23rd Sep 2019 09:47
(Alliance News) - Billington Holdings PLC on Monday reported a record revenue for the first half of 2019, with strong performance across the group's businesses and large contract wins.
For the six months to the end of June, the structural steel and construction safety solutions manufacturer reported a 38% rise in pretax profit to GBP2.7 million from GBP1.9 million, on revenue that grew by 20% to a record GBP47.2 million, from GBP39.4 million.
Billington reported growth across all its businesses, with Structural Steel and Safety Solutions both posting 19% revenue growth to GBP43.4 million and GBP3.8 million, respectively.
In particular, the group attributed the strong performance to GBP41 million in contract awards from November 2018, driving momentum as the majority of contracts reach completion.
Looking ahead, a further GBP30 million in contracts was secured in June, leading to a very strong order book and production volumes in the second half remaining at similar levels.
"I am very pleased with the group performance in the first half of the year, continuing the strong momentum from 2018. We started the year with a record order book and consequently the first half has been a very busy period for the group across all our businesses. We have continued to build our order book with further significant contracts secured," said Chief Executive Mark Smith.
"Whilst the overall market continues to be uncertain, the outlook for Billington remains positive, particularly given the group's ability to target a diverse range of projects insulating us, in part, from any temporary slowdowns in the market. I look forward to the remainder of the year and beyond with cautious optimism," Smith added.
Shares in Billington Holdings were up 5.4% at 335.00 pence in London on Monday.
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