is to exponentially scale the United States business until it is as large as the Great Britain and Ireland platforms combined.
The enterprise will persistently chase targeted bolt-on M&A opportunities across all three geographical platforms, capitalising on a well-populated pipeline of family-run businesses. Simultaneously, management will relentlessly drive commercial excellence, aiming to maximise the value derived from every tonne of rock extracted. This includes expanding the “Breedon Balance” range of sustainable products to comprise 50% of manufactured product revenue by 2030. The enterprise is fundamentally committed to achieving net zero greenhouse gas emissions by 2050, actively pioneering carbon capture technologies to secure long-term operational viability.
Key strengths
The fundamental strength of the enterprise is anchored in its massive, irreplaceable asset base combined with a highly defensive, vertically integrated operational model.
- Asset Backing: Holding 1.5 billion tonnes of permitted mineral reserves provides an unassailable long-term store of incumbent value, particularly as new quarry planning permissions are rarely granted.
- Vertical Integration: The ability to pull aggregates and cement through to downstream operations (ready-mixed concrete, asphalt, surfacing) captures multiple margins and deepens customer reliance.
- Geographic Diversification: Operating across three distinct, well-funded territories severely limits exposure to isolated economic downturns.
- Cash Generation: An exceptionally high Free Cash Flow conversion rate (48%) provides the ultimate flexibility to deleverage quickly while pursuing ambitious M&A agendas.
Key challenges and risks
The enterprise navigates a complex matrix of macroeconomic, environmental, and operational risks that have the potential to impact performance.
- Macroeconomic Volatility: High financing and building costs, alongside severe political and regulatory uncertainty, depressed ready-mixed concrete volumes in Great Britain to their lowest point since 1963.
- Climate Change and Carbon Pricing: As the enterprise operates carbon-intensive cement plants, failing to meet decarbonisation targets or facing aggressive carbon taxation (without matching border adjustment mechanisms) poses an immense financial threat.
- Adverse Weather: Extreme weather events, such as those that struck Missouri in early 2025, heavily disrupt seasonal construction patterns, directly impacting aggregate and asphalt demand.
- Mineral Depletion: The business relies on the continuous replenishment of mineral reserves; failing to secure complex planning and environmental permits would severely throttle future output.
Conclusion and strategic outlook
The enterprise has conclusively proven its ability to thrive through adversity. Despite severe weather disruptions in the United States, indefinite infrastructure delays in Northern Ireland, and a historically subdued housing market in Great Britain, the business delivered robust revenue of £1,713.8 million and grew Underlying EBITDA to £278.8 million in 2025. By rapidly integrating the Lionmark acquisition and transitioning to an agile, country-based management structure, the operational foundations are stronger than ever.
Looking ahead, the enterprise is remarkably well-positioned to capitalise on immense, committed government infrastructure spending programmes across all three territories. As interest rates stabilise and planning reforms begin to alleviate housing shortages, the demand for essential construction materials will inevitably accelerate. Armed with 1.5 billion tonnes of mineral reserves, a fortified balance sheet, and a clear vision to dominate the US Midwest, the enterprise stands primed for a highly lucrative future.
FAQ section
What is the primary business of Breedon Group plc?
The enterprise is a vertically-integrated international construction materials group. It extracts aggregates and manufactures cement, which are used to produce ready-mixed concrete, asphalt, and specialist building products. It also provides essential surfacing and contracting services.
How much revenue did the enterprise generate in 2025?
Total revenue for the 2025 financial year was £1,713.8 million, marking a 9% increase driven by the acquisition of Lionmark and disciplined pricing strategies.
What regions does the enterprise operate in?
Operations are split across three primary geographical segments: Great Britain, the United States (specifically the Midwest), and the Island of Ireland.
What is the “Breedon 3.0” strategy?
“Breedon 3.0” is the evolved strategic framework that commits to expanding and improving the business through disciplined mergers and acquisitions, operational excellence, and a deep commitment to sustainability and decarbonisation.
How much mineral reserves does the enterprise hold?
The enterprise stewards an impressive 1.5 billion tonnes of permitted mineral reserves and resources, ensuring decades of secure production capacity.
Who are the largest shareholders of the enterprise?
Abicad Holding Limited is the largest shareholder with a 19.35% stake, followed by major institutional investors including Blackrock, Inc. (7.25%) and Lansdowne Partners (5.09%).
What are the enterprise’s sustainability goals?
The enterprise is committed to achieving net zero greenhouse gas emissions by 2050. Near-term goals include reducing absolute gross scope 1 and 2 emissions by 23.3% by 2030 and generating £500 million in social value.
How did the Lionmark acquisition impact the business?
Acquired for a total consideration of £169.9 million in March 2025, Lionmark brought vital asphalt and surfacing capabilities to the US platform, doubling the size of the US business and significantly rebalancing it toward the infrastructure sector.
Official Site: https://www.breedongroup.com/
Source: Content on FirmsWorld.com is based on publicly available corporate filings, regulatory disclosures, annual reports, SEC 10-K filings, investor relations materials, and, where applicable, direct communications with the company.
