Billington Holdings sees strong growth as markets improve
STRUCTURAL steel group Billington Holdings today announced strong results and said it is well positioned to benefit from a long-awaited improvement in market conditions.
The Barnsley-based group, which also provides construction safety solutions, saw pre-tax profits rise 132% to £790,000 on revenue up 35% to £23.2m in the six months to June 30.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were up 44% to £1.18m during the period.
The group’s cash increased from £420,000 to £2.8m during the six months while earnings per share from continuing operations rose by 206% to 4.9p from 1.6p.
Billington will consider paying a dividend when it announces full year results in March which are expected to be ahead of forecasts.
Steve Fareham, chief executive, said: “This is a strong set of results, which continues our recent trend of improving performance. The figures are underpinned by our ‘stability and return to profitability’ initiative. The first half of 2014 has seen real signs of improvement in the structural sector and we anticipate that our specialist divisions will demonstrate corresponding improvements in the second half. It is expected that the result for the full year will be ahead of the current forecast.
“Looking ahead, the board is confident of further progress in the company’s trading performance; we believe that the strength of the company’s balance sheet, our strategy and our proven track record make Billington well positioned to benefit from improving market conditions and the new opportunities therein.”
