21st Apr 2020 12:13
(Alliance News) - Billington Holdings PLC on Tuesday reported double-digit earnings growth in 2019 and said it is prepared for Covid-19 related challenges going forward.
The construction safety solutions provider said revenue in 2019 grew by 36% to GBP104.9 million from GBP77.3 million reported a year ago, taking pretax profit up 20% to GBP5.9 million from GBP4.9 million.
The company said all of its units have performed well during the year with a number of large projects undertaken in the UK and Europe.
However, there was a slight reduction in the company's operating margin to 5.7% from 6.3%, reflecting the nature of the contracts undertaken during the year and some pricing pressure in the structural steel business.
Dividend payments have been suspended to preserve cash resources, Billington explained.
"I am very pleased that we have delivered a record performance in 2019, although these results will inevitably be overshadowed by the current global Covid-19 pandemic," said Chief Executive Mark Smith.
"We are in a financially robust position and are well placed to face the challenges ahead," added Smith.
AIM-listed Billington shares were trading 5.4% higher in London on Tuesday at 330.00 pence each.
By Evelina Grecenko; [email protected]
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