REG - Billington Holdings - Interim Results & Investor Presentation
27/09/2022 07:00
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RNS Number : 7121A Billington Holdings PLC 27 September 2022
27 September 2022
Billington Holdings Plc
("Billington", the "Group" or the "Company")
Interim Results for the six months to 30 June 2022
&
Investor Presentation
Billington Holdings Plc (AIM: BILN), one of the UK's leading structural steel
and construction safety solutions specialists, is pleased to announce its
unaudited interim results for the six months ended 30 June 2022.
Unaudited six months to 30 June 2022 Unaudited six months to 30 June 2021 Percentage Movement
Revenue £46.19m £37.73m 22.4%
Adjusted EBITDA* £2.52m £1.73m 45.7%
EBITDA £2.35m £1.73m 35.8%
Adjusted profit before tax* £1.47m £0.76m 93.4%
Profit before tax £1.30m £0.76m 71.1%
Cash and cash equivalents £5.31m £13.19m (59.7)%
Adjusted earnings per share (EPS)* 10.1p 5.1p 98.0%
Earnings per share (EPS) 8.7p 5.1p 70.6%
*before share based payments
Highlights
• Revenue increased by 22.4 per cent to £46.19 million (H1 2021: £37.73
million) as post pandemic market recovery continued
• Adjusted profit before tax* increased 93.4 per cent to £1.47 million (H1
2021: £0.76 million)
• Cash and cash equivalents decreased by 59.7 per cent to £5.31 million at 30
June 2022 (30 June 2021: £13.19 million and 31 December 2021: £10.38
million), reflecting inventories and work in progress increasing to £16.28
million (30 June 2021: £14.38 million) and trade and other receivables
increasing to £13.17 million (30 June 2021: £5.65 million), primarily as a
result of payments due for receipt post period end. Some materials were
purchased earlier than ordinarily would have been the case both to secure
supply and enhance margins on contracts
• Post period end cash generation and cash receipts leading to cash and cash
equivalents at 26 September 2022 of £11.35 million
• The period was one of stabilisation and continued recovery post the Covid-19
pandemic as challenging market conditions, including supply side inflation and
constraints, remained
• The Group has a strong current order book, at improved margin levels, and a
significant pipeline of opportunities, providing an improved outlook for the
second half of 2022 and into 2023
Post Period Highlights
• The Group has secured a significant volume of new work post period end. In
particular contracts have been secured in the data centre, energy from waste
and industrial warehousing sectors at improved margins.
Mark Smith, Chief Executive Officer of Billington, commented:
"The first half of the year was a period of both stabilisation and continued
recovery following the Covid-19 pandemic related disruption to the market.
Whilst the financial results for the period were impacted by the completion of
lower margin legacy contracts and continued material price inflation and
supply constraints, I believe the business has a bright future. We have been
building our order book with improved margin work and are seeing some
stability return to the market.
"Whilst macroeconomic headwinds are likely to remain for some time,
particularly with regard to material availability, price volatility and
continuing inflationary pressures, we are seeing a consistent stream of
opportunities at better margins. Billington continues to be a robust
business with a strong balance sheet, with limited borrowings and has
weathered the pandemic well. I now expect the Group to deliver profits for
the full year and for FY23, ahead of previous Board expectations."
For further information please contact:
Billington Holdings Plc Tel: 01226 340 666
Mark Smith, Chief Executive Officer
Trevor Taylor, Chief Financial Officer
finnCap Ltd - Nomad and Broker Tel: 020 7220 0500
Ed Frisby / Charlie Beeson - Corporate Finance
Andrew Burdis / Barney Hayward - ECM
IFC Advisory Limited Tel: 020 3934 6630
Tim Metcalfe
Graham Herring
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 provide a live
presentation relating to the interim results via the Investor Meet Company
platform on 27 September 2022 at 15.00 BST.
The presentation is open to all existing and potential shareholders. Questions
can be submitted via your Investor Meet Company dashboard at any time during
the live presentation today.
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://protect-eu.mimecast.com/s/ym6WCxogUg927h8FoUy?domain=investormeetcompany.com)
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 2022 saw a further recovery in the market following the
Covid-19 pandemic, although a number of project delays continued as some
clients paused their decision making in the light of a turbulent and
inflationary environment. The Group's revenues increased by 22.4 per cent to
£46.19 million for the period (H1 2021: £37.73 million), a similar level of
revenue to that in the first half of 2019 (H1 2019: £47.15 million), a period
before the pandemic struck.
During the period margin pressure remained across the industry and the overall
profitability of the Group was impacted by the completion of legacy
contracts. However, the Group has been successful in recent times in
securing a number of significant contracts at improved margin levels and has a
very healthy pipeline of current and potential business.
Whilst we are mindful of continuing inflationary pressures and supply
constraints on materials and labour, we anticipate a further improvement in
performance in the second half of the year. Billington has weathered the
pandemic well and remains a robust and profitable business, supported by a
healthy balance sheet and a committed workforce. The Group is well placed to
take advantage of the significant number of opportunities at improved margin
levels that are currently being presented.
Group Companies
Billington Structures and Shafton Steel Services
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 facilities in Barnsley and Bristol and 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.
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, providing further
opportunities for growth as well as allowing for the supply of value added,
complementary products and services enhancing the comprehensive offering of
the Group.
During the first half of the year the Group's structural steel businesses
continued to operate at near full capacity, although a number of projects
continued to be subject to delays and timetable movements. Many of the
projects undertaken, as in 2021, continued to be in areas, such as large
distribution warehouses, which have a larger steel content per man hour than
more complex projects such as commercial offices, and as such attracted a
lower, all be it positive margin. Whilst the business maintained a good
spread of customers, the margins achieved were impacted by the legacy nature
of many of the contracts.
A number of larger than average contracts were secured subsequent to the
period end at improved margins, particularly in the data centre, energy from
waste and industrials sectors. These contract wins provide an increased
visibility well into 2023 and allow us to look forward with an increased level
of optimism.
Specialist Protective Coatings
In March 2022 the Group announced the formation of a new subsidiary,
Specialist Protective Coatings Ltd ("SPC"), focussed on surface preparation
and the application of protective coatings for products across a variety of
sectors including rail, highways, defence, petrochemical, energy, structural
steel and infrastructure.
The business was formed in January 2022 following the Company's acquisition
out of administration of the trading assets of Orrmac Coatings Ltd ("Orrmac
Coatings"), a specialist painting company based in Sheffield, UK.
The Group had been seeking to expand its painting capabilities for some time
and the acquisition presented an excellent opportunity to strengthen the
Group's internal offering in this area, as well as providing a specialist
service to the wider market. Since Billington acquired the trading assets of
Orrmac Coatings, based in a 55,000 square foot facility in Sheffield, it has
undergone a substantial refurbishment, and an investment programme is ongoing
to ensure the facility is able to effectively service the most demanding of
projects, including shotblasting and lifting capabilities for steel assemblies
that are amongst the largest in the UK.
The business has made good progress since its formation and is trading in line
with expectations, servicing both internal Billington work and external
customers. In addition, the Group has recently established a dedicated
on-site painting service to enable SPC to be a one-stop-shop for the painting
requirements of the structural steel sector.
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. It has the capability to deliver stair structures for
the largest construction projects and operates in sectors spanning retail,
data, commercial offices, education, healthcare, rail and many more.
Peter Marshall Steel Stairs continued its recent strong performance in the
period, maintaining robust margins and undertaking substantial work as part of
contracts with Billington Structures and for third parties.
During the period the business received its largest ever order of over £2.0
million, and enjoys a robust market position, as one of the largest companies
in its sector, in what is a fragmented market. The outlook for Peter
Marshall Steel Stairs continues to be positive and the business has a strong
order book for the remainder of 2022 and into 2023.
Easi-Edge
Easi-Edge is a leading site safety solutions provider of 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 remains a significant and consistent contributor to Group profits,
although the business continued to experience lower than historic utilisation
rates for its solutions in the first half. This is primarily as a result of
the limited number of commercial office developments currently being
undertaken, as these types of projects require a greater amount of product
when compared to most other types of projects, such as distribution
warehouses.
However, Easi-Edge continues to secure opportunities in those buoyant market
sectors where new developments are being undertaken and it is anticipated that
activity for the remainder of 2022 will be consistent with that achieved in
the first half.
Hoard-it
Hoard-it produces a unique range of re-usable temporary hoarding solutions
which are environmentally sustainable and available on both a hire and sale
basis tailored to the requirements of its customers.
Hoard-it enjoyed a very strong first half of 2022, outperforming management's
expectations, as new projects were secured, and others resumed following the
delays experienced due to the Covid-19 pandemic. During the period Hoard-it
secured its largest ever order of over £0.5 million for a large mixed-use
development in Kent.
Other significant projects were undertaken for both existing and new
customers, as the client base expanded in line with the goal of ensuring the
hoarding system becomes the number one choice for main contractors and
developers in the built environment. Hoard-it particularly benefited from
its investment in stock levels in advance of anticipated demand, enabling
rapid deployment of its solutions and providing a degree of mitigation for
inflationary pressures on its materials to ensure margins were protected.
Hoard-it's expanded graphics capability, introduced in 2021, was also a
catalyst for attracting further demand and is being utilised on both
Hoard-it's own products and on those produced by others.
Financial Results
Revenue and Profit Before Tax
Group revenue increased by 22.4 per cent in the period to £46.19 million (H1
2021: £37.73 million) as the post pandemic market recovery continued and new
business was secured.
Despite the continuing challenging market conditions and inflationary
pressures, profit before tax for the period improved to £1.30 million (H1
2021: £0.76 million), an increase of 35.8 per cent on H1 2021.
Earnings per Share
Earnings per share for the first half of the year increased by 70.6 per cent
to 8.7 pence (H1 2021: 5.1 pence).
Liquidity and Capital Resources
The Group's gross cash and cash equivalents decreased by 59.7 per cent to
£5.31 million at 30 June 2022 (30 June 2021: £13.19 million and 31 December
2021: £10.38 million) with inventories and work in progress increasing to
£16.28 million (30 June 2021: £14.38 million). Trade and other receivables
increased to £13.17 million (30 June 2021: £5.65 million), primarily as a
result of payments due for receipt from a number of larger contracts post
period end.
During the period the Group temporarily utilised a proportion of its cash
resources to maximise the margin available on contracts via the stockpiling of
steel when appropriate to take advantage of attractive supply and pricing
opportunities. At the end of the period the Group had approximately £3
million of steel stockpiled over and above that held historically for a
similar level of business. This has largely been utilised post period end.
As at 26 September 2022 the Group had cash and cash equivalents of £11.35
million.
Capital Expenditure
During the period the Group continued to invest in capital expenditure
projects to facilitate service enhancements and to replace obsolete equipment.
A new specialist steel profiling machine was installed in Shafton Steel
Services in the period that increases the output of specialised profiling
services it offers to the external market as well as for Billington Structures
and Peter Marshall Steel Stairs.
A programme of updating the Groups saw/drill lines commenced with the first
machine being delivered and installed at the Wombwell facility in September
2022. The new machines, replacing outdated, aged technology will increase the
capacity, productivity and efficiency of Billington Structures' operations
moving forward.
The Group will continue to actively invest in appropriate areas, whilst being
mindful of the returns achievable from capital investment in light of ongoing
equipment price inflation.
Production Resources
Billington, alongside the wider steel industry has struggled with the
recruitment of sufficient skilled production labour at its facilities
resulting in reduced capacity and under recovery of its overheads.
In order to address these issues the Group has progressed its activities in
two key areas to enhance the recruitment of skilled fabricators and welders.
Billington, in combination with Betterweld, a specialist training provider,
has reached an agreement in principal with Barnsley College to set up a
regional training centre to provide fabrication/welding training at our
Shafton facility. This partnership will provide access to increased numbers of
direct personnel on a consistent basis at its two Barnsley based facilities.
Investigations into the recruitment of qualified overseas labour in the first
half of the year has now progressed and the Company is now seeing the arrival
of its first cohort of experienced fabricators. The anticipated increased
volume of skilled direct labour over the remainder of 2022 will increase the
production capacities of the Company and improve the margins achievable on its
contracts.
Dividend
In the first half of 2022 Billington declared a final dividend in relation to
the year ended 31 December 2021 of 3.00 pence per share amounting to £0.39
million, which was 2.7 times covered by 2021 underlying earnings. No interim
dividend for 2022 has been declared (2021: nil), a policy consistent with
prior years.
Market and Economic Outlook
During the period iron ore and metallurgic coking coal prices continued to be
volatile, rising at the start of the year, before declining towards the period
end. This, coupled with significant increases in energy prices has led to
continued volatility and inflationary pressures on steel prices, a situation
that has continued post period end. Whilst the Group operates many fixed
price supply contracts and has arrangements in place to mitigate some of the
increases, we have suffered continued escalation in the price of consumables
and ancillary products that we have not been able to pass on. Although in
general prices appear to be stabilising, inflationary pressures and the
restrictions in the supply of certain steel products are expected to continue
for some time.
Many of the markets in which Billington operates continue to see reduced
levels of activity, particularly large office developments. However, other
sectors such as large distribution warehouses and industrial developments
combined with energy from waste and data centre facilities are more active.
With all our projects we are conscious that a number of the main construction
contractors continue to operate under significant pressure as they deliver
contracts that were tendered for before the recent price rises. The Group
insures its exposures with the maximum available cover, in a difficult credit
insurance market, and continues to focus on projects with the more robust
larger contractors that can deliver an appropriate margin. We have a robust
process in place to assess the risks associated with individual projects on a
case-by-case basis to reduce and mitigate the associated risks where possible.
Prospects and Outlook
The first half of the year was a period of both stabilisation and continued
recovery following the Covid-19 pandemic related disruption to the market.
Whilst the financial results for the period were impacted by the completion of
lower margin legacy contracts and continued material price inflation and
supply constraints, I believe the business has a bright future. Billington
continues to be a robust business and has weathered the pandemic well.
Whilst macroeconomic headwinds are likely to remain for some time,
particularly with regard to material availability, price volatility and
continuing inflationary pressures, we are seeing a consistent stream of
opportunities at improved margins and have a very healthy order book.
Recently secured contracts for two energy from waste facilities and a number
of large industrial production / warehousing projects are good examples of the
type of business we are managing to secure. We are also seeing other
opportunities particularly in large retail distribution warehouses, data
centres, 'Gigafactories', food processing developments, public sector works,
rail infrastructure and stadium developments, together with a return of some
commercial office development projects and for projects outside of the UK.
In closing, I would like to thank Billington's Board, employees, shareholders
and all stakeholders for their continued support. Despite the difficult
macroeconomic environment, I believe that Billington is very well positioned
and I now expect the Group to deliver profits for the full year and for FY23,
ahead of previous Board expectations.
Mark Smith
Chief Executive
27 September 2022
Condensed consolidated interim income statement
Six months ended 30 June 2022
Unaudited Unaudited Audited
Six months Six months Twelve months
to 30 June to 30 June to 31 December
Underlying Non-underlying Total
2022 2021 2021 2021 2021
£'000 £'000 £'000 £'000 £'000
Revenue 46,189 37,733 82,720 - 82,720
Raw material and consumables 29,962 24,324 55,784 - 55,784
Other external charges 2,898 2,189 4,542 - 4,542
Staff costs 9,280 8,050 16,268 - 16,268
Depreciation 1,023 969 1,960 - 1,960
Other operating charges 1,700 1,441 2,827 - 2,827
Impairment losses - - - 1,123 1,123
44,863 36,973 81,381 1,123 82,504
Operating profit 1,326 760 1,339 (1,123) 216
Net finance (expense)/income (27) 3 (37) - (37)
Profit before tax 1,299 763 1,302 (1,123) 179
Tax (247) (145) (324) 213 (111)
Profit for the period from continuing operations and attributable to equity 1,052 618 978 (910) 68
holders of the parent company
Earnings per share (basic and diluted) 8.7 p 5.1 p 0.6 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
12,115,051. The comparatives are calculated by reference to the weighted
average number of ordinary shares in issue which were 12,103,647 for the
period to 30 June 2021 and 12,106,797 for the year ended 31 December 2021.
Condensed consolidated interim statement of comprehensive income
Six months ended 30 June 2022
Unaudited Unaudited Audited
Six months Six months Twelve months
to 30 June to 30 June to 31 December
2022 2021 2021
£'000 £'000 £'000
Profit for the period 1,052 618 68
Other comprehensive income
Remeasurement of net defined benefit surplus - - 1,023
Movement on deferred tax relating to pension liability - - (348)
Other comprehensive income, net of tax - - 675
Total comprehensive income for the period attributable to equity holders of 1,052 618 743
the parent company
Condensed consolidated interim balance sheet
As at 30 June 2022
Unaudited Unaudited Audited
30 June 30 June 31 December
2022 2021 2021
£'000 £'000 £'000
Assets
Non current assets
Property, plant and equipment 16,581 14,473 14,854
Pension asset 2,673 1,683 2,673
Total non current assets 19,254 16,156 17,527
Current assets
Inventories 2,635 1,565 1,894
Contract work in progress 13,645 12,815 10,257
Trade and other receivables 13,167 5,647 12,216
Current tax receivable 233 177 679
Cash and cash equivalents 5,306 13,192 10,382
Total current assets 34,986 33,396 35,428
Total assets 54,240 49,552 52,955
Liabilities
Current liabilities
Current portion of long term borrowings 250 250 250
Trade and other payables 20,849 18,116 21,455
Lease liabilities 48 - -
Total current liabilities 21,147 18,366 21,705
Non current liabilities
Long term borrowings 625 875 750
Lease liabilities 1,106 - -
Deferred tax liabilities 1,108 476 1,108
Total non current liabilities 2,839 1,351 1,858
Total liabilities 23,986 19,717 23,563
Net assets 30,254 29,835 29,392
Equity
Share capital 1,293 1,293 1,293
Share premium 1,864 1,864 1,864
Capital redemption reserve 132 132 132
Other reserve (770) (783) (770)
Accumulated profits 27,735 27,329 26,873
Total equity 30,254 29,835 29,392
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 2021 1,293 1,864 132 (783) 26,711 29,217
Profit for the six months to 30 June 2021 - - - - 618 618
Total comprehensive income for the period - - - - 618 618
At 30 June 2021 1,293 1,864 132 (783) 27,329 29,835
At 1 July 2021 1,293 1,864 132 (783) 27,329 29,835
Dividends - - - - (515) (515)
Debit related to equity-settled share based payments - - - - (53) (53)
ESOT movement in period - - - 13 (13) -
Transactions with owners - - - 13 (581) (568)
Loss for the six months to 31 December 2021 - - - - (550) (550)
Other comprehensive income
Actuarial gain recognised in the pension scheme - - - - 1,023 1,023
Income tax relating to components of other comprehensive income - - - - (348) (348)
Total comprehensive income for the period - - - - 125 125
At 31 December 2021 1,293 1,864 132 (770) 26,873 29,392
At 1 January 2022 1,293 1,864 132 (770) 26,873 29,392
Equity dividends - - - - (363) (363)
Credit related to equity-settled share based payments - - - - 173 173
Transactions with owners - - - - (190) (190)
Profit for the six months to 30 June 2022 - - - - 1,052 1,052
Total comprehensive income for the period - - - - 1,052 1,052
At 30 June 2022 1,293 1,864 132 (770) 27,735 30,254
Condensed consolidated interim cash flow statement
Six months ended 30 June 2022
Unaudited Unaudited Audited
Six months Six months Twelve months
to 30 June to 30 June to 31 December
2022 2021 2021
£'000 £'000 £'000
Cash flows from operating activities
Group profit after tax 1,052 618 68
Taxation received/(paid) 199 (62) (246)
Interest received 6 13 21
Depreciation on property, plant and equipment 1,023 969 1,960
Share based payment charge/(credit) 173 - (53)
Profit on sale of property, plant and equipment (105) (92) (221)
Taxation charge recognised in income statement 247 145 111
Net finance income/(expense) 27 (3) 37
Increase in inventories and contract work in progress (4,129) (9,302) (7,073)
(Increase)/decrease in trade and other receivables (951) 7,229 660
(Decrease)/increase in trade and other payables (969) (491) 2,848
Net cash flow from operating activities (3,427) (976) (1,888)
Cash flows from investing activities
Purchase of property, plant and equipment (1,602) (908) (2,351)
Proceeds from sale of property, plant and equipment 118 94 294
Net cash flow from investing activities (1,484) (814) (2,057)
Cash flows from financing activities
Interest paid (13) (10) (25)
Repayment of bank and other loans (125) (125) (250)
Capital element of leasing payments (27) (9) (9)
Dividends paid - - (515)
Net cash flow from financing activities (165) (144) (799)
Net decrease in cash and cash equivalents (5,076) (1,934) (4,744)
Cash and cash equivalents at beginning of period 10,382 15,126 15,126
Cash and cash equivalents at end of period 5,306 13,192 10,382
Total cash and cash equivalents 5,306 13,192 10,382
Notes to the interim accounts - as at 30 June 2022
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 30th June to 30th June to 31st December
2022 2021 2021
£000 £000 £000
Analysis of revenue
Structural Steelwork 40,975 33,830 73,960
Safety Solutions 5,214 3,903 8,760
Other - - -
Consolidated total 46,189 37,733 82,720
Analysis of operating profit/(loss) before finance income
Structural Steelwork 612 306 (1,139)
Safety Solutions 739 438 1,241
Other (25) 16 114
Consolidated total 1,326 760 216
Basis of preparation
These consolidated interim financial statements are for the six months ended
30 June 2022. 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 2021 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. 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 2022 Billington Holdings Plc declared a final dividend of
3.0 pence (2021: 4.25 pence) per share amounting to £388,000 (2021:
£550,000) to its equity shareholders. No interim dividend for 2022 has been
declared (2021: nil).
These results were approved by the Board of Directors on 26 September 2022.
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