22nd Oct 2024 12:43
(Alliance News) - Brickability Group PLC on Tuesday said its full year expectations are unchanged, and it expects to report a rise in half-year profit.
In the six months to September 30, the AIM-listed construction business said it performed in line with expectations, with revenue up 2% to "in excess of" GBP330 million, but down 7% on a like-for-like basis.
The company expects to report an increase in earnings before interest, tax, depreciation, and amortisation of at least 7.4% to GBP27.5 million from GBP25.6 million the year prior.
Its expectations for the full year remain unchanged.
Bridgend-based Brickability said it benefitted from an increasingly diversified product offering, including its recently acquired cladding business Glasgow-based Topek. It acquired Topek for GBP48 million in January.
Brickability said tough market conditions continued, however, and that the "new build housing, residential and commercial RMI markets remain suppressed". However, it did note that its distribution division returned to growth in September, driven by "doubling sales of solar PV in Upowa".
Looking ahead, Brickability said it is seeing "positive momentum" in brick order intakes, which are adding to a "well-balanced forward order book".
A recent uptick in enquiries for Brickability products, alongside "other leading indicators" has led the firm to develop an improved sentiment "around a recovery commencing in the current financial year."
Shares in Brickability were trading up 3.8% at 62.80 pence in Tuesday afternoon in London.
By Christopher Ward, Alliance News reporter
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