Revenues and profits increase at listed steel group

Revenues have risen by 15.1% to £37.73m (H1 2020: £32.78m) at structural steel and construction safety firm Billington Holdings, which has issued its interim results for the six months ended 30 June 2021.

The Wombwell-based company also saw its pre-tax profits increase 24.6% to £0.76m (H1 2020: £0.61m).

It notes it has witnessed an improvement in opportunities during the period, but trading conditions, including pressure on margins as a result of raw material price inflation, delays to project starts and supply constraints remain across the industry.

Billington says it has a strong current order book and pipeline of opportunities, “providing a solid foundation for the second half of 2021 and into 2022.”

Mark Smith, chief executive officer, added: “The first half of the year saw the continuation of the recovery experienced in the later part of 2020 as the market recovered from the worst effects of the Covid-19 pandemic.  

“The Group continued to face challenges, both from the impact of the Covid-19 pandemic and raw material price increases, together with supply constraints for certain materials and labour. 

“However, whilst the overall market is challenging, the directors believe the outlook for Billington is encouraging.

“The order book is at a consistently high level, comprising both delayed and new projects and the Group has good visibility of significant future prospects. 

“We anticipate a further improvement in Group financial performance in the second half of the year, although the precise outturn for the year will be dependent on the timing of certain contracts, combined with any effects from continuing material price inflation and supply constraints.”