Optimism at listed steel group, despite pandemic’s impact

Structural steel and construction safety solutions specialist, Billington Holdings, says its strong pipeline gives it confidence, despite the construction sector’s struggles with both material and labour shortages.

The Wombwell-based company has issued a trading update ahead of the release of its results for the year ended 31 December 2021, on 26 April 2022.

Group’s results for the year ended 31 December 2021 have been affected by the timing of certain contracts.

Billington says subsequent to the year-end, and following the placing into administration of a main contractor client, it has taken the “prudent approach” to make an exceptional provision of about £1.1m against receivables on a contract the company was undertaking.

It adds it is currently in talks with the developer to complete the project and seek recovery of all outstanding monies.

Billington notes its current trading is in line with expectations and it anticipates an improved result for the year ended 31 December 2022.  

Its update says the cash position of the Group remains strong and the company is well positioned to be able to take advantage of the significant pipeline of opportunities available.

Mark Smith, CEO, said “2021 has been dominated by the continued challenges arising from the pandemic for both Billington and its clients alike.

“The construction sector has suffered material and labour supply constraints that has affected the cost and timing of projects.

“However, tendering opportunities continue to remain buoyant and the quality of our pipeline provides confidence for 2022 and beyond.”