16th Apr 2024 09:53
(Alliance News) - Billington Holdings Ltd on Tuesday reported record breaking levels of revenue and profit.
The Barnsley, England-based structural steel and construction safety specialist more than doubled pretax profit in 2023, increasing it to GBP13.4 million from GBP5.8 million the year before, as revenue grew by 53% to GBP132.5 million from GBP86.6 million.
In light of the positive results, the company more than doubled its final dividend to 33.00 pence per share from 15.50p. Billington pays no interim dividend, so the final dividend represents the full-year payout.
Although there was little growth across the UK steel market, Billington developed its market share and secured a number of high-quality contracts which contributed the significant growth in revenue and pretax profit, it said.
Billington noted that it ended the year debt-free, having repaid outstanding debt in January 2023.
Looking ahead, Billington anticipates continued strong performance in 2024 despite the uncertain macroeconomic background.
Chief Executive Officer Mark Smith said: "Billington is a robust business, with a strong market position. With the recent large contracts secured, the group currently has a record order book and, coupled with the group's strong balance sheet and a committed workforce, I believe that Billington is very well positioned."
Billington shares were up 0.7% to 493.54 pence each in London on Tuesday morning.
By Elijah Dale, Alliance News reporter
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