TIDMBILN
RNS Number : 8207M
Billington Holdings PLC
19 September 2023
19 September 2023
Billington Holdings Plc
("Billington", the "Group" or the "Company")
Interim Results for the six months to 30 June 2023
A record first half performance by the Group
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 2023.
Unaudited Unaudited six Percentage
six months months to 30 Movement
to 30 June June 2022
2023
Revenue GBP60.15m GBP46.19m 30.2%
------------ -------------- -----------
EBITDA* GBP5.67m GBP2.35m 141.3%
------------ -------------- -----------
Adjusted profit before
tax** GBP4.96m GBP1.47m 237.4%
------------ -------------- -----------
Profit before tax GBP4.60m GBP1.30m 253.8%
------------ -------------- -----------
Cash and cash equivalents GBP10.82m GBP5.31m 103.8%
------------ -------------- -----------
Return on Capital Employed
(ROCE)*** 38.3% 13.2% 190.2%
------------ -------------- -----------
Basic Earnings per share
(EPS) 28.8p 8.7p 231.0%
------------ -------------- -----------
* Earnings before interest, tax, depreciation and
amortisation
** before share based payments of GBP0.36 million (H1 2022:
GBP0.17 million)
*** annualised operating profit divided by average net assets,
adjusted for cash and defined benefit pension scheme
Highlights
-- Revenue increased by 30.2 per cent to GBP60.15 million
(H1 2022: GBP46.19 million), representing record first
half revenues for the Group
-- Adjusted profit before tax** increased by 237.4 per cent
to GBP4.96 million (H1 2022: GBP1.47 million), an excellent
performance achieved by the Group
-- Continuing strong cash and cash equivalents balance of
GBP10.82 million as at 30 June 2023 (31 December 2022:
GBP11.63 million and 30 June 2022: GBP5.31 million). Disciplined
cash management with inventories and contract work in
progress increasing to GBP20.44 million (30 June 2022:
GBP16.28 million) and trade and other receivables increasing
to GBP17.56 million (30 June 2022: GBP13.17 million),
primarily as a result of the increased volume of work
being undertaken by the Group
-- The Group delivered a very strong performance in the period
across all its business units and is currently trading
ahead of the Board's previous expectations for the full
financial year. Significant work in progress, a good current
order book and a positive pipeline of opportunities provides
confidence for a continued strong performance in the second
half of the year
Mark Smith, Chief Executive Officer of Billington,
commented:
" The first half of 2023 saw Billington achieve record first
half revenues and good profits, with a strong performance across
all its business units. The Group has been successful in securing a
number of significant contracts and has a very healthy pipeline of
current and potential business, with significant work in progress.
The Group is benefiting from its investment in its capabilities,
facilities and people to strengthen its market position and secure
contracts at more attractive margins. Whilst we remain mindful of
continuing inflationary pressures and an uncertain macroeconomic
outlook, we anticipate a robust performance in the second half of
the year for the Group.
"I believe that Billington is very well positioned to deal with
market challenges and I now expect the Group to deliver profits for
the full year 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
Tel: 020 7220 0500
Cavendish Capital Markets Ltd
- Nomad and Broker
Ed Frisby / Charlie Beeson - Corporate
Finance
Andrew Burdis / Barney Hayward
- ECM
IFC Advisory Limited Tel: 020 3934 6630
Tim Metcalfe billington@investor-focus.co.uk
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 be
hosting an interactive presentation on the Investor Meet Company
platform at 3.00 p.m. today, Tuesday 19 September 2023. The
presentation is open to all existing and potential shareholders.
Questions can be submitted at any time during the live
presentation. 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.
Change of Name of Nominated Adviser and Broker
The Company also announces that its Nominated Adviser and Broker
has changed its name to Cavendish Capital Markets Ltd following
completion of its own corporate merger.
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 2023 saw a further recovery in the market
following the Covid-19 pandemic disruptions and the Group achieved
record first half revenues and profits. The Group's revenues
increased by 30.2 per cent to GBP60.15 million for the period (H1
2022: GBP46.19 million) and despite margin pressures remaining
across the industry, profit before tax increased by 253.8 per cent
to GBP4.60 million (H1 2022: GBP1.30 million), the highest ever
first half level achieved by the Group . The Group is also now debt
free, having repaid the remaining outstanding debt in January
2023.
The Group has been successful in securing a number of
significant contracts at improved margin levels and has a healthy
pipeline of current and potential business, with significant work
in progress. Whilst we remain mindful of continuing inflationary
pressures and an uncertain macroeconomic outlook, we anticipate a
continued strong performance in the second half of the year.
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 two facilities in
Barnsley and a further facility in Bristol and with 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.
Although the market continues to be unsettled, with a number of
projects being deferred or cancelled, during the first half of the
year the Group's structural steel businesses continued to operate
at near full capacity, with benefits being seen from increases to
capacity following recent efficiency and process improvements,
driven by the Group's investment in capital equipment and people.
Furthermore, some modest softening in some of the Company's primary
raw material prices in the period has aided the enhancement of
margin on some projects.
Many of the projects undertaken were at higher margins than
those achieved in 2022 and the business continues to serve a wide
variety of markets, with a good spread of customers. Particularly
strong demand is being seen in the energy from waste, high-tech
manufacturing, infrastructure and data centre areas. Whilst large
office developments remain limited and industrial warehousing
development has slowed, Billington Structures continued to secure
contracts in these areas.
Billington Structures has a healthy order book, providing good
visibility into 2024, and this allows us to look forward with
cautious optimism to a continued strong performance.
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. SPC was formed following the Company's acquisition
of the trading assets of Orrmac Coatings Ltd ("Orrmac Coatings"), a
specialist painting company based in Sheffield, UK.
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
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 excellent progress since its formation and
it is now fully integrated within the Group, servicing both
internal Billington work and external customers. During the period
SPC operated at near full capacity and is now trading profitably.
In addition, the Group has expanded its 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 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 orders from a
variety of sectors and enjoys a secure 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 2023 and into 2024.
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 pre-Covid-19 pandemic utilisation rates for its solutions in
the first half. This is primarily as a result of the continued
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 does continue to secure opportunities in
those buoyant market sectors where new developments are being
undertaken.
Hoard-it
Hoard-it produces a specialised 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 again enjoyed a very strong performance in the first
half of 2023, with significant growth, as new projects were
secured, and others resumed following the delays experienced due to
the Covid-19 pandemic. Hoard-it further expanded its graphics
capability, Brand-it, which was introduced in 2021. This is a value
added, margin enhancing product, that has also been a catalyst for
the strong H1 performance. Brand-it's offering is being utilised on
both Hoard-it's own products and on those produced by others.
Whilst material price inflation continued to be experienced in
the early part of the year, a recent softening of material costs,
in particular timber, gives further confidence that margins can be
maintained. Hoard-it has also benefited from its investment in
stock levels in advance of anticipated demand, enabling rapid
deployment of its solutions.
Financial Results
Revenue and Profit Before Tax
Group revenue increased by 30.2 per cent in the period to
GBP60.15 million (H1 2022: GBP46.19 million), a record first half
performance for Billington, as the Group successfully executed a
number of significant contracts at improved margin levels. This led
to profit before tax for the period improving to GBP4.60 million
(H1 2022: GBP1.30 million), an increase of 253.8 per cent on H1
2022.
Basic Earnings per Share (EPS)
Basic earnings per share for the first half of the year
increased by 231.0 per cent to 28.8 pence (H1 2022: 8.7 pence).
Liquidity and Capital Resources
Continuing strong cash and cash equivalents balance of GBP10.82
million as at 30 June 2023 (31 December 2022: GBP11.63 million and
30 June 2022: GBP5.31 million). Disciplined cash management with
inventories and contract work in progress increasing to GBP20.44
million (30 June 2022: GBP16.28 million) and trade and other
receivables increasing to GBP17.56 million (30 June 2022: GBP13.17
million), primarily as a result of the increased volume of work
being undertaken by the Group.
Capital Expenditure
During the period the Group continued its planned capital
expenditure programme to facilitate efficiency improvements,
increase certain manufacturing capacities and to replace obsolete
equipment. The largest project undertaken in the period was the
delivery and installation of a new saw and drill line at Billington
Structures' Bristol facility, which was fully operational by the
period end.
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 faced
challenges with the recruitment of sufficient skilled production
labour at its facilities. In order to address these issues the
Group has focussed its activities in two key areas; the recruitment
of overseas labour and the enhancement of locally based training,
in particular to increase the recruitment of skilled fabricators
and welders.
In the first half of 2023 the Group completed the initial phase
of its overseas recruitment programme and has now welcomed 37 new
staff members from overseas. These new staff members, who comprise
approximately 10% of the total Group workforce, have already
provided a valuable contribution to the Group's capabilities,
allowing capacity to be increased and demand to be serviced.
Billington has assisted these new recruits to settle in the UK and
is providing certain ongoing assistance with housing.
The Group continues to recognise the importance of training and
developing skilled labour locally, working in partnership with a
number of education providers. In particular, Billington, in
combination with Betterweld, a specialist training provider, has
finalised an agreement with Barnsley College to set up a regional
training centre to provide fabrication/welding training at the
Group's Shafton facility. This training centre is expected to be
operational from October 2023 and will provide the Group ongoing
access to an increased number of trained personnel for the Group's
two Barnsley based facilities.
Dividend
In the first half of 2023 Billington declared a final dividend
in relation to the year ended 31 December 2022 of 15.5 pence per
share amounting to GBP2.00 million, which was 2.52 times covered by
2022 underlying earnings. This dividend represented the largest
ever dividend declared by the Company. No interim dividend for 2023
has been declared (2022: nil), a policy consistent with prior
years.
Market and Economic Outlook
During the period a degree of stability returned on the supply
side and the Group experienced none of the supply issues seen over
the last few years. There was some softening in steel prices, which
has assisted margins in the short term and energy costs were lower
than anticipated at the start of the year. This stability is
expected to remain over the next 12 months.
The Group continues to benefit from significant projects in
energy from waste, high-tech manufacturing, infrastructure and data
centre facilities. However, some of the markets in which Billington
operates continue to see reduced levels of activity from historic
levels, particularly large office developments, and industrial
warehousing development, with less speculative development being
undertaken.
We are conscious that a number of the main construction
contractors continue to operate under significant pressure and the
Group has experienced deferred and cancelled contracts. The Group
insures its exposures with the maximum available cover, in a
continuing difficult credit insurance market, and focuses 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 significant growth
across the Group, with record first half sales and profits being
delivered. Whilst the macroeconomic background remains uncertain,
we have a significant level of work in progress, are seeing a
consistent stream of opportunities at attractive margins and have a
very healthy order book. Billington is a robust business, with a
strong market position, and debt free.
I am very pleased with the performance across the Group in the
first half of 2023 and I would like to thank Billington's Board,
employees, shareholders and all stakeholders for their continued
support.
I believe that Billington is very well positioned to deal with
any market challenges and I now expect the Group to deliver profits
for the full year ahead of previous Board expectations.
Mark Smith
Chief Executive
19 September 2023
Condensed consolidated interim income statement
Six months ended 30 June 2023
Unaudited Unaudited Audited
Six months Six months Twelve months
to 30 June to 30 June to 31 December
Total
2023 2022 2022
GBP'000 GBP'000 GBP'000
Revenue 60,154 46,189 86,614
=========== =========== ===============
Raw material and consumables (37,712) (30,581) (51,277)
Other external charges (2,660) (2,277) (4,792)
Staff costs (11,675) (9,280) (19,566)
Depreciation (1,100) (1,023) (2,044)
Other operating charges (2,437) (1,702) (3,024)
----------- ----------- ---------------
(55,584) (44,863) (80,703)
----------- ----------- ---------------
Operating profit 4,570 1,326 5,911
Net finance charge/(income) 29 (27) (82)
Profit before tax 4,599 1,299 5,829
Tax (1,081) (247) (1,095)
Profit for the period attributable
to equity holders of the parent
company 3,518 1,052 4,734
=========== =========== ===============
Basic earnings per share 28.8p 8.7p 39.1p
=========== =========== ===============
Diluted earnings per share 27.0p 8.7p 37.8p
=========== =========== ===============
Condensed consolidated interim statement of
comprehensive income
Six months ended 30 June 2023
Unaudited Unaudited Audited
Six months Six months Twelve months
to 30 June to 30 June to 31 December
2023 2022 2022
GBP'000 GBP'000 GBP'000
Profit for the period 3,518 1,052 4,734
Other comprehensive income
Remeasurement of net defined benefit
surplus - - (486)
Movement on deferred tax relating
to pension liability - - 122
----------- ------------- -----------------
Other comprehensive income, net
of tax - - (364)
Total comprehensive income for the
period attributable to equity holders
of the parent company 3,518 1,052 4,370
=========== ============= =================
Condensed consolidated interim balance
sheet
As at 30 June 2023
Unaudited Unaudited Audited
30 June 30 June 31 December
2023 2022 2022
GBP'000 GBP'000 GBP'000
Assets
Non current assets
Property, plant and equipment 20,023 16,581 19,264
Investment property 464 - 464
Pension asset 2,174 2,673 2,174
Total non current assets 22,661 19,254 21,902
---------- ---------- ------------
Current assets
Inventories 2,039 2,635 3,334
Contract work in progress 18,398 13,645 13,548
Trade and other receivables 17,557 13,167 10,258
Current tax receivable - 233 -
Cash and cash equivalents 10,821 5,306 11,634
Total current assets 48,815 34,986 38,774
---------- ---------- ------------
Total assets 71,476 54,240 60,676
---------- ---------- ------------
Liabilities
Current liabilities
Current portion of long term borrowings - 250 250
Trade and other payables 31,384 20,849 22,044
Lease liabilities 153 48 143
Current tax payable 369 - 69
Total current liabilities 31,906 21,147 22,506
---------- ---------- ------------
Non current liabilities
Long term borrowings - 625 500
Lease liabilities 1,721 1,106 1,798
Deferred tax liabilities 1,525 1,108 1,525
Total non current liabilities 3,246 2,839 3,823
---------- ---------- ------------
Total liabilities 35,152 23,986 26,329
---------- ---------- ------------
Net assets 36,324 30,254 34,347
========== ========== ============
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 (761) (770) (761)
Accumulated profits 33,796 27,735 31,819
Total equity 36,324 30,254 34,347
========== ========== ============
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 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
======== ======== =========== =========== ============ ========
At 1 July 2022 1,293 1,864 132 (770) 27,735 30,254
Dividends - - - - 142 142
Credit related to
equity-settled share
based payments - - - - 633 633
ESOT movement in period - - - 9 (9) -
Transactions with
owners - - - 9 766 775
-------- -------- ----------- ----------- ------------ --------
Profit for the six
months to 31 December
2022 - - - - 3,682 3,682
Other comprehensive
income
Actuarial losses recognised
in the pension scheme - - - - (486) (486)
Income tax relating
to components of other
comprehensive income - - - - 122 122
Total comprehensive
income for the period - - - - 3,318 3,318
-------- -------- ----------- ----------- ------------ --------
At 31 December 2022 1,293 1,864 132 (761) 31,819 34,347
======== ======== =========== =========== ============ ========
At 1 January 2023 1,293 1,864 132 (761) 31,819 34,347
Dividends - - - - (1,899) (1,899)
Credit related to
equity-settled share
based payments - - - - 358 358
Transactions with
owners - - - - (1,541) (1,541)
-------- -------- ----------- ----------- ------------ --------
Profit for the six
months to 30 June
2023 - - - - 3,518 3,518
Total comprehensive
income for the period - - - - 3,518 3,518
-------- -------- ----------- ----------- ------------ --------
At 30 June 2023 1,293 1,864 132 (761) 33,796 36,324
======== ======== =========== =========== ============ ========
Condensed consolidated interim cash
flow statement
Six months ended 30 June 2023
Unaudited Unaudited Audited
Six months Six months Twelve months
to 30
June to 30 June to 31 December
2023 2022 2022
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Group profit after tax 3,518 1,052 4,734
Taxation (paid)/received (780) 199 192
Interest received 70 6 26
Depreciation on property, plant and
equipment 1,100 1,023 2,044
Share based payment charge 358 173 806
Profit on sale of property, plant
and equipment (177) (105) (309)
Taxation charge recognised in income
statement 1,081 247 1,095
Net finance (income)/charge (29) 27 82
Increase in inventories and contract
work in progress (3,555) (4,129) (4,731)
(Increase)/decrease in trade and other
receivables (7,299) (951) 1,958
Increase/(decrease) in trade and other
payables 7,441 (969) 709
Net cash flow from operating activities 1,728 (3,427) 6,606
----------- ----------- ---------------
Cash flows from investing activities
Purchase of property, plant and equipment (1,887) (1,602) (4,516)
Purchase of investment property - - (404)
Proceeds from sale of property, plant
and equipment 205 118 348
Net cash flow from investing activities (1,682) (1,484) (4,572)
----------- ----------- ---------------
Cash flows from financing activities
Interest paid (42) (13) (95)
Repayment of bank and other loans (750) (125) (250)
Capital element of leasing payments (67) (27) (74)
Dividends paid - - (363)
----------- ----------- ---------------
Net cash flow from financing activities (859) (165) (782)
----------- ----------- ---------------
Net (decrease)/increase in cash and
cash equivalents (813) (5,076) 1,252
----------- ----------- ---------------
Cash and cash equivalents at beginning
of period 11,634 10,382 10,382
Cash and cash equivalents at end
of period 10,821 5,306 11,634
=========== =========== ===============
Total cash and cash equivalents 10,821 5,306 11,634
=========== =========== ===============
Notes to the interim accounts - as at 30 June 2023
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
2023 2022 2022
GBP000 GBP000 GBP000
Analysis of revenue
Structural Steelwork 54,702 40,975 75,977
Safety Solutions 5,452 5,214 10,637
Other - - -
Consolidated total 60,154 46,189 86,614
=============== =========== =================
Analysis of operating profit before finance
income
Structural Steelwork 4,309 612 4,400
Safety Solutions 646 739 1,902
Other (385) (25) (391)
Consolidated total 4,570 1,326 5,911
=============== =========== =================
Basis of preparation
These consolidated interim financial statements are for the six
months ended 30 June 2023. 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 2022 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 2023 Billington Holdings Plc declared a
final dividend of 15.5 pence (2022: 3.0 pence) per share amounting
to GBP2,005,000 (2021: GBP388,000) to its equity shareholders.
Dividends are recorded as declared and are accrued within creditors
at the period end. The dividend was subsequently paid in July 2023.
No interim dividend for 2023 has been declared (2022: nil).
These results were approved by the Board of Directors on 18
September 2023.
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END
IR EAKNPFFLDEFA
(END) Dow Jones Newswires
September 19, 2023 02:00 ET (06:00 GMT)
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