REG - Billington Holdings - Interim Results and Board Change
Today 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250930:nRSd2917Ba&default-theme=true
RNS Number : 2917B Billington Holdings PLC 30 September 2025
30 September 2025
Billington Holdings Plc
("Billington", the "Group" or the "Company")
Interim Results for the six months to 30 June 2025
and
Board Change
Billington Holdings Plc (AIM: BILN), one of the UK's leading structural steel
and construction safety solutions specialists, announces its unaudited interim
results for the six months ended 30 June 2025.
Unaudited six months to 30 June 2025 Unaudited six months to 30 June 2024 Percentage Movement
Revenue £41.78m £57.90m -27.84%
EBITDA* £2.68m £5.32m -49.62%
Profit before tax £1.67m £4.64m -64.01%
Cash and cash equivalents £18.73m £21.87m -14.36%
Basic Earnings per share (EPS) 9.8p 27.6p -64.49%
* Earnings before interest, tax, depreciation and amortisation
Highlights
• Revenue decreased to £41.78 million (H1 2024: £57.90 million) reflecting the
increase in complex, labour intensive contracts with a lower proportion of
steel content relative to productive labour requirements. H1 2025 productive
hours increased by 5.4% compared to H1 2024
• Profit before tax of £1.67 million (H1 2024: £4.64 million)
• Strong cash balance of £18.73 million as at 30 June 2025 (31 December 2024:
£21.70 million and 30 June 2024: £21.87 million)
• Operationally strong performance against a backdrop of challenging market
conditions with pricing pressure for new work evident in the market
• The Group has a very healthy order book, particularly relating to the quantum
of productive hours secured, providing good visibility for the remainder of
2025 and into 2026
• It is anticipated that due to client led contract delays and the associated
timing of profit recognition the results for the year ended 31 December 2025
will be below market expectations. FY26 remains in line with market
expectations
• Trevor Taylor CFO to move to new Board role of COO. Dave Jones promoted to
CFO; further details provided below
Mark Smith, Chief Executive Officer of Billington, commented:
"Following a strong performance by Billington in 2024 it is unfortunate that
the market for structural steelwork and the construction industry more widely
has, as a result of economic uncertainty and lack of consumer confidence,
become increasingly subdued during the first half of 2025. However, despite
the challenging market conditions Billington has increased productive output
in the first half of the year and has a healthy contracted order book, in more
buoyant sectors, for delivery during 2025 and into 2026.
"The timing of profit recognition on certain significant contracts, as a
consequence of client led project delays, will result in the recognition of
margin later than was previously anticipated. We are optimistic that the
market will see some recovery in 2026 as stability and increased confidence
returns to the sector. Billington, with its strong balance sheet and
significant cash resources is well positioned to take advantage of improved
market conditions."
For further information please contact:
Billington Holdings Plc Tel: 01226 340 666
Mark Smith, Chief Executive Officer
Trevor Taylor, Chief Financial Officer
Cavendish Capital Markets Ltd - Nomad and Broker Tel: 020 7220 0500
Ed Frisby / Trisyia Jamaludin - Corporate Finance
Andrew Burdis - ECM
IFC Advisory Limited
Tim Metcalfe Tel: 020 3934 6630
Graham Herring billington@investor-focus.co.uk
Zach Cohen
About Billington Holdings Plc
Billington Holdings Plc (AIM: BILN), one of the UK's leading structural steel
and construction safety solutions specialists, is a UK based Group of
companies focused on structural steel and engineering activities throughout
the UK and European markets. Group companies pride themselves on the provision
of high technical and professional standards of service to niche markets with
emphasis on building strong, trusted and long-standing partnerships with all
of our clients. https://billington-holdings.plc.uk/
(https://billington-holdings.plc.uk/)
Investor Presentation
Billington's CEO, Mark Smith, and CFO, Trevor Taylor, will be hosting an
interactive presentation on the Investor Meet Company platform at 3.00 p.m.
today, 30 September 2025. The presentation is open to all existing and
potential shareholders. Questions can be submitted at any time during the live
presentation. Investors can sign up to Investor Meet Company for free and add
to meet Billington via:
https://www.investormeetcompany.com/billington-holdings-plc/register-investor
(https://www.investormeetcompany.com/billington-holdings-plc/register-investor)
Investors who already follow Billington on the Investor Meet Company platform
will automatically be invited.
The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.
CHIEF EXECUTIVE STATEMENT
Introduction
The first half of 2025 was a challenging period for the Group, with the market
for structural steelwork remaining subdued, with pricing pressure and contract
delays, reflective of the current lack of UK economic confidence. However,
the Group has been successful during the period in securing a number of
significant contracts that have further increased in magnitude and has a
healthy order book spanning multiple market sectors. The programmed delivery
of a number of these contracts has experienced some significant client led
delays and as a result the Group expects to recognise margin later than
previously forecast.
Whilst we remain mindful of the continuing challenging macroeconomic
environment and subdued market this year, Billington is well placed to
navigate challenging economic times and take advantage of opportunities. The
Group continues to focus on winning business that can deliver appropriate
margins across a wide variety of sectors, taking advantage of improved
manufacturing efficiencies and from the deployment of its capital investment
programme across all the Group's production facilities.
Group Companies
Billington Structures
Billington Structures is one of the UK's leading structural steelwork
contractors with a highly experienced workforce capable of delivering projects
from simple building frames to complex structures in excess of 10,000
tonnes. With two facilities in Barnsley and a further facility in Bristol
and with a heritage dating back over 75 years, the business is well recognised
and respected in the industry with the capacity to process over 50,000 tonnes
of steel per annum.
Billington Structures faced a challenging first half of the year, with
significant pricing pressure, contract delays and deferments and subdued
demand. However, the business performed well operationally and continues to
serve a wide variety of markets, with a good and diverse portfolio of
customers. Strong demand is continuing to be seen in the energy from waste
and data centre sectors, with others, such as film studios and London offices,
showing signs of recovery. In particular, Billington is well positioned in
high potential growth sectors, including sustainable energy transition areas
driven by government policy. These are complex markets with less competition
and Billington is well positioned to win further business in these areas.
Billington Structures has a healthy order book relating to the quantum of
productive hours secured, providing good visibility for the remainder of 2025
and well into 2026, ensuring confidence that Billington Structures will remain
a positive contributor to the Group. Longer term it has a significant
pipeline of opportunities, although there remains uncertainty over precise
project timings, particularly due to lengthy planning processes and customer
confidence. Aggressive price competition continues within the structural
steelwork market and the Group is focused on ensuring that contracts are
targeted, and accepted, that maximise margin opportunities.
Shafton Steel Services
The Shafton facility operates in two distinct business areas. The first
undertakes activities for Billington Structures. The second, Shafton Steel
Services, offers a complete range of steel profiling services to many diverse
external engineering and construction companies, allowing for the supply of
value added, complementary products and services enhancing the comprehensive
offering of the Group.
The Group's structural steel businesses faced a challenging market environment
in the first half of 2025, with a focus on more complex projects with a
reduced quantum of steel and other raw materials per factory hour on average
than previously. This is reflected in a lower turnover for the structural
steel businesses. Despite significant pricing pressure positive margins were
still able to be achieved through efficiency gains and capitalising on
opportunities to optimise designs through value engineering.
The business continues to have a strong orderbook and a healthy pipeline of
future work with new and existing clients. It is well positioned to take
advantage of improved market conditions when they arise.
Tubecon
Tubecon is one of the UK's leading structural steel fabricators specialising
in Architecturally Exposed Structural Steelwork (AESS), complex steel
structures and bridges in a number of sectors including retail, commercial,
public buildings, education, health, rail, sport and leisure, artworks, and
infrastructure projects across the UK.
Tubecon faced a challenging market environment in the first half of 2025 as a
number of projects faced delays due to government reviews of infrastructure
projects. However, Tubecon has a healthy pipeline of business for delivery
when project timings are confirmed. The market is expected to show some
recovery in the second half of the year before gaining momentum in 2026.
Following the April 2024 recruitment of a number of specialist bridge
fabricator employees from S H Structures, when it was placed in
administration, the capacity and capability of Tubecon to provide a full
service from concept to delivery of complex steel bridges was significantly
increased. The Group has now completed a capital expenditure programme, at a
cost of approximately £1.7 million, which included constructing a new
workshop building at the Group's Shafton site, to ensure Tubecon has the
capacity and capabilities to manufacture the most complex bridges. This new
facility investment, which commenced production in August 2025 provides the
Group with market leading capabilities and positions it well for the
anticipated infrastructure market recovery.
Specialist Protective Coatings
Specialist Protective Coatings was formed in March 2022 following the
Company's acquisition out of administration of the trading assets of Orrmac
Coatings Ltd. SPC is focused on surface preparation and the application of
protective coatings for products across a wide variety of sectors including
the power generation, water, infrastructure, commercial office and data centre
sectors. In addition, the Group has continued to expand its dedicated
on-site painting service to enable SPC to be a one-stop-shop for the painting
requirements for the structural steel sector.
SPC continued to make excellent progress in the period, trading strongly
servicing both internal Billington work and an increasing external customer
base, reflecting market diversification and its increasing operational
capabilities. In particular, SPC is gaining industry leading recognition in
the water sector and completed its first major project in the sector following
the Drinking Water Inspectorate (DWI) approval received in 2024. The
business is well positioned to take advantage of increased infrastructure
investment being undertaken in the water sector and the Group expects a
long-term profitable income stream from this market.
SPC currently has a strong pipeline of work across a variety of sectors,
including the energy sector which demand a large volume of fire-resistant
treatments, and is operating at near maximum capacity. With the significant
future opportunities for SPC the Group is looking at appropriate options to
potentially increase capacity.
Peter Marshall Steel Stairs
Based in Leeds, Peter Marshall Steel Stairs is a specialist designer,
fabricator and installer of bespoke steel staircases, balustrade systems and
secondary steelwork for both Billington Structures and those contracts being
undertaken by others. It has the capability to deliver stair structures for
the largest construction projects and in the period supplied projects
including commercial offices, power generation, data centres, distribution
warehouses and leisure schemes.
Peter Marshall Steel Stairs traded very well in the period, maintaining robust
margins and operating near maximum capacity, taking advantage of the increased
capacity established during 2024 through moving certain operations to other
Group sites. In addition, Peter Marshall Steel Stairs continues to utilise
partner companies to assist in the successful delivery of its significant
workload, alongside Billington Structures and for third parties.
Peter Marshall Steel Stairs currently has a strong order book, particularly in
the energy, defence and data centre sectors, providing good visibility for the
remainder of 2025 and into 2026, and is very well positioned for the future.
Easi-Edge
Easi-Edge is a market leading site safety solutions provider of temporary
perimeter edge protection and fall prevention systems for hire within the
construction industry. Health and safety is at the core of the business,
which operates in a legislative driven market. Easi-Edge is a founder member
of the Edge Protection Federation (EPF) and has developed a training course to
qualify personnel working in the construction industry and explain the
requirements of edge protection on site. As falls from height remain one of
the main causes of injuries and fatalities within the industry, installing
edge protection correctly is fundamental to site safety.
Easi-Edge experienced challenging trading conditions in the first half of
2025, with reduced utilisation rates reflecting depressed market conditions
and in particular a reduction in large scale industrial, commercial, education
and other public sector project opportunities. However, Easi-Edge continued
as a contributor to Group profits in the period and projects were secured in a
variety of more buoyant sectors including data centres and energy related
schemes.
Easi-Edge's product range is undergoing a £1.3 million modernisation and
improvement programme, with all barrier stock expected to be replaced by mid
2026. This new design of lighter weight barrier will enable the business to
provide its clients with an improved product which will protect and promote
its market position and long-term margin generation, together with providing
access to additional revenue streams. The investments being made should
ensure its position is maintained as the partner of choice for the provision
of edge protection and ancillary safety solution products to the UK
construction market.
Hoard-it
Hoard-it designs, fabricates and manages a specialised range of
environmentally sustainable, re-usable, temporary hoarding solutions which are
available on both a hire and sale basis, tailored to the requirements of its
customers. The Hoard-it offering is complimented by Brand-It, providing an
on-site graphics solution utilised on both Hoard-it's own products and
increasingly on those installed by others as Brand-it expands its product
offering, particularly for residential developments.
Hoard-it again enjoyed a positive performance in the first half of 2025,
despite contract delays and deferments experienced at the start of the
period. Following the slow start to the year the business momentum has
improved and Hoard-it is currently operating at near maximum capacity for the
current facility. The outlook for the remainder of the year and into 2026 is
positive, with the business continuing to take advantage of the Group's
investment in stock in advance of anticipated demand, enabling rapid
deployment of its solutions.
Financial Results
Revenue and Profit Before Tax
Group revenue decreased in the period to £41.78 million (H1 2024: £57.90
million), despite factory productive hours increasing by 5.4 per cent,
reflecting the increase in complex, labour intensive contracts with a lower
proportion of steel content relative to productive labour requirements, and
also reflecting pricing pressure.
Profit before tax for the period decreased to £1.67 million (H1 2024: £4.64
million) due to the timing of profit recognition on a number of large
contracts as a result of client led delays. This profit is now expected to
be recognised in the second half of the year and in 2026. Profits were also
impacted by the pricing pressure in the market place.
Basic Earnings per Share (EPS)
Basic earnings per share for the first half of the year decreased by 64.5 per
cent to 9.8 pence (H1 2024: 27.6 pence), with diluted earnings per share
decreasing by 63.7 per cent to 9.4 pence (H1 2024: 25.9 pence).
Liquidity and Capital Resources
The Group continues to enjoy a strong cash balance, with cash and cash
equivalents of £18.73 million as at 30 June 2025 (31 December 2024: £21.70
million and 30 June 2024: £21.87 million). Post period end, on 1 July 2025,
£3.3 million was utilised for the 2024 dividend declared earlier in the
year. In addition to the Group's cash resources, the Group has an agreement
with HSBC, the Company's bankers, for an undrawn £6.0 million Revolving
Credit Facility (RCF) to provide enhanced flexibility to capitalise on
acquisition opportunities should suitable and appropriate prospects be
identified.
Inventories and contract work in progress of £15.66 million were at a similar
level to last year (30 June 2024: £15.32 million) and trade and other
receivables decreased to £10.84 million (30 June 2024: £18.38 million).
Capital Expenditure
During the period the Group continued its planned capital expenditure
programme to facilitate efficiency improvements, increase manufacturing
capacities and to replace obsolete equipment. The largest project undertaken
in the period was the construction of a new facility, with heavy lifting
capabilities, at our Shafton site, at a cost of £1.7 million. The expansion
of capital resources at the Shafton site has, and will continue to allow, for
the expansion of additional manufacturing capacity, including expanding the
night shift implemented in 2024.
Other significant capital expenditure projects in the period included £0.6
million invested in Hoard-it and Easi-Edge hire stock. Further orders for
additional machinery are currently under consideration.
The Group is now in the final year of its planned five-year capital investment
and modernisation programme, but we are mindful of the current subdued
economic environment and therefore it is likely the remaining elements of
capital equipment will be replaced in 2026. It is therefore expected that
capital expenditure will be approximately £3.25 million in 2025, with £2.15
million of this year's expenditure being invested in the first half.
Pension Scheme
During the period agreement has been reached to cease the salary link with the
remaining in service deferred members of the defined salary pension scheme.
The scheme is now able to proceed towards a formal buy out of the schemes'
liabilities with any remaining surplus anticipated to be returned to the
employer upon completion of the process.
Dividend
In the first half of 2025 Billington declared a final dividend in relation to
the year ended 31 December 2024 of 25 pence per share. This dividend was
paid on 1 July 2025, amounting to £3.3 million, which was 2.65 times covered
by 2024 earnings. No interim dividend for 2025 has been declared (2024:
nil), a policy consistent with prior years.
Board and People
As part of the Board's focus on ensuring that the Group management structure
is appropriate for the business' needs, now and in the future, I am pleased to
announce that Trevor Taylor, the Company's Chief Financial Officer, has been
appointed to the new Board role of Chief Operating Officer, effective from 1
October 2025. Dave Jones, currently Finance Director - Group Companies, will
join the Board as Chief Financial Officer, from 1 October 2025 after
successfully leading the operational finance function at Billington since
2019.
The transition of Trevor to Chief Operating Officer is a recognition of the
role that he has increasingly been performing over recent years as the Company
has grown and is to enable an increased focus on operational excellence, cost
optimisation and effective project delivery, while ensuring the resources of
the Group are aligned with current and projected market conditions.
We also continue to strengthen the management team within the Group's
operations and I am delighted that Ian Dawson joined the Group in September
2025 as Billington Structures Technical Director (a non-Board role). Ian is
widely recognised as one of the leading technical and engineering directors in
the industry, leading significant projects, such as The Shard, over his 37
years in the structural steel sector. He joined us from a prominent UK steel
fabricator, where he had spent 22 years, latterly as Design Director. I am
confident that his skills and experience will assist Billington Structures
move into new markets and significantly strengthen the technical leadership of
the business.
Market and Economic Outlook
In the first half of 2025 the structural steel market remained subdued,
reflecting the lower level of business confidence in the UK economy. The
overall reduction in demand has led to significant pricing pressure and some
projects have not been progressed within the expected timescale. However, as
outlined, the Group is well positioned in sectors with strong growth
potential, particularly those such as energy and critical infrastructure that
will benefit from UK Government plans and to compete for more complex projects
elsewhere where the Group's capabilities deliver a compelling proposition.
In line with 2024, the first half of 2025 was a period of relative supply side
price stability, with steel material prices largely remaining stable.
Billington keeps its steel supply under constant review and employs a variety
of measures to allow the Company to reduce its exposure to volatility in steel
prices and any variability in supply over the short term. The Company does
not expect any direct impact from recently imposed US tariffs on steel and
undertakes hedging in times of price stability or rising prices, coupled with
appropriate stockpiling of steel, to enable most project's principal pricing
risk to be covered. Although, over the longer-term, any price rises are
passed onto customers as far as possible. The Group also continually reviews
its steel procurement strategy in order to reduce its reliance on any one
supplier as far as possible.
Prospects and Outlook
The Group delivered a robust performance in the first half of the year,
despite very challenging market conditions. The Group's investment in
efficiency improvements, the latest capital equipment and growing its team of
skilled people, coupled with the Group's strong market position and broad
offering, is enabling the Group to achieve appropriate margins and to focus on
those sectors that can deliver the highest available returns.
The Group has a strong level of complex, labour intensive contracts secured
for delivery during the remainder of 2025 and into 2026, combined with a
significant pipeline of opportunities. However, the reduced industry demand
is leading to pricing pressure, particularly as competitors look to secure
work to contribute to fixed overhead recovery, and the precise timing of
certain projects remains uncertain. Despite these challenges Billington
remains extremely well positioned within its industry, with a strong balance
sheet, strong product offerings and an ability to weather downturns in a way
that many of its peers cannot.
Our '5P's' strategy, focusing on People, Properties, Product, Position and
Planet continues to be proactively developed and deployed. We continue to
proactively look to optimise the Group's cost base and continually review the
Group's operations to ensure that they are structured in the most optimally
efficient manner and are reflective of the current and projected future market
environments in which we operate.
With the Group now undertaking a smaller number of larger contracts, the
timing of their deliveries and the resultant profit recognition, will have a
more material impact on the Group's results in a particular period. The
programmed delivery of a number of contracts has experienced client led delays
and as a result the Group expects to recognise margin later than previously
forecast, with profit previously expected to be recognised in 2025 now
expected to be recognised in 2026. It is therefore expected that the results
for the year ended 31 December 2025 will be below market expectations, with
uncertainty remaining over the precise timing of profit recognition on certain
contracts.
We are optimistic that the market will see some recovery later in 2026,
although the timing and nature of any upturn in economic confidence remains
uncertain. However, Billington is very well positioned to take advantage of
improved market conditions when they arise, with a significant project
pipeline particularly in the energy sector, including energy from waste and
nuclear, and in the data centre sector, providing cautious optimism for the
future.
In closing, I would like to thank Billington's Board, shareholders and all
stakeholders for their continued support, and in particular I would like to
thank the Billington workforce for their hard work and dedication.
Mark Smith
Chief Executive
29 September 2025
Condensed consolidated interim income statement
Six months ended 30 June 2025
Unaudited Unaudited Audited
Six months Six months Twelve months
to 30 June to 30 June to 31 December
2025 2024 2024
£'000 £'000 £'000
Revenue 41,780 57,896 113,061
Raw material and consumables (19,465) (34,021) (60,468)
Other external charges (3,066) (3,078) (6,685)
Staff costs (14,342) (13,687) (28,849)
Depreciation (1,295) (1,113) (2,340)
Other operating charges (2,223) (1,793) (4,698)
(40,391) (53,692) (103,040)
Operating profit 1,389 4,204 10,021
Finance income 316 473 868
Finance costs (35) (38) (75)
Profit before tax 1,670 4,639 10,814
Tax (418) (1,186) (2,542)
Profit for the period attributable to equity holders of the parent company 1,252 3,453 8,272
Basic earnings per share 9.8 p 27.6 p 66.2 p
Diluted earnings per share 9.4 p 25.9 p 61.9 p
Earnings per ordinary share has been calculated on the basis of the result for
the period after tax, divided by the weighted average number of ordinary
shares in issue in the period, excluding those held in the ESOT, of
12,753,439. The comparatives are calculated by reference to the weighted
average number of ordinary shares in issue which were 12,498,567 for the
period to 30 June 2024 and 12,498,567 for the year ended 31 December 2024.
Condensed consolidated interim statement of comprehensive income
Six months ended 30 June 2025
Unaudited Unaudited Audited
Six months Six months Twelve months
to 30 June to 30 June to 31 December
2025 2024 2024
£'000 £'000 £'000
Profit for the period 1,252 3,453 8,272
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of net defined benefit surplus - - 6
Movement on deferred tax relating to pension surplus - - (1)
- - 5
Items that will be reclassified subsequently to profit or loss
Gain on forward currency contracts - 31 31
Other comprehensive income, net of tax - 31 36
Total comprehensive income for the period attributable to equity holders of 1,252 3,484 8,308
the parent company
Condensed consolidated interim balance sheet
Six months ended 30 June 2025
Unaudited Unaudited Audited
30 June 30 June 31 December
2025 2024 2024
£'000 £'000 £'000
Assets
Non current assets
Property, plant and equipment 28,431 26,187 27,946
Investment property 614 614 614
Pension asset 1,882 1,871 1,882
Total non current assets 30,927 28,672 30,442
Current assets
Inventories 1,322 2,038 2,202
Contract work in progress 13,374 13,286 6,886
Trade and other receivables 10,842 18,384 16,598
Current tax receivable 117 - 288
Cash and cash equivalents 18,729 21,874 21,699
Total current assets 44,384 55,582 47,673
Total assets 75,311 84,254 78,115
Liabilities
Current liabilities
Trade and other payables 18,850 31,101 19,869
Lease liabilities 175 161 164
Current tax payable - 846 -
Total current liabilities 19,025 32,108 20,033
Non current liabilities
Lease liabilities 1,454 1,560 1,477
Deferred tax liabilities 3,582 3,001 3,582
Total non current liabilities 5,036 4,561 5,059
Total liabilities 24,061 36,669 25,092
Net assets 51,250 47,585 53,023
Equity
Share capital 1,333 1,293 1,293
Share premium 1,864 1,864 1,864
Capital redemption reserve 132 132 132
Other components of equity 4,194 3,878 4,194
Accumulated profits 43,727 40,418 45,540
Total equity 51,250 47,585 53,023
Condensed consolidated interim statement of changes in equity
(Unaudited)
Share Share Capital Other Accumulated Total
capital premium redemption components profits equity
account reserve of equity
£'000 £'000 £'000 £'000 £'000 £'000
At 1 January 2024 1,293 1,864 132 3,847 40,702 47,838
Dividends - - - - (4,189) (4,189)
Credit related to equity-settled share based payments - - - - 452 452
Transactions with owners - - - - (3,737) (3,737)
Profit for the six months to 30 June 2024 - - - - 3,453 3,453
Other comprehensive income
Financial instruments - - - 31 - 31
Total comprehensive income for the period - - - 31 3,453 3,484
At 30 June 2024 1,293 1,864 132 3,878 40,418 47,585
At 1 July 2024 1,293 1,864 132 3,878 40,418 47,585
Dividends - - - - - -
Credit related to equity-settled share based payments - - - - 614 614
ESOT movement in period - - - 316 (316) -
Transactions with owners - - - 316 298 614
Profit for the six months to 31 December 2024 - - - - 4,819 4,819
Other comprehensive income
Actuarial gains recognised in the pension scheme - - - - 6 6
Deferred tax on pension - - - - (1) (1)
Total comprehensive income for the period - - - - 4,824 4,824
At 31 December 2024 1,293 1,864 132 4,194 45,540 53,023
At 1 January 2025 1,293 1,864 132 4,194 45,540 53,023
Dividends - - - - (3,192) (3,192)
Credit related to equity-settled share based payments - - - - 127 127
Issue of share capital 40 - - - - 40
Transactions with owners 40 - - - (3,065) (3,025)
Profit for the six months to 30 June 2024 - - - - 1,252 1,252
Total comprehensive income for the period - - - - 1,252 1,252
At 30 June 2025 1,333 1,864 132 4,194 43,727 51,250
Condensed consolidated interim cash flow statement
Six months ended 30 June 2025
Unaudited Unaudited Audited
Six months Six months Twelve months
to 30 June to 30 June to 31 December
2025 2024 2024
£'000 £'000 £'000
Cash flows from operating activities
Group profit after tax 1,252 3,453 8,272
Non-cash adjustments 71 - -
Taxation paid (247) (787) (2,697)
Interest received 316 473 863
Depreciation on property, plant and equipment 1,295 1,113 2,340
Share based payment charge 127 452 1,066
Profit on sale of property, plant and equipment (607) (77) (253)
Taxation charge recognised in income statement 418 1,186 2,542
Net finance income (281) (435) (793)
Decrease/(increase) in inventories 880 (462) (626)
Increase in contract work in progress (6,488) (6,746) (346)
Decrease in trade and other receivables 5,756 5,198 6,984
Decrease in trade and other payables (4,211) (1,569) (8,642)
Net cash flow from operating activities (1,719) 1,799 8,710
Cash flows from investing activities
Purchase of property, plant and equipment (2,153) (2,000) (5,006)
Proceeds from sale of property, plant and equipment 980 106 332
Net cash flow from investing activities (1,173) (1,894) (4,674)
Cash flows from financing activities
Interest paid (35) (38) (75)
Capital element of leasing payments (83) (77) (157)
Dividends paid - - (4,189)
Proceeds from issue of share capital 40 - -
Net cash flow from financing activities (78) (115) (4,421)
Net decrease in cash and cash equivalents (2,970) (210) (385)
Cash and cash equivalents at beginning of period 21,699 22,084 22,084
Cash and cash equivalents at end of period 18,729 21,874 21,699
Total cash and cash equivalents 18,729 21,874 21,699
Notes to the interim accounts - as at 30 June 2025
Segmental Reporting
The Group trading operations of Billington Holdings plc are in Structural
Steelwork and Safety Solutions, and all are continuing. The Structural
Steelwork segment includes the activities of Billington Structures Limited,
Peter Marshall Steel Stairs Limited and Specialist Protective Coatings
Limited, and the Safety Solutions segment includes the activities of Easi-Edge
Limited and Hoard-It Limited. The Group activities, comprising services and
assets provided to Group companies and a small element of external property
rentals and management charges, are shown in Other. All assets of the Group
reside in the UK.
Unaudited Unaudited Audited
Six months Six months Twelve months
to 30 June to 30 June to 31 December
2025 2024 2024
£000 £000 £000
Analysis of revenue
Structural Steelwork 36,299 51,496 101,056
Safety Solutions 5,476 6,400 11,995
Other 5 - 10
Consolidated total 41,780 57,896 113,061
Analysis of operating profit before finance income
Structural Steelwork 572 3,734 9,330
Safety Solutions 547 961 1,862
Other 270 (491) (1,171)
Consolidated total 1,389 4,204 10,021
Basis of preparation
These consolidated interim financial statements are for the six months ended
30 June 2025. They have been prepared with regard to the requirements of
IFRS. The financial information set out in these consolidated interim
financial statements does not constitute statutory accounts as defined in S434
of the Companies Act 2006. They do not include all of the information
required for full annual financial statements, and should be read in
conjunction with the consolidated financial statements of the Group for the
year ended 31 December 2024 which contained an unqualified audit report and
have been filed with the Registrar of Companies. They did not contain
statements under S498 of the Companies Act 2006.
These consolidated interim financial statements have been prepared under the
historical cost convention with the exception of the following that are held
at fair value: land and buildings; investment property; defined benefit
pension obligation and plan assets; and financial instruments. The accounting
policies have been applied consistently throughout the Group for the purposes
of preparation of these consolidated interim financial statements.
Dividends
In the first half of 2025 Billington Holdings Plc declared a final dividend of
25.0 pence (2024: 33.0 pence) per share amounting to £3,334,000 (2024:
£4,189,000) to its equity shareholders. Dividends are recorded as declared
and are accrued within creditors at the period end. The dividend was
subsequently paid in July 2025. No interim dividend for 2025 has been declared
(2024: nil).
These results were approved by the Board of Directors on 29 September 2025.
INFORMATION REQUIRED UNDER RULE 17 AND SCHEDULE 2, PARAGRAPH (G) OF THE AIM
RULES FOR COMPANIES ("AIM RULES")
Full name: David Andrew Jones FCCA
Age: 42
Shares held in the Company: 5,948 Shares, equivalent to 0.04 per cent. of the total issued share capital
of the Company
Options held in the Company: 20,028 Options, equivalent to 0.15 per cent. of the total issued share capital
of the Company
Current directorships: Billington Fleet Management Limited
Billington Investment Management Limited
Billington Structures Limited
Easi-Edge Limited
Hoard-it Limited
Peter Marshall Steel Stairs Limited
Specialist Protective Coatings Limited
Historic directorships in previous 5 years: None
There is no further information to be disclosed in relation to the appointment
pursuant to Rule 17 and Schedule 2, paragraph (g) of the AIM Rules.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR UKVNRVOUKUARRecent news on Billington Holdings
See all newsREG - Billington Holdings - Director Dealings
AnnouncementREG - Billington Holdings - Interim Results and Board Change
AnnouncementRCS - Billington Holdings - Billington Structures Appointments
AnnouncementREG - Billington Holdings - Directorate Change
AnnouncementREG - Billington Holdings - Result of AGM
Announcement