24th Mar 2015 10:08
LONDON (Alliance News) - Billington Holdings PLC on Tuesday said it would pay its first dividend since 2010 after it beat market expectations with a doubling of its pretax profit and higher revenue.
The structural steel and construction safety services company said its pretax profit for the year was GBP1.9 million, more than double the GBP0.9 million it made a year earlier.
Revenue increased to GBP45.1 million from GBP39.4 million, with an encouraging performance in the structural steel division over the year and with the Peter Marshall Steel Stairs Ltd business turning a profit for the first time since it acquired the company out of administration in 2011.
The company said the results were ahead of original market expectations for 2014 and said it would pay its first dividend, of 3 pence per share, since 2010.
It added the structural steel business is well positioned for further growth in 2015 and said it is confident on the prospects for the group in the coming year.
"As market conditions continue to improve, Billington remains well-placed to benefit from the opportunities and growing demand in the sector. The group's strong financial footing, quality product offering and talented and growing team, all mean that we are in a good position to build on this momentum and move into the next phase of our expansion," said Chief Executive Mark Smith.
Shares in Billington were up 7.1% to 220.00 pence Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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