Brickability Group PLC Trading Update (5605M)
12 Mayo 2020 - 1:00AM
UK Regulatory
TIDMBRCK
RNS Number : 5605M
Brickability Group PLC
12 May 2020
Brickability Group plc
("Brickability" or the "Group")
Trading Update
Brickability Group plc, the leading construction materials
distributor, is pleased to announce a trading update for the year
ended 31 March 2020.
In a year which saw significant political and economic
uncertainty, the Group delivered a solid trading performance, and
expects to deliver revenues for the period of approximately GBP188
million and adjusted EBITDA of GBP19.4 million(1) . Group revenues
were driven by both organic and inorganic growth with the Group
having completed four acquisitions in the first trading half and
two more acquisitions in 2020.
As at 31 March 2020, the Group had a cash position of GBP27
million, with overall net cash of approximately GBP2 million.
Outlook
As announced on 1 May, the Group has continued its orderly and
safe re-opening of its sites as the industry has seen additional
house builders returning to work. Brickability management are
further encouraged by the more recent government announcements that
construction work can continue to return to work, if safe. The
Group continues to monitor the situation and continues to flex
costs in line with demand.
The Group fundamentally believes that the underlying demand for
UK housing remains robust and that increasing housing supply in the
UK remains a key objective for Government. The acquisition pipeline
remains strong with the Group assessing a number of potential
opportunities in line with the Group's stated strategy to provide
geographic and product expansion whilst focusing on improving
profitability.
It is still too early to predict with any certainty how quickly
our markets will recover, and we therefore remain unable to provide
market guidance at this time. However, we have a fundamentally
robust business with traditionally strong cashflow and a strong
balance sheet which gives the Board confidence in the Group's
ability to prosper in the long term.
The Group will notify the date of its full year results for the
twelve months ended 31 March 2020 in due course.
John Richards, Chairman, said:
"Brickability reached a major milestone last year with its
successful IPO and I am pleased that, despite the wider economic
and political challenges that have created uncertainty, we continue
to deliver the strategy we set out when going public. It shows that
in Brickability we have a strong business and it gives us
confidence for the future.
"I would further like to thank our colleagues who have worked
incredibly hard throughout the year and have given their support to
the business throughout the current public health crisis. They are
very much the backbone of Brickability and are doing sterling work
in returning the business to a resumption of operations."
The information contained within this announcement is deemed by
the Group to constitute inside information under the Market Abuse
Regulations (EU) No. 596/2014.
1. Adjusted EBITDA is defined as earnings before interest, tax,
depreciation, amortisation, exceptional and acquisition costs.
Enquiries:
Brickability Group PLC
John Richards, Chairman
Alan Simpson, Chief Executive Officer
Stuart Overend, Chief Financial Officer
c/o Montfort Communications
Cenkos Securities (Nomad and Broker)
Max Hartley / Max Gould (Corporate Finance) 0207 397 8900
Julian Morse (Sales)
Montfort Communications (Financial PR) 0203 770 7916
James Olley
Woolf Thomson Jones
About Brickability
Brickability is a leading construction materials distributor,
serving customers across the UK for over 25 years through its
mainstream and local networks. The Company supplies over 300m
bricks annually and already has 25 sites and sales offices,
employing approximately 225 people throughout the UK. Across its
three divisions, the Group supplies bricks, roofing, heating,
flooring, doors and windows to meet UK housebuilder demand.
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END
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