Structural steel company shares up 10% after £14m deals signed

Structural steel company Billington Holdings saw its share price soar on Friday (4 August) after it announced that it had secured two contracts worth £14m.

The two contracts are with unnamed “prominent main contractors”. The first is for a South West distribution centre, and the other for a London university. Its share price rose 22.5p late last week, a positive sign from investors. The 10.11% increase sawits price rise to 245p per share.

It is welcome news for the Barnsley-based business, which has seen the price of its shares decline since it reached highs of 260p per share in June this year. Prior to that it had remained, on average, relatively steady.

The group is predicting a very busy second half of the year with a proportion of the work expected to carry over into 2018.

Mark Smith, chief executive officer, commented: “The award of these two prestigious contracts is great news for Billington and is a testament to our team and our expertise. We look forward to working closely with both contractors to successfully deliver these projects.

“We believe that the Group can look forward to a busy second half of the year and that these contracts highlight that there are many positive tender opportunities in the market.

“We look forward to keeping shareholders updated on the Group’s progress in September upon the release of the interim results.”