Profits climb at structural steel group
STRUCTURAL steel company Billington Holdings today announced that the group remains financially strong with an exciting future, as it reported pre-tax profits were more than double market expectations.
In the Barnsley-based group’s full year results for the year ended December 31 2013, it reported adjusted pre-tax profit of £929,000 compared to a £133,000 loss in 2012 on revenue of £37.6m.
Steve Fareham, chief executive, said: “The improvement in Billington’s financial performance in 2013 is testament to the extensive efforts that have been made restructuring all group operations in the recent past. We have established an appropriate platform from which to serve our customers, while ensuring that we have sufficient capacity and capabilities to exploit growth opportunities as our markets continue to recover.
“We entered the 2014 financial year with the strongest order book the group has had for a number of years and are well placed to exploit opportunities presented in the short-term, in addition to continuing to develop opportunities in new sectors in order to maximise long-term growth potential. The group remains financially strong with an exciting future.”
Billington said the market remains challenging although continues to show signs of improvement, with an increase in tender opportunities.
Peter Hems, non-executive chairman, added: “I am pleased to report that the full year results for Billington for 2013 show a considerable improvement against the previous year and, after adjusting for redundancy and reorganisation costs, are significantly ahead of the original market expectations set at the start of the 2013 financial year.”
The group said: “There is no doubt the market will remain challenging in 2014 but management is of the view that we should continue to see further improvement during the course of the year and, as we are starting from a much healthier position than twelve months ago, this will translate into a further improvement in profitability.”
