Contract wins and market share growth at structural steel firm
Structural steel business, Billington Holdings plc, has reported a record order book as of 30 June 2024 as it publishes its interim results for the six months to 30 June 2024.
The Barnsley-based company has recorded revenues of £57.90m (H1 2023: £60.15m) and a pre-tax profit increase of 0.9 per cent to £4.64m (H1 2023: £4.60m).
The firm anticipates that due to the timing of deliveries on certain significant contracts, the group’s revenue will be stronger in the second half of the year.
And it notes FY24 profits are now predicted to be ahead of current market expectations.
Mark Smith, chief executive officer, said: “The first half of 2024 saw Billington continue to deliver a resilient performance across all its business units.
“The group has been successful in securing a number of significant contracts, with further opportunities expected to be realised in the short-term, providing confidence for the delivery of a strong performance in H2 2024 and in 2025.
“I believe the economic environment has begun to stabilise following a challenging period and indications are for the industry to return to regular, steady growth, allowing the group to look forward to the remainder of 2024 and 2025 with optimism and positivity.”
Billington adds that while it remains aware of the continuing tough macroeconomic environment and subdued market this year, it has managed to increase its share of the market.
It says the economic outlook, moving into 2025, is starting to show signs of optimism, with the current downward trajectory of interest rates expected to continue and industry consumption forecast to return to regular growth.
During the period the group continued its planned capital expenditure programme to facilitate efficiency improvements, increase certain manufacturing capacities and to replace obsolete equipment.
Billington says further orders have been placed for additional machinery which will be delivered, installed and commissioned in the second half of the year.
