TIDMBILN
RNS Number : 7121A
Billington Holdings PLC
27 September 2022
27 September 2022
Billington Holdings Plc
("Billington", the "Group" or the "Company")
Interim Results for the six months to 30 June 2022
&
Investor Presentation
Billington Holdings Plc (AIM: BILN), one of the UK's leading
structural steel and construction safety solutions specialists, is
pleased to announce its unaudited interim results for the six
months ended 30 June 2022.
Unaudited Unaudited six Percentage
six months months to 30 Movement
to 30 June June 2021
2022
Revenue GBP46.19m GBP37.73m 22.4%
------------ -------------- -----------
Adjusted EBITDA* GBP2.52m GBP1.73m 45.7%
------------ -------------- -----------
EBITDA GBP2.35m GBP1.73m 35.8%
------------ -------------- -----------
Adjusted profit before
tax* GBP1.47m GBP0.76m 93.4%
------------ -------------- -----------
Profit before tax GBP1.30m GBP0.76m 71.1%
------------ -------------- -----------
Cash and cash equivalents GBP5.31m GBP13.19m (59.7)%
------------ -------------- -----------
Adjusted earnings per
share (EPS)* 10.1p 5.1p 98.0%
------------ -------------- -----------
Earnings per share (EPS) 8.7p 5.1p 70.6%
------------ -------------- -----------
*before share based payments
Highlights
-- Revenue increased by 22.4 per cent to GBP46.19 million
(H1 2021: GBP37.73 million) as post pandemic market recovery
continued
-- Adjusted profit before tax* increased 93.4 per cent to
GBP1.47 million (H1 2021: GBP0.76 million)
-- Cash and cash equivalents decreased by 59.7 per cent to
GBP5.31 million at 30 June 2022 (30 June 2021: GBP13.19
million and 31 December 2021: GBP10.38 million), reflecting
inventories and work in progress increasing to GBP16.28
million (30 June 2021: GBP14.38 million) and trade and
other receivables increasing to GBP13.17 million (30 June
2021: GBP5.65 million), primarily as a result of payments
due for receipt post period end. Some materials were purchased
earlier than ordinarily would have been the case both
to secure supply and enhance margins on contracts
-- Post period end cash generation and cash receipts leading
to cash and cash equivalents at 26 September 2022 of GBP11.35
million
-- The period was one of stabilisation and continued recovery
post the Covid-19 pandemic as challenging market conditions,
including supply side inflation and constraints, remained
-- The Group has a strong current order book, at improved
margin levels, and a significant pipeline of opportunities,
providing an improved outlook for the second half of 2022
and into 2023
Post Period Highlights
-- The Group has secured a significant volume of new work
post period end. In particular contracts have been secured
in the data centre, energy from waste and industrial warehousing
sectors at improved margins.
Mark Smith, Chief Executive Officer of Billington,
commented:
"The first half of the year was a period of both stabilisation
and continued recovery following the Covid-19 pandemic related
disruption to the market. Whilst the financial results for the
period were impacted by the completion of lower margin legacy
contracts and continued material price inflation and supply
constraints, I believe the business has a bright future. We have
been building our order book with improved margin work and are
seeing some stability return to the market.
"Whilst macroeconomic headwinds are likely to remain for some
time, particularly with regard to material availability, price
volatility and continuing inflationary pressures, we are seeing a
consistent stream of opportunities at better margins. Billington
continues to be a robust business with a strong balance sheet, with
limited borrowings and has weathered the pandemic well. I now
expect the Group to deliver profits for the full year and for FY23,
ahead of previous Board expectations."
For further information please contact:
Billington Holdings Plc Tel: 01226 340 666
Mark Smith, Chief Executive Officer
Trevor Taylor, Chief Financial Officer
finnCap Ltd - Nomad and Broker Tel: 020 7220 0500
Ed Frisby / Charlie Beeson - Corporate
Finance
Andrew Burdis / Barney Hayward - ECM
IFC Advisory Limited Tel: 020 3934 6630
Tim Metcalfe
Graham Herring
Zach Cohen
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/
Investor Presentation
Billington's CEO, Mark Smith, and CFO, Trevor Taylor, will
provide a live presentation relating to the interim results via the
Investor Meet Company platform on 27 September 2022 at 15.00
BST.
The presentation is open to all existing and potential
shareholders. Questions can be submitted via your Investor Meet
Company dashboard at any time during the live presentation
today.
Investors can sign up to Investor Meet Company for free and add
to meet Billington via:
https://www.investormeetcompany.com/billington-holdings-plc/register-investor
Investors who already follow Billington on the Investor Meet
Company platform will automatically be invited.
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.
CHIEF EXECUTIVE STATEMENT
Introduction
The first half of 2022 saw a further recovery in the market
following the Covid-19 pandemic, although a number of project
delays continued as some clients paused their decision making in
the light of a turbulent and inflationary environment. The Group's
revenues increased by 22.4 per cent to GBP46.19 million for the
period (H1 2021: GBP37.73 million), a similar level of revenue to
that in the first half of 2019 (H1 2019: GBP47.15 million), a
period before the pandemic struck.
During the period margin pressure remained across the industry
and the overall profitability of the Group was impacted by the
completion of legacy contracts. However, the Group has been
successful in recent times in securing a number of significant
contracts at improved margin levels and has a very healthy pipeline
of current and potential business.
Whilst we are mindful of continuing inflationary pressures and
supply constraints on materials and labour, we anticipate a further
improvement in performance in the second half of the year.
Billington has weathered the pandemic well and remains a robust and
profitable business, supported by a healthy balance sheet and a
committed workforce. The Group is well placed to take advantage of
the significant number of opportunities at improved margin levels
that are currently being presented.
Group Companies
Billington Structures and Shafton Steel Services
Billington Structures is one of the UK's leading structural
steelwork contractors with a highly experienced workforce capable
of delivering projects from simple building frames to complex
structures in excess of 10,000 tonnes. With facilities in Barnsley
and Bristol and a heritage dating back over 75 years, the business
is well recognised and respected in the industry with the capacity
to process over 50,000 tonnes of steel per annum.
The Shafton facility operates in two distinct business areas.
The first undertakes activities for Billington Structures. The
second, Shafton Steel Services offers a complete range of steel
profiling services to many diverse external engineering and
construction companies, providing further opportunities for growth
as well as allowing for the supply of value added, complementary
products and services enhancing the comprehensive offering of the
Group.
During the first half of the year the Group's structural steel
businesses continued to operate at near full capacity, although a
number of projects continued to be subject to delays and timetable
movements. Many of the projects undertaken, as in 2021, continued
to be in areas, such as large distribution warehouses, which have a
larger steel content per man hour than more complex projects such
as commercial offices, and as such attracted a lower, all be it
positive margin. Whilst the business maintained a good spread of
customers, the margins achieved were impacted by the legacy nature
of many of the contracts.
A number of larger than average contracts were secured
subsequent to the period end at improved margins, particularly in
the data centre, energy from waste and industrials sectors. These
contract wins provide an increased visibility well into 2023 and
allow us to look forward with an increased level of optimism.
Specialist Protective Coatings
In March 2022 the Group announced the formation of a new
subsidiary, Specialist Protective Coatings Ltd ("SPC"), focussed on
surface preparation and the application of protective coatings for
products across a variety of sectors including rail, highways,
defence, petrochemical, energy, structural steel and
infrastructure.
The business was formed in January 2022 following the Company's
acquisition out of administration of the trading assets of Orrmac
Coatings Ltd ("Orrmac Coatings"), a specialist painting company
based in Sheffield, UK.
The Group had been seeking to expand its painting capabilities
for some time and the acquisition presented an excellent
opportunity to strengthen the Group's internal offering in this
area, as well as providing a specialist service to the wider
market. Since Billington acquired the trading assets of Orrmac
Coatings, based in a 55,000 square foot facility in Sheffield, it
has undergone a substantial refurbishment, and an investment
programme is ongoing to ensure the facility is able to effectively
service the most demanding of projects, including shotblasting and
lifting capabilities for steel assemblies that are amongst the
largest in the UK.
The business has made good progress since its formation and is
trading in line with expectations, servicing both internal
Billington work and external customers. In addition, the Group has
recently established a dedicated on-site painting service to enable
SPC to be a one-stop-shop for the painting requirements of the
structural steel sector.
Peter Marshall Steel Stairs
Based in Leeds, Peter Marshall Steel Stairs is a specialist
designer, fabricator and installer of bespoke steel staircases,
balustrade systems and secondary steelwork. It has the capability
to deliver stair structures for the largest construction projects
and operates in sectors spanning retail, data, commercial offices,
education, healthcare, rail and many more.
Peter Marshall Steel Stairs continued its recent strong
performance in the period, maintaining robust margins and
undertaking substantial work as part of contracts with Billington
Structures and for third parties.
During the period the business received its largest ever order
of over GBP2.0 million, and enjoys a robust market position, as one
of the largest companies in its sector, in what is a fragmented
market. The outlook for Peter Marshall Steel Stairs continues to be
positive and the business has a strong order book for the remainder
of 2022 and into 2023.
Easi-Edge
Easi-Edge is a leading site safety solutions provider of
perimeter edge protection and fall prevention systems for hire
within the construction industry. Health and safety is at the core
of the business which operates in a legislative driven market.
Easi-Edge remains a significant and consistent contributor to
Group profits, although the business continued to experience lower
than historic utilisation rates for its solutions in the first
half. This is primarily as a result of the limited number of
commercial office developments currently being undertaken, as these
types of projects require a greater amount of product when compared
to most other types of projects, such as distribution
warehouses.
However, Easi-Edge continues to secure opportunities in those
buoyant market sectors where new developments are being undertaken
and it is anticipated that activity for the remainder of 2022 will
be consistent with that achieved in the first half.
Hoard-it
Hoard-it produces a unique range of re-usable temporary hoarding
solutions which are environmentally sustainable and available on
both a hire and sale basis tailored to the requirements of its
customers.
Hoard-it enjoyed a very strong first half of 2022, outperforming
management's expectations, as new projects were secured, and others
resumed following the delays experienced due to the Covid-19
pandemic. During the period Hoard-it secured its largest ever order
of over GBP0.5 million for a large mixed-use development in
Kent.
Other significant projects were undertaken for both existing and
new customers, as the client base expanded in line with the goal of
ensuring the hoarding system becomes the number one choice for main
contractors and developers in the built environment. Hoard-it
particularly benefited from its investment in stock levels in
advance of anticipated demand, enabling rapid deployment of its
solutions and providing a degree of mitigation for inflationary
pressures on its materials to ensure margins were protected.
Hoard-it's expanded graphics capability, introduced in 2021, was
also a catalyst for attracting further demand and is being utilised
on both Hoard-it's own products and on those produced by
others.
Financial Results
Revenue and Profit Before Tax
Group revenue increased by 22.4 per cent in the period to
GBP46.19 million (H1 2021: GBP37.73 million) as the post pandemic
market recovery continued and new business was secured.
Despite the continuing challenging market conditions and
inflationary pressures, profit before tax for the period improved
to GBP1.30 million (H1 2021: GBP0.76 million), an increase of 35.8
per cent on H1 2021.
Earnings per Share
Earnings per share for the first half of the year increased by
70.6 per cent to 8.7 pence (H1 2021: 5.1 pence).
Liquidity and Capital Resources
The Group's gross cash and cash equivalents decreased by 59.7
per cent to GBP5.31 million at 30 June 2022 (30 June 2021: GBP13.19
million and 31 December 2021: GBP10.38 million) with inventories
and work in progress increasing to GBP16.28 million (30 June 2021:
GBP14.38 million). Trade and other receivables increased to
GBP13.17 million (30 June 2021: GBP5.65 million), primarily as a
result of payments due for receipt from a number of larger
contracts post period end.
During the period the Group temporarily utilised a proportion of
its cash resources to maximise the margin available on contracts
via the stockpiling of steel when appropriate to take advantage of
attractive supply and pricing opportunities. At the end of the
period the Group had approximately GBP3 million of steel stockpiled
over and above that held historically for a similar level of
business. This has largely been utilised post period end. As at 26
September 2022 the Group had cash and cash equivalents of GBP11.35
million.
Capital Expenditure
During the period the Group continued to invest in capital
expenditure projects to facilitate service enhancements and to
replace obsolete equipment.
A new specialist steel profiling machine was installed in
Shafton Steel Services in the period that increases the output of
specialised profiling services it offers to the external market as
well as for Billington Structures and Peter Marshall Steel
Stairs.
A programme of updating the Groups saw/drill lines commenced
with the first machine being delivered and installed at the
Wombwell facility in September 2022. The new machines, replacing
outdated, aged technology will increase the capacity, productivity
and efficiency of Billington Structures' operations moving
forward.
The Group will continue to actively invest in appropriate areas,
whilst being mindful of the returns achievable from capital
investment in light of ongoing equipment price inflation.
Production Resources
Billington, alongside the wider steel industry has struggled
with the recruitment of sufficient skilled production labour at its
facilities resulting in reduced capacity and under recovery of its
overheads.
In order to address these issues the Group has progressed its
activities in two key areas to enhance the recruitment of skilled
fabricators and welders.
Billington, in combination with Betterweld, a specialist
training provider, has reached an agreement in principal with
Barnsley College to set up a regional training centre to provide
fabrication/welding training at our Shafton facility. This
partnership will provide access to increased numbers of direct
personnel on a consistent basis at its two Barnsley based
facilities.
Investigations into the recruitment of qualified overseas labour
in the first half of the year has now progressed and the Company is
now seeing the arrival of its first cohort of experienced
fabricators. The anticipated increased volume of skilled direct
labour over the remainder of 2022 will increase the production
capacities of the Company and improve the margins achievable on its
contracts.
Dividend
In the first half of 2022 Billington declared a final dividend
in relation to the year ended 31 December 2021 of 3.00 pence per
share amounting to GBP0.39 million, which was 2.7 times covered by
2021 underlying earnings. No interim dividend for 2022 has been
declared (2021: nil), a policy consistent with prior years.
Market and Economic Outlook
During the period iron ore and metallurgic coking coal prices
continued to be volatile, rising at the start of the year, before
declining towards the period end. This, coupled with significant
increases in energy prices has led to continued volatility and
inflationary pressures on steel prices, a situation that has
continued post period end. Whilst the Group operates many fixed
price supply contracts and has arrangements in place to mitigate
some of the increases, we have suffered continued escalation in the
price of consumables and ancillary products that we have not been
able to pass on. Although in general prices appear to be
stabilising, inflationary pressures and the restrictions in the
supply of certain steel products are expected to continue for some
time.
Many of the markets in which Billington operates continue to see
reduced levels of activity, particularly large office developments.
However, other sectors such as large distribution warehouses and
industrial developments combined with energy from waste and data
centre facilities are more active. With all our projects we are
conscious that a number of the main construction contractors
continue to operate under significant pressure as they deliver
contracts that were tendered for before the recent price rises. The
Group insures its exposures with the maximum available cover, in a
difficult credit insurance market, and continues to focus on
projects with the more robust larger contractors that can deliver
an appropriate margin. We have a robust process in place to assess
the risks associated with individual projects on a case-by-case
basis to reduce and mitigate the associated risks where
possible.
Prospects and Outlook
The first half of the year was a period of both stabilisation
and continued recovery following the Covid-19 pandemic related
disruption to the market. Whilst the financial results for the
period were impacted by the completion of lower margin legacy
contracts and continued material price inflation and supply
constraints, I believe the business has a bright future. Billington
continues to be a robust business and has weathered the pandemic
well.
Whilst macroeconomic headwinds are likely to remain for some
time, particularly with regard to material availability, price
volatility and continuing inflationary pressures, we are seeing a
consistent stream of opportunities at improved margins and have a
very healthy order book. Recently secured contracts for two energy
from waste facilities and a number of large industrial production /
warehousing projects are good examples of the type of business we
are managing to secure. We are also seeing other opportunities
particularly in large retail distribution warehouses, data centres,
'Gigafactories', food processing developments, public sector works,
rail infrastructure and stadium developments, together with a
return of some commercial office development projects and for
projects outside of the UK.
In closing, I would like to thank Billington's Board, employees,
shareholders and all stakeholders for their continued support.
Despite the difficult macroeconomic environment, I believe that
Billington is very well positioned and I now expect the Group to
deliver profits for the full year and for FY23, ahead of previous
Board expectations.
Mark Smith
Chief Executive
27 September 2022
Condensed consolidated interim income statement
Six months ended 30 June 2022
Unaudited Unaudited Audited
Six months Six months Twelve months
to 30 to 30
June June to 31 December
----------- --------------- -------------
Underlying Non-underlying Total
----------- --------------- -------------
2022 2021 2021 2021 2021
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 46,189 37,733 82,720 - 82,720
=========== =========== =========== =============== =============
Raw material and consumables 29,962 24,324 55,784 - 55,784
Other external charges 2,898 2,189 4,542 - 4,542
Staff costs 9,280 8,050 16,268 - 16,268
Depreciation 1,023 969 1,960 - 1,960
Other operating charges 1,700 1,441 2,827 - 2,827
Impairment losses - - - 1,123 1,123
----------- ----------- ----------- --------------- -------------
44,863 36,973 81,381 1,123 82,504
----------- ----------- ----------- --------------- -------------
Operating profit 1,326 760 1,339 (1,123) 216
Net finance (expense)/income (27) 3 (37) - (37)
---------------
Profit before tax 1,299 763 1,302 (1,123) 179
Tax (247) (145) (324) 213 (111)
Profit for the period
from continuing operations
and attributable to equity
holders of the parent
company 1,052 618 978 (910) 68
=========== =========== =========== =============== =============
Earnings per share (basic
and diluted) 8.7 p 5.1 p 0.6 p
----------- --------------- -------------
Earnings per ordinary share has been calculated on the basis of the result
for the period after tax, divided by the weighted average number of ordinary
shares in issue in the period, excluding those held in the ESOT, of 12,115,051.
The comparatives are calculated by reference to the weighted average number
of ordinary shares in issue which were 12,103,647 for the period to 30
June 2021 and 12,106,797 for the year ended 31 December 2021.
Condensed consolidated interim statement of comprehensive
income
Six months ended 30 June 2022
Unaudited Unaudited Audited
Six months Six months Twelve months
to 30
June to 30 June to 31 December
2022 2021 2021
GBP'000 GBP'000 GBP'000
Profit for the period 1,052 618 68
Other comprehensive income
Remeasurement of net defined benefit
surplus - - 1,023
Movement on deferred tax relating to
pension liability - - (348)
----------- ----------- -----------------
Other comprehensive income, net of tax - - 675
Total comprehensive income for the period
attributable to equity holders of the
parent company 1,052 618 743
=========== =========== ===============
Condensed consolidated interim balance sheet
As at 30 June 2022
Unaudited Unaudited Audited
30 June 30 June 31 December
2022 2021 2021
GBP'000 GBP'000 GBP'000
Assets
Non current assets
Property, plant and equipment 16,581 14,473 14,854
Pension asset 2,673 1,683 2,673
Total non current assets 19,254 16,156 17,527
---------- ---------- ------------
Current assets
Inventories 2,635 1,565 1,894
Contract work in progress 13,645 12,815 10,257
Trade and other receivables 13,167 5,647 12,216
Current tax receivable 233 177 679
Cash and cash equivalents 5,306 13,192 10,382
Total current assets 34,986 33,396 35,428
---------- ---------- ------------
Total assets 54,240 49,552 52,955
---------- ---------- ------------
Liabilities
Current liabilities
Current portion of long term borrowings 250 250 250
Trade and other payables 20,849 18,116 21,455
Lease liabilities 48 - -
Total current liabilities 21,147 18,366 21,705
---------- ---------- ------------
Non current liabilities
Long term borrowings 625 875 750
Lease liabilities 1,106 - -
Deferred tax liabilities 1,108 476 1,108
Total non current liabilities 2,839 1,351 1,858
---------- ---------- ------------
Total liabilities 23,986 19,717 23,563
---------- ---------- ------------
Net assets 30,254 29,835 29,392
========== ========== ============
Equity
Share capital 1,293 1,293 1,293
Share premium 1,864 1,864 1,864
Capital redemption reserve 132 132 132
Other reserve (770) (783) (770)
Accumulated profits 27,735 27,329 26,873
Total equity 30,254 29,835 29,392
========== ========== ============
Condensed consolidated interim statement of changes in
equity
(unaudited)
Share Share Capital Other Accumulated Total
capital premium redemption components profits equity
account reserve of equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2021 1,293 1,864 132 (783) 26,711 29,217
Profit for the six months to 30 June
2021 - - - - 618 618
Total comprehensive income for the period - - - - 618 618
-------- -------- ----------- ----------- ------------ --------
At 30 June 2021 1,293 1,864 132 (783) 27,329 29,835
======== ======== =========== =========== ============ ========
At 1 July 2021 1,293 1,864 132 (783) 27,329 29,835
Dividends - - - - (515) (515)
Debit related to equity-settled share
based payments - - - - (53) (53)
ESOT movement in period - - - 13 (13) -
Transactions with owners - - - 13 (581) (568)
-------- -------- ----------- ----------- ------------ --------
Loss for the six months to 31 December
2021 - - - - (550) (550)
Other comprehensive income
Actuarial gain recognised in the pension
scheme - - - - 1,023 1,023
Income tax relating to components of
other comprehensive income - - - - (348) (348)
Total comprehensive income for the period - - - - 125 125
-------- -------- ----------- ----------- ------------ --------
At 31 December 2021 1,293 1,864 132 (770) 26,873 29,392
======== ======== =========== =========== ============ ========
At 1 January 2022 1,293 1,864 132 (770) 26,873 29,392
Equity dividends - - - - (363) (363)
Credit related to equity-settled share
based payments - - - - 173 173
Transactions with owners - - - - (190) (190)
-------- -------- ----------- ----------- ------------ --------
Profit for the six months to 30 June
2022 - - - - 1,052 1,052
Total comprehensive income for the period - - - - 1,052 1,052
-------- -------- ----------- ----------- ------------ --------
At 30 June 2022 1,293 1,864 132 (770) 27,735 30,254
======== ======== =========== =========== ============ ========
Condensed consolidated interim cash flow statement
Six months ended 30 June 2022
Unaudited Unaudited Audited
Six months Six months Twelve months
to 30
June to 30 June to 31 December
2022 2021 2021
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Group profit after tax 1,052 618 68
Taxation received/(paid) 199 (62) (246)
Interest received 6 13 21
Depreciation on property, plant
and equipment 1,023 969 1,960
Share based payment charge/(credit) 173 - (53)
Profit on sale of property, plant
and equipment (105) (92) (221)
Taxation charge recognised in income
statement 247 145 111
Net finance income/(expense) 27 (3) 37
Increase in inventories and contract
work in progress (4,129) (9,302) (7,073)
(Increase)/decrease in trade and
other receivables (951) 7,229 660
(Decrease)/increase in trade and
other payables (969) (491) 2,848
Net cash flow from operating activities (3,427) (976) (1,888)
----------- ----------- ---------------
Cash flows from investing activities
Purchase of property, plant and
equipment (1,602) (908) (2,351)
Proceeds from sale of property,
plant and equipment 118 94 294
Net cash flow from investing activities (1,484) (814) (2,057)
----------- ----------- ---------------
Cash flows from financing activities
Interest paid (13) (10) (25)
Repayment of bank and other loans (125) (125) (250)
Capital element of leasing payments (27) (9) (9)
Dividends paid - - (515)
Net cash flow from financing activities (165) (144) (799)
----------- ----------- ---------------
Net decrease in cash and cash equivalents (5,076) (1,934) (4,744)
Cash and cash equivalents at beginning
of period 10,382 15,126 15,126
Cash and cash equivalents at end
of period 5,306 13,192 10,382
=========== =========== ===============
Total cash and cash equivalents 5,306 13,192 10,382
=========== =========== ===============
Notes to the interim accounts - as at 30 June 2022
Segmental Reporting
The Group trading operations of Billington Holdings plc are in
Structural Steelwork and Safety Solutions, and all are continuing.
The Structural Steelwork segment includes the activities of
Billington Structures Limited, Peter Marshall Steel Stairs Limited
and Specialist Protective Coatings Limited, and the Safety
Solutions segment includes the activities of easi-edge Limited and
hoard-it Limited. The Group activities, comprising services and
assets provided to Group companies and a small element of external
property rentals and management charges, are shown in Other. All
assets of the Group reside in the UK.
Unaudited Unaudited Audited
Six months Six months Twelve months
to 30th to 30th
June June to 31st December
2022 2021 2021
GBP000 GBP000 GBP000
Analysis of revenue
Structural Steelwork 40,975 33,830 73,960
Safety Solutions 5,214 3,903 8,760
Other - - -
Consolidated total 46,189 37,733 82,720
============== =========== =================
Analysis of operating profit/(loss) before
finance income
Structural Steelwork 612 306 (1,139)
Safety Solutions 739 438 1,241
Other (25) 16 114
Consolidated total 1,326 760 216
============== =========== =================
Basis of preparation
These consolidated interim financial statements are for the six
months ended 30 June 2022. They have been prepared with regard to
the requirements of IFRS. The financial information set out in
these consolidated interim financial statements does not constitute
statutory accounts as defined in S434 of the Companies Act 2006.
They do not include all of the information required for full annual
financial statements, and should be read in conjunction with the
consolidated financial statements of the Group for the year ended
31 December 2021 which contained an unqualified audit report and
have been filed with the Registrar of Companies. They did not
contain statements under S498 of the Companies Act 2006.
These consolidated interim financial statements have been
prepared under the historical cost convention. The accounting
policies have been applied consistently throughout the Group for
the purposes of preparation of these consolidated interim financial
statements
Dividends
In the first half of 2022 Billington Holdings Plc declared a
final dividend of 3.0 pence (2021: 4.25 pence) per share amounting
to GBP388,000 (2021: GBP550,000) to its equity shareholders. No
interim dividend for 2022 has been declared (2021: nil).
These results were approved by the Board of Directors on 26
September 2022.
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