11 December 2024
Billington Holdings
plc
("Billington", the "Group" or the "Company")
Trading
Update
Strong trading performance
across the Group
Results for FY24 now
expected to be ahead of current market
expectations
Billington Holdings plc (AIM: BILN),
one of the UK's leading structural steel and construction safety
solutions specialists, is pleased to provide an update on current
trading.
As outlined in the Company's interim
results for the six months ended 30 June 2024, announced on 17
September 2024, the Group delivered a strong performance across all
its business units in the first half of the year. Continued strong
delivery in the second half now results in Group profit before tax
for the year ending 31 December 2024 ("FY24") is expected to be
ahead of current market expectations.
The Group continues to benefit from
improved manufacturing efficiencies and from the deployment of its
capital investment programme across all the Group's production
facilities. The construction of a new building is being undertaken
at the Group's Shafton facility to provide extra capacity for
Tubecon, as well as enabling it to undertake additional large and
complex fabrications. This is expected to be fully operational in
mid-2025. The Billington Structures business located at Shafton has
also recently implemented an additional shift, and taken on
additional resource, to service the volume of work it has
secured.
On 20 September 2024 ISG Construction Holdings Ltd ("ISG") was placed into
administration. Billington has historically traded with various ISG
trading entities, delivering a number of high-profile projects. The
Group has received an interim payment from its credit insurer and
subject to formal acceptance by the insurer of an independent
assessment of the remaining claim, the financial impact on
Billington is expected to be materially restricted to the excess on
the Group's credit insurance. This outcome is incorporated in the
Company's updated market guidance. At the time of administration,
all contracts with ISG, and its trading subsidiaries, were
substantially complete.
The Group has a strong order book
spanning multiple market sectors, and has been successful in
securing a number of significant, good quality contracts for 2025
and into 2026, particularly in sectors that require more complex
solutions such as energy from waste, high-tech manufacturing and
data centres. Whilst remaining mindful of ongoing challenging
market conditions, Billington continues to trade well and is
confident of delivering upon its market expectations for
2025.
The Company expects to release its
results for the year ended 31 December 2024 in April
2025.
Mark Smith, Chief Executive Officer
of Billington, commented:
"I
am pleased that the strong performance seen in the first half of
the year has continued. We have a solid order book across all of
Billington's businesses, and, in addition, a very healthy pipeline
of future opportunities that are close to conversion. Whilst we
remain mindful of the widely publicised, challenging market
conditions, I am optimistic that Billington will continue to
perform robustly in 2025 and beyond."
For
further information please contact:
|
Billington Holdings Plc
Mark Smith, Chief Executive
Officer
Trevor Taylor, Chief Financial
Officer
|
Tel: 01226 340 666
|
|
Cavendish Capital Markets Ltd - Nomad and
Broker
Ed Frisby / Trisyia Jamaludin - Corporate
Finance
Andrew Burdis - ECM
|
Tel: 020 7220 0500
|
|
IFC
Advisory Limited
Tim Metcalfe
Graham Herring
Zach Cohen
|
Tel: 020 3934 6630
billington@investor-focus.co.uk
|
About Billington Holdings plc
Billington Holdings plc (AIM: BILN),
one of the UK's leading structural steel and construction safety
solutions specialists, is a UK based Group of companies focused on
structural steel and engineering activities throughout the UK and
European markets. Group companies pride themselves on the provision
of high technical and professional standards of service to niche
markets with emphasis on building strong, trusted and long-standing
partnerships with all of our clients. https://billington-holdings.plc.uk/
The information contained within
this announcement is deemed to constitute inside information as
stipulated under the retained EU law version of the Market Abuse
Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law
by virtue of the European Union (Withdrawal) Act 2018. The
information is disclosed in accordance with the Company's
obligations under Article 17 of the UK MAR. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.