14th Sep 2018 15:35
LONDON (Alliance News) - Breedon Group PLC said Friday that Woodford Investment Management Ltd and Old Mutual Global Investors Ltd have made changes to their holdings in the company.
Woodford lowered its stake in the construction material company to 6.83% from 11.12% while Old Mutual now owns a 5.14% interest in Breedon.
Old Mutual previous stake was not disclosed.
Last week, Breedon reported a dip in its profit for the first half of the year, as administrative expenses rose on the back of four new acquisitions.
For the six months to June 30, the construction materials manufacturer posted pretax profit of GBP30.4 million, down 3% year-on-year from GBP31.2 million. On an adjusted basis, before acquisition, redundancy and reorganisation costs, pretax profit was GBP37.4 million, a 15% increase of the year before.
Meanwhile, revenue grew by 16% to GBP378.4 million from GBP326.3 million a year prior.
Breedon shares were trading down 0.3% at 74.0 pence each.
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