25th Nov 2019 10:09
(Alliance News) - Construction materials firm Brickability PLC reported strong profit and revenue growth Monday in its first results since listing in London.
The Bridgend, Wales-based firm listed in late August, raising GBP57 million in one of AIM's largest floats in 2019. It floated at 65 pence a share, and the stock was 5.4% higher on Monday in London at 64.80p, giving a GBP149.3 million market capitalisation.
Revenue for the six months to September climbed 20% to GBP97.9 million, with pretax profit rising 33% to GBP6.8 million. Brickability has declared a maiden interim dividend of 0.87p per share.
The company said brick sales met expectations, as did the sale of timber windows while roofing sales remain "robust". The flooring distribution business is growing "quickly", Brickability added.
"This is a strong set of results with which to update the market in our first set of financials since our successful IPO in the summer. I'm pleased we're delivering what we said we would," said Chair John Richards.
"The housing market is generally robust across the UK, and we're very well placed to service that. With a set of good acquisitions under our belt we've enhanced our geographic spread and expanded our product offering. This will put us in a good position for future growth, and we'll be looking at further bolt-on opportunities to support that."
Looking ahead, Brickability is confident on building on the "strong" first half. There is a "healthy" pipeline of further acquisitions and the firm is confident on meeting annual expectations.
By George Collard; [email protected]
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