REG - Billington Holdings - Full Year Trading Update

Billington HoldingsAnnouncement

15/11/2021 07:05

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RNS Number : 2940S  Billington Holdings PLC  15 November 2021

Billington Holdings Plc

("Billington", the "Group" or the "Company")

Full Year Trading Update

Billington Holdings Plc (AIM: BILN), one of the UK's leading structural steel
and construction safety solutions specialists, provides the following trading
update for the year ending 31 December 2021.

 

As highlighted in the interim results announced on 21 September 2021, the
precise outturn for the current financial year was dependent on the timing of
certain key contracts, combined with any potential impact from continuing
material price inflation and supply chain constraints.

 

Delays in the construction industry remain well reported and it has now become
evident that the completion of certain key projects will not take place by
year-end, thus impacting the profitability, and to a lesser extent revenue, in
the current financial year. The Board expects the profit associated with these
contracts will now be recognised in the financial year-ending 31 December
2022.

 

As a result, market expectations of the anticipated Group profit before tax
will not now be met for the year ending 31 December 2021. However, the delayed
profit recognition, in combination with the Group's strong order book and
project pipeline provides greater confidence in meeting current market
expectations for the year to 31 December 2022.

 

Mark Smith, CEO of Billington, commented:

 

"2021 has been dominated by the continued challenges arising from the pandemic
for both Billington and its clients alike. The construction sector is
suffering material and labour supply constraints that have affected the
delivery of projects and delayed anticipated completion dates. As a result,
this has adversely impacted this year's profitability. However, tendering
opportunities remain buoyant and of a good quality, together with a good
orderbook provides an increased degree of confidence for 2022 and beyond."

 

For further information please contact:

 

 Billington Holdings Plc                 Tel: 01226 340 666
 Mark Smith, Chief Executive
 Trevor Taylor, Chief Financial Officer

 WH Ireland Limited                      Tel: 020 7220 1666
 Chris Hardie
 Jasper Berry

 IFC Advisory Limited                    Tel: 020 3934 6630
 Tim Metcalfe

 Graham Herring
 Zach Cohen

 

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