13th Nov 2020 14:19
(Alliance News) - Bilby PLC on Friday said it expects to post a reduction in earnings for the first half of financial 2021 due to the deferral of work during the Covid-19 pandemic.
For the six months ended September 30, the gas heating, electrical and building services firm expects to report revenue of GBP23.4 million, down 21% from GBP29.8 million the year prior. It added adjusted earnings before interest, tax, depreciation, and amortization is expected to be GBP1.5 million, down 29% from GBP2.1 million.
Bilby said the drop in revenue was a result of its employees being unable to safely access customer properties, leading to deferral of worked planned.
More positively, it said that as a result of work undertaken to strengthen its balance sheet, it expects to report a 33% decrease in net debt to GBP4.9 million from GBP7.2 million as at March 31. Net cash on September 30 was GBP2.5 million.
Half year results will be published on December 1.
Separately, the company said it has hired Caroline Tolhurst as a non-executive director. Tolhurst is currently a non-executive at AIM-listed property investor Wynnstay Properties PLC and residential property firm A2Dominion Housing Group Ltd.
"I am delighted at the appointment of Caroline Tolhurst to the board. After an extensive search, we feel that her skill set - industry know-how together with listed company experience - will significantly supplement the board," said Chair Sangita Shah.
Bilby shares were trading 0.8% lower at 26.30 pence each on Friday afternoon in London.
By Ife Taiwo; [email protected]
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