REG - Billington Holdings - Results for the year ended 31 December 2021
26/04/2022 07:16
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RNS Number : 2807J Billington Holdings PLC 26 April 2022
26 April 2022
Billington Holdings Plc
("Billington" or the "Company" or the "Group")
Results for the year ended 31 December 2021
Billington Holdings Plc (AIM: BILN), one of the UK's leading structural steel
and construction safety solutions specialists, announces its audited results
for the year ended 31 December 2021.
Highlights
31 December 2021 31 December 2020 Change
Revenue £82.7m £66.0m 25.3%
Underlying EBITDA* £3.3m £3.6m -8.3%
Underlying profit before tax* £1.3m £1.7m -23.5%
Profit before tax £0.2m £1.7m -88.2%
Underlying profit for the year* £1.0m £1.4m -28.6%
Cash and cash equivalents £10.4m £15.1m -31.1%
Underlying earnings per share* 8.1p 11.3p -28.3%
* before an impairment charge of £1.1 million relating to a client with whom
the Company was completing a contract which entered administration shortly
after the year end. The Company has taken the decision to provide for the
debt owed while continuing to seek recovery of the monies.
· Revenue increased by 25.3 per cent to £82.7 million for the Group
(2020: £66.0 million) as activity levels improved following the peak of the
pandemic shutdowns experienced in 2020
· The Group remained profitable in challenging market conditions with
underlying profit before tax of £1.3 million (2020: £1.7 million)
· Continuing strong cash balance of £10.4 million (2020: £15.1
million) at the year end with cash position reflective of higher than historic
levels of inventory at the year end
· Dividend declared of 3.00 pence per share (2020: 4.25 pence per
share) - covered 2.7 times by underlying earnings
· Large industrial warehouse contracts secured post year end
· The market remains challenging, but significant contracts secured for
2022, with a good pipeline of further opportunities
Mark Smith, Chief Executive Officer of Billington, commented:
"2021 was a year of partial recovery for our markets as the worst effects of
the Covid-19 pandemic abated. However, the Group continued to face
challenges from the continuing impact of the Covid-19 pandemic, raw material
price increases, together with supply constraints for certain materials and
labour. Despite these challenges we operated our facilities at full
utilisation and remained profitable as a Company.
"Whilst the market remains competitive, and market conditions and the
macroeconomic environment remain challenging, Billington's order book
continues at a consistently high level, comprising both delayed and new
projects, and the Group has good visibility of significant further
prospects. I anticipate an improvement in the Group's financial performance
in 2022 and I am confident about the future prospects for the Group."
For further information please contact:
Billington Holdings Tel: 0122 634 0666
Plc
Mark Smith, Chief Executive
Trevor Taylor, Chief Financial Officer
W H Ireland Limited Tel: 0207 220 1666
Chris Hardie
Fraser Marshall
IFC Advisory Limited Tel: 0203 934 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.
Chairman's Statement
2021 was a year of partial recovery as activity started to return, although
significant impacts from the Covid-19 pandemic continued to be experienced and
challenges such as substantial increases in steel prices were encountered.
Margin pressure remained across the industry with material price increases and
the availability of certain products and labour arising throughout the
period. However, as with 2020, Billington remained profitable in 2021 and
with our strong balance sheet we are well placed to take advantage of future
market recovery.
In 2021 revenue increased by 25.3 per cent to £82.7 million (2020: £66.0
million) with underlying profit before tax decreasing by 23.5 per cent to
£1.3 million (2020: £1.7 million). The overall underlying Earnings Per
Share ("EPS") for the year amounted to 8.1 pence (0.6 pence after impairment
charge) compared with 11.3 pence in 2020, a 28.3 per cent decrease. However,
our balance sheet remained strong with Net Assets of £29.4 million at 31
December 2021 (2020: £29.2 million), with a continuing strong gross cash
balance of £10.4 million at 31 December 2021 (31 December 2020: £15.1
million), despite higher than historic levels of inventory and contract work
in progress at the year end, partially as a result of forward buying raw
materials to mitigate market price increases.
Billington Structures entered 2021 with a strong order book, although business
was heavily impacted by steel price increases and the results depressed by
lower margin projects. The second half of the year was particularly
challenging to manage as previously delayed projects commenced. However, the
structures businesses navigated well through these issues and the prospects
for 2022 are more encouraging, with a number of higher margin projects
expected. The conscious decision to take delivery of a large quantity of
steel prior to the year-end was to secure supply and ensure margin
preservation on secured contracts. It is anticipated that the high steel
stock levels at the year end will be consumed by the end of Q1 2022 leading to
a return to historic levels of inventory and contract work in progress.
Peter Marshall Steel Stairs continued the strong performance seen in 2020 into
2021, recording record revenues for the year. Whilst the business was
impacted by steel price increases, it retained robust margins, which were not
as heavily impacted as those in the Group's other structural steel
businesses. It currently enjoys a strong order book with significant
prospects to secure further business.
The Easi-edge perimeter edge protection and fall prevention business continued
to suffer from Covid-19 related delays to the start of projects and a subdued
commercial office market, although it remained a significant contributor to
Group profits. Easi-edge continues to see good opportunities and continues
to innovate. The Group invested significantly in the business prior to the
pandemic and it is well placed to take advantage of future market recovery.
Hoard-it enjoyed a strong 2021 operating at full capacity for much of the
year, as projects resumed following the delays experienced in 2020 due to the
Covid-19 pandemic. The positive momentum experienced in 2021 has continued
into the current year with a good pipeline of new business for 2022.
The onset of the conflict in Ukraine has recently presented new challenges in
our industry. Significant volumes of steel products originate in Russia and
Ukraine and with supplies restricted from these regions, shortages, and as a
consequence price increases, have been noted for some of the Group's raw
materials. Alternative sources for these products have been sourced and
supply constraints are anticipated to ease as we progress through 2022.
Despite the challenges faced over the last two years, Billington 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 improving margin levels that are
currently being presented.
Pension Scheme
The defined benefit pension scheme (closed to future accrual in 2011)
continues in surplus despite the continuing impact of the pandemic on equity
markets. At 31 December 2021 a surplus of £2,673,000 (2020: £1,683,000)
along with a corresponding deferred tax liability of £668,000, has resulted
in a net recognised surplus of £2,005,000 (2020: £1,363,000).
The last actuarial valuation which also showed the scheme in surplus was
undertaken as at 31 March 2020 and the next scheme funding actuarial valuation
is due as at 31 March 2023, at which time the need for any Group contributions
will be reviewed.
Dividend
In the first half of 2021 Billington resumed the payment of dividends with the
declaration of a final dividend in relation to the year ended 31 December 2020
of 4.25 pence per share amounting to £550,000, which was 2.66 times covered
by 2020 earnings. The Board feels it is appropriate for Billington to
continue dividend payments, albeit at a modest level, whilst the impact of
Covid-19 continues and markets remain challenging. The Board is therefore
recommending a final dividend of 3.00 pence per share for 2021, which is
covered 2.7 times by underlying earnings. The final dividend will be paid,
subject to shareholder approval at the Company's AGM, on 4 July 2022, to those
shareholders on the register on 6 June 2022. No interim dividend for 2021
was declared (2020: nil), a policy consistent with prior years.
Liquidity and capital reserves
In 2021 the Group experienced a net cash outflow of £4.7 million (2020: £2.7
million net cash outflow) reducing the Group's gross cash and cash equivalents
as at 31 December 2021 to £10.4 million from £15.1 million as at 31 December
2020. The cash balance at 31 December 2021 reflected good cash collection
and certain modest customer pre-payments, offset by an increase in inventories
and work in progress by £7.1 million to £12.2 million (31 December 2020
£5.1 million). The increase in inventories and work in progress at the year
end was reflective of the Group's planning to mitigate further price increases
and to ensure the availability of materials for contracted projects in Q1
2022.
Going forward the Group's cash continues to provide strong cover for its
working capital requirements and a robust position from which to take the
Group forward. Capital expenditure in 2021 was at a similar level to 2020
and for 2022 is forecast to rise modestly as the Group continues to invest in
process improvements, together with capability and service enhancements.
Our People
Throughout the Covid-19 pandemic the focus has been on the welfare and
protection of our dedicated workforce and this has required significant
changes to working practices. The Company has continued to implement
appropriate measures at all our facilities to ensure that social distancing
can be maintained, with the workforce and our customers protected as far as
possible.
At the peak of the pandemic in 2020, 46 per cent of the workforce were placed
on furlough leave. During the later part of 2020 and into the first half of
2021 the majority of those previously on furlough returned to work. The
Company took the decision to not claim any further furlough monies from the UK
Government from 1 January 2021.
However, the Group did continue to experience Covid-19 related disruptions to
its operations in 2021, with staff required to isolate, presenting some
operational challenges, particularly in the second half of the year. I am
pleased to say that the workforce rose to meet these challenges, covering for
effected colleagues where possible, and I would like to place on record my
thanks for the hard work, resilience and dedication of the Billington team.
Economic Outlook
During 2021 the impact of the Covid-19 pandemic continued to be a significant
factor influencing the timing and profitability of contracts. We have
managed through these unprecedented times and whilst there inevitably remain
further challenges ahead we sit poised to deliver on our strategy to drive
growth and margin enhancement in the medium term.
The UK structural steelwork market grew by 16.9 per cent in 2021, following a
20.0 per cent. decline in 2020. Current forecasts are for the market to
continuing growing with an increase of 10.5 per cent in 2022, before the level
of growth stabilises at 2.1 per cent in 2023. However, these forecasts are
likely to be subject to revision as the pace of the recovery from the impact
of Covid-19 and the impact of wider macroeconomic factors are assessed.
In addition to the demand issues caused by the pandemic, the Group has faced
further significant increases in structural steel costs during the year, a
Europe wide issue. Whilst iron ore prices ended the year below the level at
the beginning of 2021 there was considerable volatility during the period,
with the intra year high being nearly three times that of the low point, and
increasing energy costs have also had a larger consequential impact on the
price of steel.
Whilst the Group operates many fixed price supply contracts and has
arrangements in place to mitigate most of the increases in steel prices,
including the forward purchasing of steel where appropriate, escalation in the
costs of consumables and ancillary products are not normally able to be passed
on. Steel prices remain volatile and increasing energy costs coupled with
government infrastructure based stimulus packages across the globe, and the
development of HS2 in the UK, are providing further inflationary pressures and
are restricting the supply of certain steel products.
Many of the markets in which Billington operates remain constrained, with a
number of the main construction contractors continuing under significant
pressure as they deliver contracts that were tendered for some time ago before
the current inflationary pressures materialised. However, the Group will
endeavour to focus on projects with the more robust larger contractors that
can deliver an appropriate margin and we assess the risks associated with
individual projects on a case-by-case basis. The Group is also looking at its
longer-term steel procurement strategy in order to reduce its reliance on any
one supplier.
Current trading and outlook
The current trading environment continues to be challenging as we emerge from
the global Covid-19 pandemic, particularly in relation to material price
inflation. However, we have seen a continuing recovery in activity levels
and the return of higher margin opportunities.
We have a robust business that has weathered the pandemic storm well,
supported by a strong balance sheet and committed workforce. Whilst pricing
pressures and other market challenges remain, I believe Billington is well
placed to deliver improved results in 2022.
Ian Lawson
Non-Executive Chairman
25 April 2022
Chief Executive Statement
Operational Review
2021 was a year of further challenge with the Covid-19 pandemic and its
effects continuing to impact the Company. With a partial recovery in
activity levels revenues increased by 25.3 per cent to £82.7 million, however
the impact on margins of raw material price increases and the project mix led
to underlying profit before tax decreasing by 23.5 percent to £1.3 million
(£0.2m after impairment charge). Post period end we resolved that it would
be prudent to take an impairment charge of £1.1 million relating to a client
with whom the Company was completing a contract and who entered administration
shortly after the year end. This event provided further evidence following
previous communications prior to the year end that there was significant
uncertainty regarding the recoverability of the receivable and contract work
in progress owed by the client at the balance sheet date and is therefore
considered an adjusted post balance sheet event. Whilst we have decided to
provide for the debt owed we continue in dialogue with the developer to
complete the project and recover the outstanding monies.
That we were able to remain resilient to these challenges and the underlying
business continued to be profitable is a real credit to the dedication of our
workforce and I would like to thank them all for their efforts.
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 12,000 tonnes
to all market sectors. 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 of processing 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 to increase the capacity of the business as well as allowing for
the supply of value added, complementary products and services to enhance the
comprehensive offering of the Group.
The Group's structural steel business started 2021 with a strong order book
with further new business won during the course of the year, although business
was heavily impacted by steel and other material price increases and the
results depressed by lower margin projects. The level of work undertaken
enabled the facilities to be operated at or near full capacity for much of the
period, sub-contracting production as required to the longstanding, approved
Group supply chain. It is important to the efficient operation of the
structures business that its facilities remain fully utilised as far as
possible. Billington is not alone in this requirement and the work
undertaken during the year enabled the operation of the facilities to be as
efficient as possible and for the business to be well positioned for the
future, particularly as projects in other sectors that have been delayed by
the pandemic are restarted.
Many of the projects undertaken in 2021 were in areas not significantly
impacted by the Covid-19 pandemic, 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 margin. 2022 has seen
the continued growth in the company's orderbook and provides confidence of
delivering increased value for its shareholders.
The larger projects undertaken by Billington Structures during 2021 included:
· Newhurst EfW, Leicestershire - Hitachi Zosen Inova
· Sandwell Aquatics Centre, Smethwick - Wates Construction
· Pinewood Studios, Slough - Sir Robert McAlpine
It is pleasing to note that some of the Company's complex and challenging
projects were again recognised in some of the industry's prestigious awards.
Sandwell Aquatics was voted the UK Tekla award winner in the Sports and
Recreation category and Wenlock Works (Shepherdess Walk) achieved a merit
award in the Structural Steel Design awards.
Billington Structures has a strong order book for 2022 and is seeing
additional significant future project opportunities. This includes more
complex projects, such as fulfilment centres, film studios and renewable
energy infrastructure, at higher margin levels. Whilst the detailed timing
of certain specific projects remains subject to change, and a number of
potentially significant contracts have yet to be secured, the future prospects
for Billington Structures are encouraging. The Group invested heavily in
stockpiling steel in the later part of 2021 in order to mitigate against
anticipated price increases and any supply issues for already contracted
work. It is anticipated that this steel will be fully used for projects in
the first quarter of 2022 leading to a return to historic levels of inventory.
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 the strong performance seen in 2020 into
2021, recording record revenues for the year. Whilst the business was
impacted by steel price increases, it retained robust margins, which were not
as heavily impacted as those in the Group's other structural steel businesses.
Notable projects undertaken in 2021 included:
· HH4 Data Centre, Hemel Hempstead - Flynn Contractors
· Siemens Blade Facility, Hull - J&D Pierce
· 20 Ropemaker Street, London - William Hare
As one of the largest companies in its sector, during the year the company
received its biggest ever single order, and enjoys a robust market position,
particularly when viewed against its smaller competitors, in what is a
fragmented market. During 2021 Peter Marshall's was often operating at full
capacity, sub-contracting work where appropriate. The Group continues to
review opportunities to increase the capacity of the business and improve
productivity, in what is one of the higher margin areas of the Group's
structural steel business.
The business entered 2022 with a strong order book and significant prospects
to secure further business.
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 legislation driven market.
In 2021, the business continued to suffer from Covid-19 related delays to the
start of projects and a subdued commercial office market, although it remained
a significant contributor to Group profits. The limited number of new
commercial office developments currently being undertaken in the UK, in
particular has a significant impact on Easi-edge as these types of projects
require a greater amount of Easi-edge product when compared to most other
types of developments, such as distribution warehouses, undertaken by the
business.
However, Easi-edge continues to see good opportunities, with utilisation
forecast to increase in 2022, although this is not expected to return to
historic levels in the short to medium term whilst the commercial office
market remains subdued.
Projects undertaken by Easi-edge in 2021 included:
· Cornbrook Commercial Offices, Manchester - ISG Construction
· Milburngate, Durham - Tolent Construction
· S1 Kings Cross, London - Elland Steel Structures
The investments made in the business prior to the pandemic, adding to the
stock available for hire, meant 2021, like 2020, was a year of low capital
expenditure, focusing on replacements where required. However, the business
continues to innovate and Easi-edge's new Core Safe product for the protection
of lift shafts was introduced to the market in 2021.
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 strong first half of 2021 and an even stronger second half,
operating at full capacity, as projects resumed following the delays
experienced in 2020 due to the Covid-19 pandemic.
Projects were undertaken for both existing and new customers, as the client
base expanded in line with the goal of ensuring the product is the number one
choice for main contractors and developers in the construction industry,
particularly in the residential construction market, where Hoard-it's range of
printed boards and panels are proving attractive to developers looking for a
professional and promotional site image, with added functionality.
Hoard-it also continued to add to its product offering, providing additional
products used on sites such as accommodation, trackway, security cameras and
graphics. An expanded graphics solution, Brand-it, was introduced in the first
half of 2021, which is being utilised on both Hoard-it's own products and on
those produced by others. Brand-it's site graphics solutions enable site
perimeter hoarding to be a prime marketing tool with added functionality such
as anti-graffiti and anti-climbing coatings.
Notable projects in 2021 undertaken by Hoard-it included:
· Platform 6 Kings Cross, London - Morgan Sindall Construction
· Nightingale Hospitals, Various - Graham Construction
· Hull Maritime Museum, Hull - Simpson
Following significant capital expenditure in 2020 to increase the hire stock
level the Group continued to invest in Hoard-it during 2021, in particular
bulk buying board to ensure supply was always available and mitigating cost
increases as far as possible.
Hoard-it entered 2022 with a good pipeline of new business and the positive
momentum experienced in 2021 has continued into the current year.
Our People
The pandemic related challenges faced in 2020 continued in 2021, with
particular disruption experienced in the second half of the year due to
Covid-19 related staff absences. I am pleased to say that the Billington
workforce rose to these challenges, covering for staff absences as diligently
as possible, and showing the resilience and flexibility required to maintain
the Group in a strong position.
Average staff numbers in 2021 decreased 1.8 per cent, with 391 employed at the
year end.
We anticipate a modest increase in staff numbers in 2022 as activity levels
increase, although attracting sufficient, experienced, quality people remains
a challenge for both Billington and the industry as a whole. The Group
therefore continues its focus on developing its people and has implemented a
number of training initiatives to assist in overcoming this issue.
Of particular note is the welding school we have established in partnership
with Betterweld to help mitigate the shortage of skilled fabricator welders.
We have increased our number of apprentices in this area and through a
structured training programme we aim to provide the next generation with the
appropriate skills for our industry.
Billington maintains close relationships with other local education providers,
with continuing support being provided to both Barnsley College and the
University of Sheffield Engineering Department. The Company regularly
attends educational career days, hosts school visits to its sites and seeks to
develop talent from a young age with its range of internal training programmes
across all departments of the business.
Billington also continues to actively promote its apprenticeship and graduate
schemes in other areas, particularly focusing on technical staff. These
programmes are geared to help the business maintain the necessary skills and
expertise to meet both its current and future requirements.
Additionally, Billington continues as an advocate, promotor and contributor to
the British Constructional Steelwork Association's CRAFT apprentice
programme. The scheme has become an important path for the Company to train,
educate and progress structural steelwork fabricators. The scheme ensures
that the Company possesses the necessary and appropriate skills to enable it
to deliver for its clients and be at the forefront of new processes and
techniques, driving manufacturing efficiencies.
Health, Safety, Sustainability, Quality and the Environment
A commitment to health, safety, sustainability, quality and the environment is
core to everything that Billington does.
In light of the Covid-19 pandemic the health and wellbeing of our staff and
customers has, and continues to be, of the highest priority. The significant
changes made in 2020 to the way we operate to allow for social distancing,
home working by office staff where appropriate and to provide a healthy
working environment for those working in our facilities and on sites,
continued and was adapted as appropriate in 2021. We are regularly reviewing
our working practices to ensure we meet best practice and ensure all
appropriate measures are taken to ensure the health and wellbeing of our
staff, subcontractors and customers.
Across the Group, led by our Health and Safety department, we work to ensure
that continued progress can be achieved in enhancing working practices and
improving the safety culture at all the Group's facilities and in our on-site
activities. We are also actively involved in a number of initiatives both
locally and nationwide to ensure the safety of our staff and to minimise the
impact of our operations on the environment. The Group aims to be proactive
in the identification, reporting and resolution of risks both on site and in
our production facilities to ensure that we are able mitigate the risks and
promote safe ways of working.
Charity
Billington continues to be a significant advocate and supporter of both local
and national charities. In 2017 the Billington Charity Foundation was
established in order to focus efforts. In 2021 Billington has continued to
actively support many charity programmes.
Throughout 2021, Billington donated to charities including Macmillan, Mind and
Barnsley Hospice, together with a range of local sports teams and other causes
that our employees are involved with.
Billington actively supports a diverse range of charitable and social causes
that our employees are involved with, and the Group encourages involvement in
initiatives intended to improve the local areas in which our people live.
Customers and Suppliers - Ethical Trading
The Company recognises the need to maintain a supply chain that adheres to and
is aligned with our environmental, social and commercial objectives and
policies.
Billington is committed to carrying out all dealings with clients, suppliers,
sub-contractors and its own staff in a fair, open and honest manner. It is
also committed to complying with all legislative and regulatory requirements
that are relevant to its business activities and monitors these on a regular
basis.
The Company communicates fully and openly with customers regarding costs of
work undertaken and will provide accurate and honest guidance and advice to
customers to ensure their requirements are met.
The Company strives to develop positive relationships with suppliers to ensure
both parties understand each other's problems and requirements. It will not
use current or potential contracts to coerce suppliers into unsustainable
offers.
The Company treats its staff fairly in all aspects of their employment,
valuing their contribution to the achievement of Company objectives and
providing them with opportunities for training and development.
The Company is proud of its long standing and committed partner relationships
with its supply chain and in turn seeks to treat them fairly with timely
payment for works and the implementation of a 'no retention' policy.
Steel Industry
Throughout 2021, the dominant theme has been the increase in steel prices
across Europe. This has primarily been driven by increased energy costs,
although extreme volatility in iron ore prices during the period, coupled with
overall increases in scrap steel values, has led to consequential price
increases in the wide range of steel products that the Group sources from a
variety of steel producers worldwide.
In 2021 these price increases were in the order of 60 per cent, on top of the
c.40 per cent. increases seen in 2020. We anticipated a more stable supply
picture in 2022, with previous supply constraints removed and Billington
benefiting from its scale in the market and trading relationships with its
primary supply chain. The onset of the conflict in Ukraine has noted a
restriction in some raw materials used in the steel making process of some
steel products and further price rises have been encountered as a result.
As stated previously, Billington keeps its steel supply options 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. This hedging strategy, coupled with the stockpiling seen in the
later part of 2021, enables most projects to be covered up to six months out,
mitigating the immediate impact. Although, over the longer-term price rises
are passed onto customers as far as possible. The Group is also reviewing
its steel procurement strategy in order to reduce its reliance on any one
supplier as far as possible.
Strategy and Acquisition
The Group has implemented a strategy to improve operating margins over the
medium term through the investment and upgrading of some principal items of
capital equipment, combined with projects to increase the capacity from the
company's fixed asset base. These projects shall ensure the Group maximises
the inherent value within the business and capitalises upon its strong market
position within the industry.
Post period end we established a new trading subsidiary, Specialist Protective
Coatings Ltd ("SPC"), following the Company's acquisition of the trading
assets of Orrmac Coatings Ltd, a specialist painting company based in
Sheffield, UK, out of administration. The Group has 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, sited from the
55,000 square foot facility in Sheffield, it has undergone a substantial
refurbishment and investment programme 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
capacity in the UK.
The incorporation of SPC will provide the Group with increased control of a
significant subcontract trade that had previously been outsourced and ensure
the margin associated with this trade is maintained within the business.
Prospects and Outlook
The Group continued to face challenges during the year, both from the
continuing impact of the Covid-19 pandemic, particularly in relation to staff
absences, and raw material price increases, together with supply constraints
for certain materials and labour. However, whilst the overall market
continues to be challenging, the Directors believe the outlook for Billington
is encouraging.
We remain in a financially robust position and I believe all our businesses
are well placed for the future. We have weathered the pandemic well and as
the market returns to more normal operating conditions we are well placed to
take advantage. A number of our competitors and suppliers have suffered to a
much greater extent than Billington, with a number ceasing to trade over the
past two years. This, over the longer term, will aid margin improvement across
the industry and will create opportunities for Billington to secure new
business.
Whilst the potential for continuing material price inflation and the
macroeconomic landscape, particularly with events in Ukraine, remains a
concern the order book continues to grow. The current order book comprises
both delayed and new projects, and the Group has significant future order
prospects, many at improved margins. There are a number of larger, more
complex projects both contracted and in prospect, and the number and quality
of enquires continues to improve. We are seeing opportunities in all
sectors, particularly large retail distribution warehouses, data centres,
'Gigafactories', food processing developments, film industry, public sector
works, rail infrastructure, together with a return of some commercial office
development projects.
In closing, I would like to thank Billington's Board, employees, shareholders
and all stakeholders for their continued support. Despite the continuing
challenging market conditions I look forward with optimism that the shoots of
recovery seen in 2021 and into the early part of the current year will
continue to gain traction.
Mark Smith
Chief Executive Officer
25 April 2022
Financial Review
Consolidated Income Statement Underlying Non Underlying Total
2021 2021 2021 2020
£'000 £'000 £'000 £'000
Revenue 82,720 - 82,720 65,955
Operating profit/(loss) 1,339 (1,123) 216 1,659
Profit/(loss) before tax 1,302 (1,123) 179 1,667
Profit/(loss) after tax 978 (910) 68 1,369
Profit/(loss) for shareholders 978 (910) 68 1,369
Operating profit margin 1.6% - 0.3% 2.5%
Return on capital employed 8.4% - 1.4% 13.9%
Earnings/(loss) per share (basic) 8.1p (7.5)p 0.6p 11.3p
Revenue increased 25 per cent year on year primarily as a result of increased
output related to the structural steelwork activities of the Group. Revenue
was also impacted by cost inflation related to some of the primary input costs
of the Group. Over the course of 2021, as a result of iron ore and energy
cost escalation, the price for steelwork increased by over 100 per cent, with
further increases seen during the early part of 2022.
Forecasts indicate that the consumption of structural steelwork within the UK
increased to 803,000 tonnes in 2021 from 686,000 tonnes in 2020, an increase
of 17 per cent. Projections indicate that consumption will increase by 10.5
per cent to 887,000 tonnes in 2022 and a further 2.1 per cent to 905,000
tonnes in 2023, allowing the Group to look forward with optimism in the medium
term as the UK continues to recover from the pandemic.
Underlying operating margins reduced to 1.6 per cent in the year as a result
of overhead cost inflation, input material price increases that are unable to
be hedged, a number of challenging projects and subdued margins attainable on
new contracts. The operating margin achieved within the Safety Solutions
entities, at 14.2 per cent (2020: 16.9 per cent), was very encouraging and
demonstrated resilience during the period. The level of utilisation for the
hire products within the Safety Solutions division continued to be impacted
primarily as a result of continued low levels of commercial office
construction throughout the UK.
Underlying earnings per share reduced from 11.3 pence in 2020 to 8.1 pence in
2021 (0.6 pence after impairment charge) representing a decrease of 28 per
cent.
Cash management continued to be a primary focus during the year. The
reduction in the gross cash balance to £10,382,000 at 31 December 2021 (31
December 2020: £15,126,000) was primarily attributable to working capital
requirements increasing £3,565,000 in the period as a consequence of high
workloads and the forward purchasing of raw materials at the period end. The
average gross cash balance during the year was £13,390,000 (2020:
£15,300,000). The continued strong cash position leaves the Group well
placed to achieve both its short and long-term objectives, while providing
financial security and providing opportunities to invest and mitigate short
term price volatility in some of its primary input costs.
Average staff numbers in 2021 decreased 1.8 per cent to 372, with an overall
rise in staff costs of 1.5 per cent year on year. Industry wide challenges
remain to ensure wage inflation is mitigated and in attracting sufficient
quality resource across all disciplines. The Group anticipates a modest
increase in staff numbers in 2022 as activity returns to pre pandemic levels.
The Shafton facility continues to provide the Group with opportunity to expand
and diversify its operations further optimising the current resources within
the control of the Group.
Consolidated Balance Sheet
2021 2020
£'000 £'000
Non current assets 17,527 16,219
Current assets 35,428 33,340
Current liabilities (21,705) (18,866)
Non current liabilities (1,858) (1,476)
Total equity 29,392 29,217
During the year two significant capital expenditure projects were completed
that were previously paused upon the onset of the pandemic. One project, at
Shafton, related to the investment in a dedicated plate girder manufacture
line to ensure that the Group's offering was enhanced and could service all
its clients' requirements. The second project related to the replacement of an
aged shotblast machine at its Yate facility.
Further investment projects to improve operational efficiencies and increase
certain manufacture capacities were commenced just prior to the year end, with
the majority of this expenditure to occur in 2022. At the year end these
projects under construction totalled £421,000.
As part of the Group's ongoing strategy to improve operating margins there is
an agreed programme of capital equipment replacement and enhancement over the
next four years.
Within non-current assets, property, plant and equipment increased by
£318,000, represented by capital additions of £2,351,000, depreciation
charges of £1,960,000 and net disposals of £73,000.
The defined benefit pension scheme has performed well in the period against a
backdrop of turbulent equity markets. At the year end, a surplus of
£2,673,000 along with a corresponding deferred tax liability of £668,000 has
resulted in a net recognised surplus of £2,005,000. The scheme was closed
to future accrual in 2011.
The net deferred tax liability at the year end was £1,108,000 (2020:
£476,000), being a deferred tax liability of £440,000 (2020: £156,000)
related to temporary timing differences, combined with a deferred tax
liability of £668,000 (2020: £320,000) related to the defined benefit
pension scheme surplus.
The increase of £2,088,000 in current assets included an increase of
£7,073,000 in inventories and work in progress, a decrease of £660,000 in
trade and other receivables, and a decrease in the gross cash balance of
£4,744,000.
Retention balances, contained within trade and other receivables outstanding
at the year end, were £1,951,000 (2020: £3,110,000). It is anticipated
that £1,667,000 will be received within one year and £284,000 in greater
than one year.
Trade and other payables increased by £2,848,000. Within this, trade
payables increased £7,188,000 and was offset through decreases of £2,409,000
related to social security and other taxes and £1,388,000 related to contract
losses.
On 1 March 2021 the reverse charge VAT regime by HMRC was implemented. Under
the new procedures VAT is no longer charged, and monies received to the
majority of its customers for on site construction activities. The new
procedure has resulted in an adverse impact on the cash flows relating to the
payments of VAT to HMRC.
Total equity increased by £175,000 in the year to £29,392,000. The
financial position of the Group at the end of the year remains robust and
provides a strong platform to drive shareholder value.
Consolidated Cash Flow Statement
2021 2020
£'000 £'000
Result for shareholders 68 1,369
Depreciation 1,960 1,911
Capital expenditure (2,351) (2,216)
Tax paid (246) (844)
Tax per income statement 111 298
Increase in working capital (3,565) (3,088)
Dividends (515) -
Net property loan movement (250) (250)
Others 44 90
Net cash outflow (4,744) (2,730)
Cash at beginning of year 15,126 17,856
Cash at end of year 10,382 15,126
Dividends were reinstated in the year following their suspension in 2020 with
£515,000 paid in the period.
A dividend has been proposed in respect of the 2021 financial year of 3 pence
per share (£388,000), covered 2.7 times underlying earnings and will be paid
to shareholders upon approval at the AGM in July 2022.
The Group remains committed to treating its suppliers and subcontractors
fairly and to paying them in line with their agreed payment terms. It is the
Group's policy not to withhold retentions from members of its valued supply
chain.
Working capital was as shown below:
2020 2020
£'000 £'000
Inventories and work in progress 12,151 5,078
Trade and other receivables 12,216 12,876
Trade and other payables (21,455) (18,607)
Working capital at end of year 2,902 (653)
Cash balances at the year end totalled £10,382,000 and there were property
loans outstanding of £1,000,000 representing a net cash position of
£9,382,000 (2020: £13,876,000). Cash management and preservation remained
a continued focus during the year. The robust cash position of the Group
allowed it to take advantage of advanced purchase of structural steelwork to
mitigate some of the price escalations during the year and mitigate margin
pressure.
The strong cash position provides the Group with financial stability and
allows the investment in capital assets to improve operating margins and
provide a comprehensive service to its clients.
The cash balance was impacted in the year through the transition to the new
reverse charge VAT regime implemented by HMRC from 1 March 2021, the repayment
of the deferred VAT liability (£671,000) under the coronavirus deferral
scheme and the high level of contract work in progress at the year end.
The strong year end cash position allows the Group to further invest in
replacing and upgrading some of its capital assets. 2022 to 2025 will see a
programme of capital additions, primarily within the structural steel division
of the Group. The additional capital expenditure will support both an
increase in the range of services the Company can perform as well as replacing
a number of aged machines with more efficient models. Investment in the
latest technologies will ensure Billington can deliver the most challenging
projects, efficiently, for its clients.
Non Underlying Items
Shortly after the year end a client with whom the company was completing a
contract entered administration. The decision has been taken to provide for
the debt owed while continuing in dialogue with the developer to complete the
outstanding contract works and recover the monies owed.
This event provided further evidence following previous communications prior
to the year end that there was significant uncertainty regarding the
recoverability of the receivable and contract work in progress owed by the
client at the balance sheet date and is therefore considered an adjusted post
balance sheet event.
Pension Scheme
2021 2020
£'000 £'000
Scheme assets 9,693 9,292
Scheme liabilities (7,020) (7,609)
Surplus 2,673 1,683
Other finance (expense)/income (33) 4
Contributions to defined benefit scheme - -
To limit the Group's exposure to future potential pension liabilities the
decision was taken to close the remaining Billington defined benefit pension
scheme to future accrual from 1 July 2011. The scheme's assets have
performed well, in a difficult market during the period, leaving the scheme in
a strong position as at the balance sheet date. The scheme underwent an
asset review in the period and the decision taken to derisk the portfolio and
hedge against future inflation while maximizing returns. As a result the
majority of the schemes assets are now held in government bonds.
The scheme's triennial valuation for the period ended 31 March 2020 was
completed on 10 December 2020. The position of the scheme as at the date of
the valuation was an asset position of £8,048,000 and a liability position of
£7,776,000 resulting in a surplus of £272,000. At the valuation date of 31
March 2020, the equity market had been significantly impacted by the pandemic
and as a consequence affected the value of the assets within the scheme. The
FTSE 100 index at 31 March 2020 was 5,672 and has subsequently recovered to
circa 7,600, an increase of some 34 per cent, before the assets were
transferred into UK government bonds to protect and manage the strong surplus
position of the scheme in the long term. The next actuarial
valuation is due to be completed as at 31 March 2023.
Employee Share Option Trust (ESOT)
The Group operates an ESOT to allow employees to share in the future,
continued success of the Group, promote productivity and provide further
incentives to recruit and retain employees.
Options are issued based on seniority and length of service across all parts
of the Group.
A Long Term Incentive Plan (LTIP) was introduced across the Group to assist in
the remuneration of management and further align the interests of senior
management and shareholders. Awards are made subject to achieving progressive
Group performance metrics over a three year period.
At the year end there were 474,577 share options outstanding at an average
exercise price of £0.29 per share (2020: 514,395 shares at £0.43 per share).
The credit included within the accounts in respect of issued options is
£53,000 (2020: charge £181,000).
Trevor Taylor
Chief Financial Officer
25 April 2022
Summarised consolidated income statement for the year ended 31 December 2021
Underlying 2021 Non-underlying 2021 Total 2021 2020
£'000 £'000 £'000 £'000
Revenue 82,720 - 82,720 65,955
Raw materials and consumables (55,784) - (55,784) (40,514)
Other external charges (4,542) - (4,542) (3,917)
Staff costs (16,268) - (16,268) (16,028)
Depreciation (1,960) - (1,960) (1,911)
Other operating charges (2,827) - (2,827) (1,926)
Impairment losses - (1,123) (1,123) -
(81,381) (1,123) (82,504) (64,296)
Operating profit 1,339 (1,123) 216 1,659
Net finance (expense)/income (37) - (37) 8
Profit before tax 1,302 (1,123) 179 1,667
Tax (324) 213 (111) (298)
Profit for the year 978 (910) 68 1,369
Profit for the year attributable to equity holders of the parent company 978 (910) 68 1,369
Earnings per share (basic and diluted) 0.6 p 11.3 p
Summarised consolidated statement of comprehensive income for the year ended
31 December 2021
2021 2020
£'000 £'000
Profit for the year 68 1,369
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of net defined benefit surplus 1,023 (526)
Movement on deferred tax relating to pension liability (348) 100
Other comprehensive income, net of tax 675 (426)
Total comprehensive income for the year attributable to equity holders of the 743 943
parent company
Summarised consolidated statement of financial position as at 31 December 2021
2021 2020
£'000 £'000 £'000 £'000
Assets
Non current assets
Property, plant and equipment 14,854 14,536
Pension asset 2,673 1,683
Investments in joint ventures - -
Total non current assets 17,527 16,219
Current assets
Inventories 1,894 908
Contract work in progress 10,257 4,170
Trade and other receivables 12,216 12,876
Current tax receivable 679 260
Cash and cash equivalents 10,382 15,126
Total current assets 35,428 33,340
Total assets 52,955 49,559
Liabilities
Current liabilities
Current portion of long term borrowings 250 250
Trade and other payables 21,455 18,607
Lease liabilities - 9
Total current liabilities 21,705 18,866
Non current liabilities
Long term borrowings 750 1,000
Deferred tax liabilities 1,108 476
Total non current liabilities 1,858 1,476
Total liabilities 23,563 20,342
Net assets 29,392 29,217
Equity
Share capital 1,293 1,293
Share premium 1,864 1,864
Capital redemption reserve 132 132
Other components of equity (770) (783)
Retained earnings 26,873 26,711
Total equity 29,392 29,217
Summarised consolidated cash flow statement for the year ended 31 December
2021
2021 2020
£'000 £'000
Cash flows from operating activities
Group profit after tax 68 1,369
Taxation paid (246) (844)
Interest received 21 41
Depreciation on property, plant and equipment 1,960 1,911
Share based payment (credit)/charge (53) 181
Profit on sale of property, plant and equipment (221) (274)
Taxation charge recognised in income statement 111 298
Net finance expense/(income) 37 (8)
(Increase)/decrease in inventories and contract work in progress (7,073) 3,264
Decrease/(increase) in trade and other receivables 660 (5,526)
Increase/(decrease) in trade and other payables 2,848 (826)
Net cash flow from operating activities (1,888) (414)
Cash flows from investing activities
Purchase of property, plant and equipment (2,351) (2,216)
Proceeds from sale of property, plant and equipment 294 294
Net cash flow from investing activities (2,057) (1,922)
Cash flows from financing activities
Interest paid (25) (37)
Proceeds of bank and other loans - 1,250
Repayment of bank and other loans (250) (1,500)
Capital element of leasing payments (9) (107)
Dividends paid (515) -
Net cash flow from financing activities (799) (394)
Net decrease in cash and cash equivalents (4,744) (2,730)
Cash and cash equivalents at beginning of period 15,126 17,856
Cash and cash equivalents at end of period 10,382 15,126
Summarised consolidated statement of changes in equity for the year ended 31
December 2021
Share capital Share premium Capital redemption reserve Other components of equity Retained earnings Total equity
£'000 £'000 £'000 £'000 £'000 £'000
At 1 January 2020 1,293 1,864 132 (820) 25,624 28,093
Transactions with owners
Credit relating to equity-settled share based payments - - - - 181 181
ESOT movement in year - - - 37 (37) -
Transactions with owners - - - 37 144 181
Profit for the financial year - - - - 1,369 1,369
Other comprehensive income
Actuarial losses recognised in the pension scheme - - - - (526) (526)
Income tax relating to components of other comprehensive income - - - - 100 100
Total comprehensive income for the year - - - - 943 943
At 31 December 2020 1,293 1,864 132 (783) 26,711 29,217
Share capital Share premium Capital redemption reserve Other components of equity Retained earnings Total equity
£'000 £'000 £'000 £'000 £'000 £'000
At 1 January 2021 1,293 1,864 132 (783) 26,711 29,217
Transactions with owners
Dividends (note 6) - - - - (515) (515)
Debit relating to equity-settled share based payments - - - - (53) (53)
ESOT movement in year - - - 13 (13) -
Transactions with owners - - - 13 (581) (568)
Profit for the financial year - - - - 68 68
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 year - - - - 743 743
At 31 December 2021 1,293 1,864 132 (770) 26,873 29,392
The Group retained earnings reserve includes a surplus of £2,005,000 (2020 -
£1,363,000) relating to the net pension surplus.
Notes forming part of the Group financial statements for the year ended 31
December 2021
1) Basis of preparation
The financial information in this preliminary announcement has been prepared
in accordance with accounting policies which are based on the International
Financial Reporting Standards (IFRSs) as adopted by the UK and in issue and in
effect at 31 December 2021.
2) Accounts
The summary accounts set out above do not constitute statutory accounts as
defined by Section 434 of the UK Companies Act 2006. The summarised
consolidated balance sheet at 31 December 2021, the summarised consolidated
income statement, the summarised consolidated statement of comprehensive
income, the summarised consolidated statement of changes in equity and the
summarised consolidated cash flow statement for the year then ended have been
extracted from the Group's 2021 statutory financial statements upon which the
auditor's opinion is unqualified and did not contain a statement under either
sections 498(2) or 498(3) of the Companies Act 2006. The audit report for the
year ended 31 December 2020 did not contain statements under sections 498(2)
or 498(3) of the Companies Act 2006. The statutory financial statements for
the year ended 31 December 2020 have been delivered to the Registrar of
Companies. The 31 December 2021 accounts were approved by the directors on 25
April 2022, but have not yet been delivered to the Registrar of Companies.
3) Earnings per share
Earnings per share and underlying earnings per share are calculated by
dividing the profit for the year of £68,000 and underlying profit for the
year of £886,000 respectively (2020: profit - £1,369,000) by 12,106,797
(2020: 12,082,548) fully paid ordinary shares, being the weighted average
number of ordinary shares in issue during the year, excluding those held in
the ESOT.
There is no impact on a full dilution of the earnings per share calculation as
there are no potentially dilutive ordinary shares.
4) Reports, Accounts & AGM
The Annual Report and Accounts for the year ended 31 December 2021 will be
available on the Company's website www.billington-holdings.plc.uk
(http://www.billington-holdings.plc.uk) from no later than 20 May 2022.
The Annual General Meeting will be held on 31 May 2022 at 14.00 at Billington
Holdings Plc, Steel House, Barnsley Road, Wombwell, South Yorkshire S73 8DS.
5) Segmental Information
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 and
Peter Marshall Steel Stairs 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.
31 December 2021 Structural Steelwork Safety Central Total
£'000
Solutions
£'000
£'000
£'000
Segment revenues 73,960 8,760 - 82,720
Raw materials and consumables (52,948) (2,836) - (55,784)
Other external charges (3,261) (1,281) - (4,542)
Staff costs (13,008) (1,623) (1,637) (16,268)
Depreciation (663) (1,023) (274) (1,960)
Other operating charges (4,096) (756) 2,025 (2,827)
Segment operating profit/(loss) - underlying (16) 1,241 114 1,339
Impairment losses - non-underlying (1,123) - - (1,123)
Segment operating profit/(loss) (1,139) 1,241 114 216
31 December 2020 Structural Steelwork Safety Central Total
£'000
Solutions
£'000
£'000
£'000
Segment revenues 58,591 7,364 - 65,955
Raw materials and consumables (38,534) (1,980) - (40,514)
Other external charges (2,748) (1,169) - (3,917)
Staff costs (12,811) (1,612) (1,605) (16,028)
Depreciation (636) (972) (303) (1,911)
Other operating charges (3,475) (389) 1,938 (1,926)
Segment operating profit 387 1,242 30 1,659
6) Dividend
A final dividend has been proposed in respect of 2021 of 3.0 pence per
ordinary share (£388,000) (2020: 4.25 pence) per ordinary share
(£550,000). As the distribution of dividends by Billington Holdings Plc
requires approval at the shareholders' meeting, no liability in this respect
is recognised in the consolidated financial statements.
7) Going Concern
The consolidated financial statements have been prepared on a going concern
basis. The Directors have taken note of the guidance issued by the Financial
Reporting Council on Going Concern Assessments in determining that this is the
appropriate basis of preparation of the financial statements and have
considered a number of factors.
The financial position of the Group, its continued positive trading
performance in 2021 and cash flows are detailed in the Financial Review and
they demonstrate the robust position of the Group heading into 2022.
The Group has a gross cash balance of £10.4 million at 31 December 2021 and
no significant long-term borrowings or commitments.
The Directors have prepared forecasts covering the period to April 2023 and
approved by the Board in March 2022. The uncertainty as to the future
continued impact on the Group and the Company of the Covid-19 outbreak has
been separately considered as part of the Directors' consideration of the
going concern basis of preparation.
The continued support of the construction industry by the UK Government and
the ability shown by the business to react and adapt to the challenges of the
last twelve months provides a degree of confidence that the Group will be able
to maintain its output throughout the current and any future lockdowns.
Furthermore, the current orderbook secured for 2022 allows the Group to look
forward with an increasing degree of optimism.
The Directors expect that the Group has sufficient resources to enable it to
continue to adopt the going concern basis in preparing the financial
statements.
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