10th Sep 2013 09:01
LONDON (Alliance News) - Billington Holdings PLC Tuesday said it swung to a pretax profit after an increase in work in progress brought revenue, but not cash, to the company.
Billington, a holding company for a steelwork manufacturer and a construction safety company, said it swung to a pretax profit of GBP252,000 for the six months to June 30, compared with a GBP200,000 pretax loss the year prior. The company attributed this to success in securing work in new sectors, restructuring, and tentative signs of market recovery, and an increase in work in progress.
Work in progress for the half-year contributed GBP1.3 million revenue, compared with a deduction of GBP1.8 million this time last year. However, Billington's cash and cash equivalent declined because of pay-outs associated with the increase in inventories and work in progress.
Billington's cash and cash equivalents for the half-year dropped to GBP417,000, down from GBP1.1 million for the corresponding period the year prior.
"Prospects for the sectors in which we operate are beginning to show slight improvement and, although we remain cautious, we look forward to exploiting the opportunities our markets present in the second half of the year and beyond," Steve Fareham, chief executive, said in a statement.
Billington shares were Tuesday quoted at 91.80 pence, down 2.70 pence, or 2.9%.
By Samuel Agini; [email protected]; @samuelagini
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