REG - Billington Holdings - Results for the year ended 31 December 2025
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RNS Number : 1959B Billington Holdings PLC 21 April 2026
21 April 2026
Billington Holdings Plc
("Billington" or the "Company" or the "Group")
Results for the year ended 31 December 2025
Billington Holdings Plc (AIM: BILN), one of the UK's leading structural steel
and construction safety solutions specialists, is pleased to announce its
audited results for the year ended 31 December 2025.
Highlights
31 December 2025 31 December 2024
Revenue £95.7m £113.1m
EBITDA* £6.1m £12.4m
Underlying profit before tax** £4.1m £10.8m
Profit before tax £1.3m £10.8m
Profit for the year £1.3m £8.3m
Cash and cash equivalents £20.5m £21.7m
Underlying basic earnings per share 27.1p 66.2p
Basic earnings per share 10.4p 66.2p
Dividend per share 11.0p 25.0p
Return on Capital Employed (ROCE)*** 11.9% 36.9%
* Earnings before interest, tax, depreciation, amortisation and non-underlying
costs
** Profit before tax before £2.8 million of non-underlying staff costs, other
operating charges and impairment losses
*** Underlying operating profit divided by average total equity less the net
defined benefit pension surplus and net cash
• Billington delivered a robust performance in 2025 against the backdrop of
challenging market conditions, pricing pressure across the industry and client
led contract slippage
• Revenue reduced by 15.4% to £95.7 million (2024: £113.1 million), despite a
4.2% increase in Group productive hours, reflective of the Group's focus on
more complex projects with reduced steel content
• Underlying profit before tax of £4.1 million and £2.8 million of
non-underlying costs incurred in the year, primarily as a result of the
closure of the Group's Yate facility, resulting in a profit before tax of
£1.3 million (2024: £10.8 million)
• Strong cash balance of £20.5 million maintained at year end (2024: £21.7
million) and the Group remains debt free
• Strong level of production hours secured for projects due to be delivered in
2026 and 2027
• In line with the Board's policy for the Company to be paying dividends at a
level that reflects underlying earnings, whilst continuing to maintain a
robust balance sheet, a dividend of 11.0 pence per share in respect of 2025
(25.0 pence per share paid in respect of 2024) is recommended
Mark Smith, Chief Executive Officer of Billington, commented:
"Billington delivered a robust performance in 2025 against the backdrop of
very challenging market conditions and with continuing pricing pressure across
the sector. Despite this, we maintained strong operational output, protected
margins and secured a number of technically demanding, higher-value contracts
that provide good visibility into 2026. The consolidation of our structural
steel operations in Barnsley, alongside continued investment in capacity and
capability, has improved our cost base and operational efficiency. With a
healthy order book, growing pipeline of opportunities and a robust balance
sheet, we entered 2026 with increased confidence and expect to deliver an
improved financial performance in 2026, in line with market expectations."
Investor Presentation
Billington's CEO, Mark Smith, COO, Trevor Taylor and CFO, Dave Jones, will
provide a live presentation relating to the annual results via the Investor
Meet Company platform today, 21 April 2026, at 16.00 BST.
The presentation is open to all existing and potential shareholders. Questions
can be submitted via the Investor Meet Company dashboard 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.
For further information please contact:
Billington Holdings Plc Tel: 01226 340 666
Mark Smith, Chief Executive Officer
Trevor Taylor, Chief Operating Officer
Dave Jones, Chief Financial Officer
Cavendish Capital Markets Ltd - Nomad and Broker Tel: 020 7220 0500
Ed Frisby / Trisyia Jamaludin - Corporate Finance
Andrew Burdis - Corporate Broking
IFC Advisory Limited Tel: 020 3934 6632
Tim Metcalfe billington@investor-focus.co.uk
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/)
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.
Chairman's Statement
In 2025 Billington again delivered a robust performance, against a challenging
macroeconomic backdrop.
In 2025 revenue reduced by 15.4% to £95.7 million (2024: £113.1 million),
despite a 4.2% increase in Group productive hours, reflective of the Group's
focus on more complex projects with reduced steel content. Pricing pressure
combined with client led contract slippage was experienced during the year in
many parts of the Group leading to underlying profit before tax reducing to
£4.1 million (2024: £10.8 million). The underlying basic earnings per
share ("EPS") for the year amounted to 27.1 pence compared with 66.2 pence in
2024.
The Group's balance sheet remains strong with net assets of £50.4 million at
31 December 2025 (2024: £53.0 million), with a continuing strong gross cash
balance of £20.5 million at 31 December 2025 (2024: £21.7 million) and the
Group remains debt free.
During the year the Group undertook a restructuring of its structural steel
operations and ultimately resolved to close the Yate facility in Bristol,
consolidating operations at Billington's Wombwell and Shafton sites in
Barnsley, local to all other Group operations. Following a consultation with
the affected employees at Yate, a proportion of them have now transferred to
the Group's Barnsley facilities and I am pleased to note that over 90% of the
employees we unfortunately had to make redundant have now found alternative
employment, many with assistance from Billington.
Billington Structures operated in a challenging market environment in 2025,
with reduced demand and competitive pricing pressures, which impacted
margins. During the year the business focused on more complex work,
requiring less steel per productive hour, leading to a lower turnover, but a
higher number of productive hours and generating a better margin than more
commoditised structural steelwork projects. A number of projects increased
in size as a result of client's instructed variations, which combined with
certain client led on site delays, resulted in margin recognition on some
projects being later than was initially forecast. The business continues to
target sectors such as data centres and energy from waste where demand is more
buoyant and greater opportunities are being presented.
Peter Marshall Steel Stairs again delivered robust results, continuing the
strong performance seen over the past five years, operating at full capacity
for much of the year. The company currently enjoys a strong order book for
the current year and into 2027, both for projects being undertaken by
Billington Structures and other clients, with significant prospects to secure
further business.
The Easi-Edge perimeter edge protection and fall prevention business
experienced a challenging 2025, with a continued depressed multi-storey
building construction market. A number of cost rationalising measures have
been undertaken to ensure Easi-Edge remains a profitable market leader and is
appropriately placed for the future. Emerging sectors are presenting
increased opportunities for its products and utilisation rates are expected to
increase during 2026.
Hoard-it enjoyed another record year in 2025, with a particularly robust
performance in the second half. The business is currently experiencing
strong demand for its primary products as the volume of construction project
commencements has steadily increased over the course of 2025.
Specialist Protective Coatings ("SPC"), formed in March 2022, has built a
strong reputation in the industry and again proved its value to the Group.
SPC enjoyed a record year in 2025, operating at near full capacity servicing
both Billington and third-party projects. The business has wide ranging
future opportunities and appropriate routes to increase capacity are being
investigated.
The Group has a strong and growing order book for the remainder of 2026 and
into 2027. Whilst challenging market conditions persist, I believe the Group
is well placed for the future and to deliver an improved performance in 2026.
Dividend
In the first half of 2025 Billington declared a final dividend in relation to
the year ended 31 December 2024 of 25.0 pence per share. This amounted to a
total payment of £3.2 million, which was 2.65 times covered by 2024 earnings.
The Board feels it is appropriate for Billington to continue to be dividend
paying at a level that reflects underlying earnings whilst continuing to
maintain a robust balance sheet. The Board is therefore recommending a final
dividend of 11.0 pence per share for 2025, which is covered 2.46 times by 2025
earnings.
The dividend will be paid on 30 June 2026, subject to shareholder approval at
the Company's AGM expected to be held on 2 June 2026. The associated
ex-dividend date will be 4 June 2026 with a record date of 5 June 2026. No
interim dividend for 2025 was declared (2024: nil), a policy consistent with
prior years.
Our People
The key to Billington's continued success is the hard work and dedication of
its workforce, and I would like to place on record my thanks to the whole
Billington team for their contribution in 2025. The Group remains committed
to supporting its employees, particularly when cost of living challenges
continue to be experienced.
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, Trevor Taylor,
the Company's Chief Financial Officer, was appointed to the new Board role of
Chief Operating Officer, effective from 1 October 2025. Dave Jones,
previously Finance Director - Group Companies, joined the Board on 1 October
2025 as Chief Financial Officer, after successfully leading the operational
finance functions at the Company since 2019.
The transition of Trevor to Chief Operating Officer was a recognition of the
role that he had increasingly been performing over recent years as the Group
has grown and is enabling 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.
In August 2025, Lyndsey Scott, a Non-Executive Director of the Company,
indicated her intention to step down when a suitable successor was
identified. Lyndsey stepped down from the Board, post year-end, on 31
January 2026. I would like to thank Lyndsey for her valuable contribution to
the Company and wish her well for the future. On 2 February 2026 Sharon Daly
was appointed as an Independent Non-Executive Director and Chair of the
Company's Remuneration Committee. Sharon brings significant experience and
expertise to the Board, including with other publicly quoted companies, and I
look forward to her input and support in assisting the Group to achieve its
development and growth objectives.
We also continue to strengthen the management team within the Group's
operations and 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. His skills and
experience are already assisting Billington Structures move into new markets
and he has significantly strengthened the technical leadership of the
business.
The Group continues to actively promote its apprenticeship and graduate
schemes and we retained Gold Membership of the '5% Club', awarded in 2024.
Members of the 5% Club aspire to achieve at least 5% of their workforce in
'earn and learn' positions (including apprenticeships, graduate schemes and
sponsored student placements) within five years of joining. Billington is
committed to empowering our employees through such earn and learn initiatives.
The Group continues to focus on a variety of initiatives to address the
industry wide challenges in recruiting sufficient skilled labour, including
its ongoing partnership with BetterWeld, a specialist training provider,
together with working in partnership with other local education providers.
Sustainability
Billington believes that operating in a sustainable and responsible manner is
key to the growth and success of the Group. The Group has established a
Sustainability Committee to identify, develop and implement carbon reduction
projects, together with ensuring the Group's social impact is optimised
through the delivery of a wide range of social projects.
Billington has a structured, governance-led sustainability strategy with a
clear net zero roadmap. Billington is committed to achieving, as a minimum,
the goal set by SBTi (Science Based Targets Initiative), of a 50% carbon
emissions reduction by 2030 and net zero by 2050. There is a significant
global initiative to ensure 'clean steel' and Billington are proud to be a
member of SteelZero, a global standards and certification initiative designed
to deliver environmentally responsible production of steel and speed up the
transition to a net zero steel industry. The Group engages with its steel
suppliers to understand their net zero strategies and secure access to
lower-carbon steel. In addition, the Group seeks to imbed low-carbon design
principals in its projects to reduce their embodied carbon as far as possible.
During 2025 the Group continued to use electricity procured from 100 per cent
green energy with a REGO accredited zero per cent emissions factor, as has
been the case since May 2023. The Group also continued the offsetting of all
Scope 1 and Scope 2 emissions via Carbon Neutral Britain's Woodland Fund,
ensuring the Group is carbon neutral on a market-based basis. While
offsetting is not a carbon reduction measure, it complements the Group's
direct emissions reduction initiatives. Billington also maintains the 'Gold
Standard' awarded by the British Constructional Steel Association for meeting
the requirements of the 'Steel Construction Sustainability Charter'.
Industry
The Group operated throughout 2025 against a backdrop of subdued construction
activity and ongoing margin pressure across the structural steel sector, with
a number of competitors experiencing reduced workloads and, in some cases,
pricing at unsustainably low margins to maintain factory utilisation. Main
contractor insolvencies and profit reductions continued to affect confidence
across the industry, and credit insurers have remained cautious, making
insurance cover more difficult to secure. Notwithstanding this environment,
the Group maintained appropriate credit protection across its project
portfolio.
Steel prices during the year were relatively stable, with modest increases
experienced in the later part of the year and we anticipate further upward
movement during the course of the current year. This expected upward
movement in the current financial year is likely to be exacerbated by ongoing
global geopolitical tensions, trade protection measures and supply chain
disruptions, coupled with rising input costs, particularly for energy.
However, the Group does not expect supply to be significantly affected and the
Group's established procurement strategy, which materially hedges steel
requirements on secured contracts, continues to mitigate short term price
volatility and protect margins.
The UK Government has recently published it steel strategy whereby it intends
to implement quotas on a range of steel products currently imported into the
UK from 1 July 2026. The final quotas for a series of steel products are yet
to be finalised, although for some products the reduction from the current
level of quota are anticipated to be significant. The published steel strategy
is intended to promote and support steelmaking activities in the UK through
the increased use of steel products manufactured in the UK. Contained within
the announcement is a policy that steel utilised in public sector projects
should be procured from UK steel manufacturers to further support and enhance
the output of UK steel producers, a policy which the Company supports. Until
the final quotas have been announced it is difficult to assess the potential
impact on the wider steel industry and associated inflationary and product
availability impact on the raw materials the Group utilises.
Encouragingly, business confidence has improved modestly since the Autumn
Budget, with a number of previously deferred projects now proceeding. Whilst
margins across the broader market remain competitive, the volume and scale of
opportunities have increased. Activity is strengthening in sectors aligned
with long-term structural demand, including environmental and
sustainability-related projects, carbon capture, public sector infrastructure,
data centres and energy-from-waste schemes. Specialist bridge work,
particularly complex and heavy structures, also remains comparatively robust.
Overall, whilst the industry environment during 2025 was challenging, the
outlook for 2026 is more encouraging. We are seeing improving enquiry
levels, a strengthening pipeline of work and selective margin recovery in
specialist markets. The Group remains focused on disciplined contract
bidding, specialist project delivery and prudent risk management to navigate
the evolving market conditions.
Current trading and outlook
Billington delivered a resilient performance in 2025 against a backdrop of
subdued construction markets and continued competitive pricing pressure across
the sector. Whilst revenue was impacted by a shift in work mix towards more
complex, specialist projects, operational output remained strong and margins
were supported by disciplined bidding and careful contract management.
Several of our businesses, notably Hoard-it and Specialist Protective
Coatings, achieved record or near-record performances, demonstrating the
strength and diversity of the Group's business model. Decisive action was
taken to consolidate operations through the closure of the Yate facility,
creating a more efficient cost base and strengthening the Group's long-term
capacity utilisation.
Cash generation remained robust, with a strong balance sheet and significant
net cash at the year end. This financial strength provides the Board with
confidence in maintaining a consistent dividend policy and underpins our
ability to invest selectively in growth, capacity and strategic opportunities.
The introduction of a share Save As You Earn scheme across the Group further
aligns our employees with shareholders and reflects our continued focus on
long-term value creation.
Looking ahead, whilst market conditions remain competitive, enquiry levels and
project flow have improved. Activity in infrastructure, environmental and
certain specialist sectors is particularly strengthening, and the Group
entered 2026 with a solid order book and increasing confidence. Supported by
a streamlined operational structure, a disciplined approach to risk, and a
strong financial position, the Board believes the Group is well placed to
benefit from a gradual recovery in industry conditions and to deliver an
improved financial performance in 2026.
With the ongoing conflict in the Middle East we have experienced heightened
price volatility of raw materials and energy prices, driven by uncertainty
around supply chains and logistics routes. We anticipate that these pressures
will persist in the near term, particularly where disruption to established
trade corridors or shipping routes continues to impact availability and
pricing dynamics. In response, the Group continues to deploy a range of
established, short-term and project-specific hedging mechanisms across its
principal input costs. These measures are designed to provide a degree of cost
certainty and to materially protect margins, while retaining sufficient
flexibility to respond to changing market conditions. Alongside this, we
maintain disciplined procurement practices and close engagement with our
supply chain to manage risk and optimise pricing.
More broadly, the potential secondary effects of a prolonged period of
geopolitical instability, including any adverse impact on the UK macroeconomic
environment, inflationary pressures, and levels of consumer and business
confidence, remain uncertain. At this stage, it is not possible to quantify
the full extent or duration of such impacts. We continue to monitor
developments closely and will take further mitigating actions where
appropriate to protect the Group's operational and financial performance,
while ensuring we remain well positioned to respond to both risks and
potential opportunities as they arise.
In closing, I would like to thank Billington's Board, employees, shareholders
and all stakeholders for their continued support.
Ian Lawson
Non-Executive Chairman
21 April 2026
Group Strategy
The business model of the Group is to operate as a designer, manufacturer and
installer of structural steelwork through its subsidiaries Billington
Structures Limited, Peter Marshall Steel Stairs Limited and Specialist
Protective Coatings Limited, and as a supplier of safety solutions and barrier
systems to the construction industry, through its subsidiary Easi-Edge
Limited, as well as providing specialist site hoarding and branding systems
through Hoard-it Limited. The parent company acts as a holding company
providing management services to its subsidiaries.
Billington strives for continuous improvement in all aspects of its operations
to ensure we harness the energy of our people and deliver for our clients in a
safe, economic and sustainable manner, enabling the value for our shareholders
to be maximised.
The Group has adopted five key pillars to its strategy which constitute the
strategic objectives and focus of the business to drive shareholder value.
The five key pillars, or '5 P's', are underpinned by the Group's value system
and are focussed on developing, progressing and managing the areas that can
add value and protect our business from unnecessary risk to secure its
long-term future, and are set out below:
People
• To ensure a safe working environment and drive our safety culture forward
• To actively promote, encourage and train the next generation of people into
our exciting industry
• To harness individuals' energy, ambition and core skills
• To develop, motivate and inspire the next generation of people into and within
our business
• To evolve a diverse, inclusive and thriving workforce
• To promote a corporate culture based on sound ethical values and which fully
supports the Group's business model and strategy and to engender a culture of
delivering value to all stakeholders
Properties
• To ensure value is driven from our facilities
• To maintain a cost base to allow manufacturing margins to be optimised
• To ensure manufacturing capabilities are appropriate to service the needs of
our clients, projects and markets
• To have appropriate infrastructure to provide our businesses the ability to
grow and prosper
Product
• To provide a quality product using a right first-time philosophy
• To innovate and drive technological improvements across the businesses
• To challenge the status quo of manufacturing techniques in our industry
• To learn from our mistakes in an open, constructive and inclusive way
Position
• To be the partnered steelwork contractor of choice in the UK for major
projects
• To seek and expand the Group's operations to provide construction solutions to
our clients
• To actively identify, target and partner with clients on large projects to
maximise collective value
• To expand the Group's operations into markets which can add value to the
business and provide economic resilience
• To deliver long term sustainable returns and growth to our shareholders
Planet
• To operate with environmental considerations at the forefront of all
operational decisions
• To support, encourage and take an active involvement in the UK's structural
steelwork industry's drive for carbon reduction
• To ensure the Group proactively seeks areas for energy reduction and
operational efficiencies
• To reduce waste through proactive engagement with clients, optimum engineering
and partnerships with the supply chain
In 2025 a strategic review of the Group's asset base was positively and
decisively implemented with the closure of Yate facility, and transfer and
expansion of productive capacity to the Barnsley based facilities.
Maximising the output capability of the Barnsley facilities, with the
expansion of the night shift, reduced the cost base per productive hour and
moving forward will ensure margins are maximised on current and future
contracts.
The Group's five-year capital expenditure programme has been substantially
delivered with quality, capacity and capabilities all experiencing significant
enhancement. Two principal machines remain to be replaced which were
deferred from 2025. It is anticipated one machine will be replaced in each
of 2026 and 2027.
Ensuring resources are available to allow Hoard-it, Peter Marshall Steel
Stairs and SPC to continue to develop and increase their contribution to Group
profits will be a focus for 2026. Managed and controlled growth of all
companies, when economic conditions permit, will be a key aspect of the growth
strategy for 2026 and beyond.
The renewables, carbon reduction and sustainable energy sectors are all areas
in which the Group sees future expansion and increased opportunity. These
complex, quality demanding sectors are where the Group, with its comprehensive
expertise, can add significant value and generate enhanced margins. Energy
from waste schemes, in which the Group specialises, draws many parallels with
similar renewable, carbon capture and nuclear developments, sectors whereby
future growth is anticipated.
Chief Executive Statement
Operational Review
2025 was a resilient performance by the Group, across all its business units,
against a very challenging market backdrop, with continued pricing pressure.
Whilst demand remained below historic levels across the industry for much of
the year, particularly in the first half, the Group maintained strong
operational output and protected margins through its disciplined approach and
careful project selection.
During the year we secured additional technically demanding, higher-value
contracts, that were able to deliver an appropriate margin. The Group's
continued focus on complex projects capable of maximising returns, combined
with ongoing investment in manufacturing capability, including the expansion
at the Shafton facility and the consolidation of operations following the
closure of the Yate site, has enhanced efficiency and utilisation across the
Group's facilities.
Billington has continued to grow market share in all its areas of focus and
the Group's strategic positioning, supported by a strong balance sheet, has
enabled Billington to navigate a competitive market environment while
maintaining financial strength. With an improving order book and pipeline of
opportunities, I believe the Group is very well placed to benefit from a
gradual recovery in market conditions, whilst retaining the resilience
required to manage ongoing economic uncertainty.
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. Now focused on two facilities in Barnsley 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 now operates in three distinct business areas. The
first undertakes general constructional steelwork 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 third,
following investment in the construction of a dedicated facility, is the
manufacture of bridgework and other complex and heavy structures, through its
Tubecon division.
During the year the Group undertook a restructuring of its structural steel
operations and ultimately decided to close the Yate facility in Bristol,
consolidating operations at Billington's Wombwell and Shafton sites in
Barnsley, local to all other Group operations. Following a consultation with
the affected employees at Yate, a proportion of them have now transferred to
the Group's Barnsley facilities. In addition, new staff have joined the
Group at the two Barnsley facilities, and a further expansion of night shifts
will mitigate the loss of capacity at Yate. The Yate production facility
largely ceased operation at the end of 2025 with the small technical and
project management office, located at Yate, remaining unaffected.
The consolidation at Barnsley will not materially impact the Group's
productive capacity, but provides the Group with the flexibility to more
closely align operational capacity with market demand, together with reducing
overheads and delivering significant cost and operational efficiencies.
Recent capital investments at the two Barnsley facilities have allowed for
an increase in productive output and the transfer of machinery from Yate will
reduce the requirement for future capital expenditure. The Company is now
exploring options to maximise the value of the Yate site and expects to
conclude a sale in H2 2026.
Billington Structures experienced challenging market conditions throughout
2025, with industry output declining for a second consecutive year, with
reduced project starts and ongoing margin pressure across the sector. A
number of competitors experiencing reduced workloads bid for contracts at
unsustainably low margins to maintain factory utilisation. Against this
backdrop, the focus remained on disciplined contract bidding, selective
project choice and operational efficiency.
Whilst revenue reduced year-on-year, this reflected a deliberate shift in work
mix rather than a loss of productive capacity. During the year, the business
was heavily weighted towards complex, higher-value projects, including
energy-from-waste schemes, environmental infrastructure and other specialist
contracts. These projects require materially higher fabrication hours per
tonne of steel used and extended engineering input, resulting in lower
headline revenues, but supporting margin resilience. Internal productivity
remained strong, with the Group's fabrication facilities operating at high
levels of utilisation despite lower purchased steel volumes.
2025 noted some unique issues for the business with significant growth in the
size of a number of contracts as a result of client instructed variations.
This, combined with a number of client led contract delays, resulted in margin
recognition being later than forecast at the inception of the affected
contracts, deferring margin into 2026.
The strength of our forward order book entering 2025 enabled the business to
avoid the most aggressive pricing conditions experienced elsewhere in the
market. Importantly, we did not materially compromise our margin discipline
to secure workload. As the year progressed, enquiry levels began to improve,
particularly following greater clarity around public spending commitments
following the November UK budget. The Group has secured a number of projects
in infrastructure, carbon capture, data centres and public sector
developments, which provide good visibility for 2026.
Operationally, we continued to enhance the manufacturing facilities. The
£1.7 million expansion at Shafton is now fully operational and is providing
increased capability in heavy and specialist fabrication, including bridge
structures. This investment positions the business to capture higher-value
opportunities and further diversify its sector exposure. During the year
Shafton Steel Services, again utilised its market leading processing
capabilities to undertake a number of sizeable projects for customers outside
of the Group which included large plate profiling and cutting, countersinking
and the manufacture of specialist large fittings. The business has a strong
order book and a healthy pipeline of future business with new and existing
clients.
The structural steel business continues to serve a wide variety of markets,
with a good and diverse portfolio of customers. Particularly strong demand
is continuing to be seen in the energy from waste and data centre sectors,
with others showing signs of recovery. In particular, Billington has built a
strong position in the energy from waste sector and is well positioned to win
further business in what is a complex market with less competition. Whilst
large office developments remain limited and industrial warehousing
developments remain at lower than historic levels, Billington Structures
continued to secure contracts in these areas.
The larger projects undertaken by Billington Structures during 2025 included:
• North London Heat and Power Project - Power Generation - London
• Project Merlin Film Studios - Leisure - Watford
• LON1X2C - Data Centre - London
• South Clyde Energy Recovery Centre - Power Generation - Glasgow
• Project Sakura - Cold Store / Industrial - Wrexham
It is pleasing to note that again some of the Company's complex and
challenging projects were recognised in some of the industry's most
prestigious awards. The indoor All England Lawn Tennis Centre (AELTC) at
Wimbledon, delivered by Tubecon, secured a Structural Steelwork Design Award
(SSDA) in the period. The structure was described by the judges as follows:
"The Indoor Tennis Centre at Wimbledon, distinguished by its graceful
double-curvature roof, is beautifully finished and an outstanding addition to
the estate. Exposed structural steelwork enhances the interior, creating a
striking and welcoming volume. Exemplary coordination between disciplines
ensured refined detailing, resulting in a building of clarity and elegance."
Billington Structures has a very healthy order book relating to the quantum of
productive hours secured, providing good visibility for the remainder of 2026
and confidence that Billington Structures will provide a materially improved
contribution to the Group in 2026. The mix of secured work for 2026 includes
a balanced combination of complex and more standard structural contracts,
which should support a recovery in reported revenue alongside improved
profitability. With an improved cost base following the consolidation of
Yate into the Barnsley facilities, an experienced management team and a
growing order book, Billington Structures entered 2026 with increased
confidence and is well positioned to benefit from a gradual recovery in market
conditions.
Tubecon
Tubecon, a trading division of Billington Structures, 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.
Following the recruitment in April 2024 of a number of specialist bridge
fabricator employees from SH Structures, when it was placed in administration,
the business built on its increased capacity and capability to provide a full
service from concept to delivery of complex steel bridges in 2025. In
addition, the Group undertook a capital expenditure programme, which was
completed during 2025 at a cost of approximately £1.7 million, which included
a new workshop building at the Group's Shafton site, to ensure Tubecon has the
capacity and capabilities to manufacture the most complex bridges.
Strong demand, at healthy margins, is being experienced for the type of heavy
and complex steel bridges Tubecon is able to supply. Tubecon has secured
significant new business for delivery in 2026, including the recent award of
an approximately £10 million order, Tubecon's largest to date, for a steel
bridge to be fabricated in multiple sections and assembled on site, and has a
healthy pipeline of further opportunities.
Specialist Protective Coatings ("SPC")
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
high-performance protective coating systems for industrial and infrastructure
assets across a wide variety of sectors, including power generation, water,
bridges and transport infrastructure, commercial offices and data centres.
In addition, the Group has continued the expansion of SPC's dedicated on-site
painting service to enable SPC to be a one-stop-shop for the painting
requirements for the structural steel sector.
The business continued to make excellent progress and delivered a record
result in 2025, servicing both internal Billington work and a growing base of
external customers, including for its on-site painting operations. In 2025
the business operated at near full capacity, including the continued operation
of the night shift introduced in 2024, enabling the business to focus on
higher margin work.
Following the Drinking Water Inspectorate (DWI) approval received in 2024, SPC
completed two significant water projects during the year and has a healthy
pipeline of further business in the water sector, taking advantage of
increased infrastructure investment being undertaken.
The addition of SPC to the Group offering and it's improving efficiency has
significantly improved the overall performance of the internal Billington
companies that utilise its services, mitigating risk and cost to Billington,
while being an increasingly significant independent profit generator for the
Group.
Notable projects undertaken by SPC in 2025 included:
• Drinking Water Vessels Lining - UK
• Walsall Energy from Waste - Walsall
• Merlin Footbridge - Watford
• Doncaster Gateway Commercial Offices - Doncaster
• Oil and Gas Steelwork Treatment - North Sea
SPC currently has a strong pipeline of work and is again expected to be
operating at near maximum capacity during 2026. With the significant further
opportunities for SPC the Group continues to explore 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 projects and those
contracts being undertaken by others. It has the capability to deliver stair
structures for the largest construction projects and in 2025 supplied projects
including commercial offices, power generation, data centres, distribution
warehouses and leisure schemes.
Peter Marshall Steel Stairs delivered a resilient performance in 2025, with
strong turnover and high levels of operational activity, despite subdued
conditions across the wider market. While margins were impacted by the
competitive pricing environment, the business achieved a good result relative
to prevailing market conditions, and it remains an important contributor to
Group profit.
Contracts were secured from a variety of sectors, and notable projects
undertaken by Peter Marshall in 2025 included:
• Bankside Yards - Commercial Offices - London
• Deeside Paper Mill - Industrial - Deeside
• LIDL Distribution Centre - Industrial - Belvedere
• Rivenhall Energy from Waste - Power Generation - Braintree
• 1 Liverpool Street - Commercial Offices - London
Peter Marshall Steel Stairs currently has a strong order book providing good
visibility for 2026 and into 2027. The business is effectively utilising the
increased capacity installed in 2024, focusing on efficiency and the
appropriate use of third-party contractors to ensure it remains 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 a challenging year in 2025, with lower utilisation rates
reflecting continued weakness in the multi-storey building market and intense
competitive pricing across the sector. Turnover reduced year-on-year and
profitability was impacted as surplus capacity within the industry led to
heavily discounted pricing from competitors. In response, cost reduction
measures were implemented to ensure the business was appropriately positioned
for the prevailing market conditions. These actions have stabilised
performance and ensured that Easi-Edge remains a contributor to Group profits.
The modernisation and improvement programme that commenced in 2024 progressed
during the year, with just over half of the barrier stock now upgraded. The
pace of replacement was moderated in light of subdued market conditions, but
it is expected to accelerate as demand improves. In addition, the business
is developing a number of complementary products aimed at broadening its
revenue streams and enhancing resilience, ensuring its market position is
sustainable over the long term.
Whilst trading conditions remain competitive, the position has stabilised and
enquiry levels have shown signs of improvement. As sector activity recovers,
Easi-Edge is well positioned to benefit from an upturn in demand.
Significant projects undertaken by Easi-Edge in 2025 included:
• La Grande Mare Country Club - Leisure - Guernsey
• Workington Innovation Centre - Offices / Industrial - Workington
• Mercedes F1 Engineering HQ - Industrial - Brackley
• Star Leadership Academy - Education - Manchester
• University Academy - Education - Spalding
Hoard-it
Hoard-it designs, fabricates and manages a 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-its' own products and increasingly on
those installed by others as Brand-it expands its product offering.
Hoard-it delivered another outstanding performance in 2025, recording record
revenue and profitability as new clients and new projects were secured in
sectors ranging from residential to manufacturing, commercial and retail
developments. The business operated at full capacity for much of the year
and benefited from the Group's investment in stock levels in advance of
anticipated demand, enabling rapid deployment of its solutions. The business
is now very well established as a leading supplier in its sector and is
increasingly being seen as the supplier of choice, both in commercial and
residential developments.
During the year Brand-its' graphics solutions were further expanded, being
utilised on both product supplied by Hoard-it and third parties. This is a
value added, margin enhancing offering, that is enabling the business to be
increasingly attractive for high-profile developments of all types.
This strong performance is expected to continue in 2026, with the principal
constraint on further growth being physical capacity rather than market
demand, with efforts ongoing to secure additional premises to support future
expansion.
Significant projects were undertaken for both new and existing customers and
notable projects in 2025 undertaken by Hoard-it included:
• Port Hamilton - Hoarding and Crowd Barriers - Edinburgh
• Oakwood Primary School - Hoarding - Nuneaton
• Ancoats - Demolition Hoarding - Manchester
• Tanner Street - Brand-it, anti graffiti - London
• Mayfield Regeneration - Hoarding - Manchester
Our People
Billington finished 2025 with 449 employed at the year end, a decrease of 14%
over the 520 employed at the end of 2024.
During the year, following a detailed strategic review of property assets and
cost efficiencies across the Group, the decision was taken, following a
consultation with the effected employees, to close the Yate facility in
Bristol. Regrettably, the closure resulted in redundancies. However,
during the consultation process a number of employees were offered the
opportunity to transfer within the Group, with 14 people having now relocated
to the Barnsley facilities. In addition, the Group provided support and
assistance to those being made redundant and I am pleased to note that over
90% of the affected employees have since secured alternative employment. I
would like to take this opportunity to thank the Yate team for their
professionalism and contribution to the Group over many years.
In addition to recruiting skilled labour locally, particularly from other
companies that have faced difficulties and reduced their labour forces or
ceased business entirely, the Group continues to focus on its schemes to train
and develop skilled labour. Close relationships are being maintained with a
number of local education providers, and the Group has provided support to the
regional education sector through collaborations with Barnsley College, the
University of Sheffield and Sheffield Hallam University. 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 continues and has expanded its partnership with BetterWeld, a
specialist training provider, to provide fabrication/welding training for its
two Barnsley based facilities. This partnership is providing good access to
trained personnel on a consistent basis through the structured training and
development programme. Internally, the Billington Academy continues to
assist apprentices and other staff with training and upskilling, including
business best practice and compliance training.
We continue to actively promote the Group's apprenticeship and graduate
schemes in other areas, particularly focusing on technical staff.
Additionally, Billington continues as an advocate, promoter, and contributor
to the British Constructional Steelwork Association's CRAFT apprentice
programme. The scheme has become an important path for the Group to train,
educate and progress structural steelwork fabricators.
The Group treats its staff fairly in all aspects of their employment, valuing
their contribution to the achievement of Group objectives and providing them
with opportunities for training and development.
During the year, the Group also introduced a share Save As You Earn (SAYE)
scheme to encourage our employee's long-term engagement with the business.
The scheme provides a tax-efficient opportunity for employees to acquire
shares in the Company, enabling them to participate directly in its future
growth and success.
Health, Safety, Sustainability, Quality and the Environment
The Board remains firmly committed to maintaining the highest standards of
health, safety, sustainability, quality and environmental performance across
the Group. These principles are embedded within the Group's operating
framework and underpin the delivery of long-term, responsible growth.
Health and safety is, and will always remain, our first priority. Guided by
the Health and Safety department, we continue to operate a robust management
system certified to ISO 45001 and subject to external audit through the Steel
Construction Certification Scheme. Performance is reviewed regularly at both
senior management and Board level, supported by Director-led site engagement
and ongoing workforce training. The Group aims to be proactive in the
identification, reporting and resolution of risks both in our production
facilities and on site and to ensure that we are able to mitigate the risks
and promote safe ways of working, with the goal of eliminating all avoidable
accidents. We are also actively involved in a number of initiatives both
locally and nationwide to ensure the safety of our and other's staff. The
Group's accident frequency rate remains below industry benchmarks, reflecting
the strong safety culture embedded across the Group.
With sustainability and environmental management, we have continued to make
tangible progress against our carbon reduction roadmap. During the year,
gross Scope 1 and Scope 2 emissions reduced, supported by the continued
sourcing of 100% renewable electricity across our facilities and ongoing
operational efficiency improvements. We remain 'carbon neutral' through the
offsetting of residual emissions and continue to evaluate lower-carbon fuel
alternatives across our operations. Our medium and long-term targets remain
unchanged: a 50% reduction in emissions by 2030 and 'net zero' by 2050.
Climate-related risks and opportunities are fully integrated into our risk
management framework and overseen by the Board and Sustainability
Committees. We also continue to operate under ISO 14001 environmental
standards and maintain 100% recycling or recovery of hazardous waste,
demonstrating disciplined environmental management across our fabrication and
site activities.
Quality underpins Billington's reputation and client relationships. The
Group's ISO 9001-certified systems ensure consistent operational control,
continuous improvement and delivery to the high standards expected by our
customers. Strong governance and regular reporting to the Board provide
assurance that compliance and performance remain aligned with our strategic
objectives.
Collectively, these frameworks provide a disciplined and proportionate
approach to managing operational risk, supporting resilience and reinforcing
our position as a responsible and reliable delivery partner in our markets.
Charity
The Billington Charity Foundation was launched in September 2016 and
Billington continues to be a significant advocate and supporter of both local
and national charities.
Throughout 2025, Billington donated to charities including Cancer Research UK,
Barnsley Hospice, Fareshare Yorkshire and a variety of other cancer related
charities, together with a range of local sports teams and other causes of
which our employees are involved. The Group actively encourages involvement
in initiatives intended to improve the local areas in which our people live.
Every year the Billington team is asked to choose a charity they would like to
see the Group support and the Group's charity of the year for 2025 was Cancer
Research UK, as in 2024.
Steel and Wider Construction Industry
2025 was, like 2024, a period of relative supply side price stability, with
steel material prices largely remaining stable, although some prices rises
were experienced in the later part of the year, a trend we expect to continue
in 2026 as market activity improves. The Group continued to be able to hedge
its steel requirements for secured contracts, providing price certainty for
customers and contract margins. Some projects have returned to the market,
as a result of the stabilisation of steel and other building material prices
and this provides further confidence that the Group will experience improved
market demand during 2026.
The UK steel production sector remains in a period of structural transition,
shaped by high energy costs, global overcapacity and the shift towards
lower-carbon manufacturing. Major producers such as Tata Steel and British
Steel have continued to restructure operations, with investment plans focused
on electric arc furnace technology, using recycled steel, to replace ageing
blast furnaces, producing virgin steel, supported in part by UK Government
funding. The decommissioning of domestic blast furnaces and subsequent
replacement of lower emitting electric arc furnaces is not anticipated to
significantly impact the availability of the primary products the Group
utilises.
Billington keeps its steel supply options under constant review and employs a
variety of measures to allow the Group to reduce its exposure to volatility in
steel prices and any variability in supply over the short term. The Group
has a forward looking strategy, with hedging undertaken, where possible, in
times of price stability or rising prices, coupled with appropriate
stockpiling of steel, to enable most project's principal pricing risk to be
materially 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 minimise its reliance on any one
supplier as far as possible.
The Group communicates fully and openly with customers regarding costs of work
undertaken and provides accurate and honest guidance and advice to customers
to ensure their requirements are met.
The Group 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 Group 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 continued implementation of a 'no retention'
policy. The Group also continues to actively work with trade bodies to seek
to remove all cash retentions in the industry and achieve reasonable contract
terms and conditions.
Strategy, Investment and Acquisitions
In 2025 the Group continued its strategy to improve operating margins through
the investment and upgrading of some principal items of capital equipment,
combined with projects to improve the utilisation of the Group's fixed asset
base, particularly the consolidation of the structural steel operations in the
Barnsley facilities, with the closure of Yate. 2025 was the final year of
the Group's five-year capital replacement programme and whilst further capital
expenditure is expected in 2026, the level is expected to reduce.
During the year approximately £3.3 million was spent on capital projects,
including approximately £1.2m completing the new dedicated production
facility and other building works at our Shafton site, which became
operational in June 2025. Other significant capital expenditure projects in
the year included an investment of approximately £1.2 million in additional,
or replacement, hire stock for Hoard-it and Easi-Edge.
We also continue to assess suitable acquisition opportunities as they arise,
and the Group's strong balance sheet provides the ability for the Group to
undertake complimentary acquisitions. The Group is currently debt free with
a very strong cash balance, and the three-year £6.0 million Revolving Credit
Facility entered into with HSBC in 2024 provides additional flexibility to
capitalise on acquisition opportunities should suitable and appropriate
prospects be identified.
Prospects and Outlook
I am pleased with the Group's resilient performance in 2025, delivered against
a backdrop of subdued demand and sustained pricing pressure across the
structural steel sector. Whilst overall market conditions remained
challenging, particularly during the early part of the year, the Group's
continued focus on operational efficiency and specialist capability enabled us
to protect margins and maintain strong internal productivity. Our investment
in manufacturing capability and capacity, including the expansion at Shafton
and the consolidation of operations following the closure of Yate, has
strengthened utilisation and created a more efficient cost base for the
future.
The mix of work during 2025 was weighted towards complex, labour-intensive
projects, including those in the energy-from-waste, environmental
infrastructure and specialist bridge sectors. This strategic shift reduced
reported revenue relative to that seen historically but supported margin
resilience and demonstrated the benefits of our strategy to focus on
technically demanding sectors capable of delivering appropriate returns.
Encouragingly, enquiry levels and project flow improved as the year
progressed, with a number of previously deferred projects now moving forward.
Whilst pricing across the wider market remains competitive and credit
conditions continue to require careful management, the Group entered 2026 with
a strong order book and a growing pipeline of opportunities. Activity is
increasing across infrastructure, sustainability-related and public sector
sectors, and we are seeing a more balanced mix of contracts secured for
delivery during the year and into 2027. Our strong balance sheet,
significant net cash position and specialist market positioning provide the
resilience to navigate ongoing uncertainty and the flexibility to take
advantage of improving market conditions as they develop.
The Board remains alert to industry dynamics and will continue to review
capacity, cost structures and strategic opportunities to ensure the Group is
appropriately positioned for both current conditions and longer-term growth.
Whilst macroeconomic visibility remains limited, we entered 2026 with
increased confidence and expect an improved financial performance in 2026.
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 continued hard work and dedication.
Mark Smith
Chief Executive Officer
21 April 2026
Financial Review
Consolidated Income Statement
Non-underlying
Underlying Total
2025 2025 2025 2024
£'000 £'000 £'000 £'000
Revenue 95,694 - 95,694 113,061
Operating profit 3,462 (2,758) 704 10,021
Profit before tax 4,095 (2,758) 1,337 10,814
Profit after tax 3,451 (2,124) 1,327 8,272
Profit for shareholders 3,451 (2,124) 1,327 8,272
Operating profit margin 3.6% 0.7% 8.9%
Return on capital employed* 11.9% 2.4% 36.9%
Earnings per share (basic) 27.1p 10.4p 66.2p
*Operating profit divided by total equity less the net defined benefit pension
surplus and net cash.
Revenue decreased 15.4% year on year principally as a result of an increased
mix of complex, labour intensive contracts with a lower proportion of steel
content relative to productive labour requirements. Structural Steel revenue
decreased 20.7% and revenue related to Safety Solutions decreased 2.3%.
The Structural Steel segment relates to Billington Structures, Peter Marshall
Steel Stairs and Specialist Protective Coatings. Productive output, measured
as the number of direct productive hours expended on contracts, was 4.2%
higher in 2025 reflecting the complex, labour intensive contracts being
delivered in the period.
Underlying operating margins decreased to 3.6% in the year. 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 any particular period. The programmed
delivery of a number of contracts experienced client led delays that
contributed to lower margin levels in 2025. Statutory operating profit margin
was 0.7% and the only difference between the statutory and underlying profits
is due to £2.8m costs incurred as a result of the closure of the Group's Yate
facility.
The operating margin achieved within the Safety Solutions segment decreased to
12.2% (2024: 18.9%) as a result of decreased volumes in the Easi-Edge
businesses, which was impacted by the subdued multi-storey building market.
The underlying operating margin achieved within the Structural Steelwork
entities decreased to 2.3%, from 9.3% in 2024, as a result of pricing pressure
combined with client led contract slippage, and the timing of a smaller number
of larger contracts.
Underlying earnings per share decreased from 66.2 pence in 2024 to 27.1 pence
in 2025, a decrease of 59.1%.
The Group secured a number of significant contracts in 2025 for delivery in
2026 and 2027. A high level of secured productive hours provides visibility
and confidence for the Group in a challenging environment.
Current market sector projections indicate that UK structural steelwork
consumption will increase in 2026 and continue to expand in 2027, driven by
growth in the data centre and power sectors that we continue to target and
specialise in. Enquiry levels have begun to improve, particularly following
greater clarity around public spending commitments following the UK budget in
November 2025. While margins across the wider market remain competitive,
both the volume and scale of opportunities have continued to increase.
The restructuring of the structural steel operations and consolidation at
Billington's sites in Barnsley, along with other projects to improve
efficiencies and optimise the cost base, will enhance the recovery of
overheads and provide increased confidence of improved margins in 2026 and
2027.
The gross cash balance at the year end was £20.5 million (2024: £21.7
million). The average gross cash balance during the year was £19.6 million
(2024: £21.9 million). The strong cash position leaves the Group well
placed to achieve both its short and long-term objectives to maximise returns,
while providing financial security and the ability to invest and seek
opportunities for further diversification.
In 2024 the Group entered into an agreement with HSBC, the Company's bankers,
for a £6.0 million Revolving Credit Facility (RCF) for 3 years to provide
enhanced flexibility to capitalise on acquisition opportunities should
suitable and appropriate prospects be identified. The facility was not
utilised in the period and the Group remains debt free.
Average staff numbers in 2025 increased 3.3% to 505, with an overall rise in
staff costs of 5.6% year on year, excluding the cost associated with Share
Based Payments (SBP). At the year end employee numbers had decreased to 449
following the restructuring and closure of the Yate facility. It is
anticipated that the headcount will increase throughout 2026 as night shifts
continue to expand at the Group's Barnsley facilities.
The Group continues to maintain credit insurance on its customers where
available at commercial rates. In light of the continued challenging
macroeconomic environment, combined with increasing costs for fire remediation
being incurred by some customers, the financial performance of clients
continues to be impacted. Consequently, the level of insurance in the market
has seen reductions in the limits being underwritten. As a result of the
perceived increased risk in the construction sector, combined with the claim
against the policy in the prior year relating to ISG Group Companies, the
Group saw an increase to the insurance premium when the policy was renewed in
2025 at a fixed rate until 2028.
Consolidated Balance Sheet
2025 2024
£'000 £'000
Non current assets 28,375 30,442
Current assets 43,955 47,673
Current liabilities (17,626) (20,033)
Non current liabilities (4,317) (5,059)
Total equity 50,387 53,023
In order to increase the Group's ability to deliver complex and heavy
structures, a new construction facility on the Shafton site was completed
during the year with the ability to manufacture structures up to 70 tonnes.
The new facility cost £1.7 million and enables Billington to deliver the
heaviest of structures, including bridges.
The Group's five year capital investment strategy relating to the upgrading
and enhancement of the principal pieces of equipment has provided positive
results and the replacement programme has principally completed during 2025.
Further capital expenditure will be required in 2026, however it will be at
a reduced level compared to recent years.
Within non-current assets, property, plant and equipment decreased by £2.1
million, as a result of capital additions of £3.3 million, depreciation
charges of £2.7 million, impairment charges of £1.7 million and disposal of
assets with net book value of £1.0 million.
The net deferred tax liability at the year end was £3.4 million (2024: £3.6
million), being a deferred tax liability of £1.4 million (2024: £1.7
million) related to temporary timing differences, combined with a deferred tax
liability of £0.5 million (2024: £0.5 million) related to the defined
benefit pension scheme surplus and £1.5 million related to the revaluation of
land and buildings (2024: £1.5 million).
The decrease of £3.7 million in current assets included a decrease of £1.0
million in inventories, an increase of £0.4 million in contract work in
progress, a decrease of £2.4 million in trade and other receivables, an
increase in current tax receivable of £0.4 million and a decrease in the
gross cash balance of £1.2 million.
Retention balances, contained within trade and other receivables outstanding
at the year end, were £2.2 million (2024: £5.2 million). It is anticipated
that £1.6 million will be received within one year and £0.6 million in
greater than one year. Main contractor clients continue to insist upon the
holding of cash retentions rather than the taking of an appropriate retention
bond in order to maintain and preserve their cash resources. The Company
continues to work with the wider construction industry to remove this
practice.
Trade and other payables decreased by £2.5 million. Within this, trade
payables and accruals decreased by £0.6 million and £0.4 million
respectively, with contract liabilities and losses decreasing £2.3 million
and social security and other taxes and other payables increasing by £0.8
million.
The movements in current assets and trade and other payables were all part of
the normal operating working capital cycle.
Total equity decreased by £2.6 million in the year to £50.4 million. 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
2025 2024
£'000 £'000
Group profit after tax 1,327 8,272
Depreciation 2,679 2,340
Impairment 1,674 -
Capital expenditure (3,119) (5,006)
Tax paid (653) (2,697)
Tax per income statement 10 2,542
Decrease/(increase) in working capital 481 (2,630)
Dividends (3,213) (4,189)
Share based payment (credit)/charge (118) 1,066
Other (236) (83)
Net cash outflow (1,168) (385)
Cash and cash equivalents at beginning of year 21,699 22,084
Cash and cash equivalents at end of year 20,531 21,699
Dividends of £3.2 million were paid in the year. A dividend has been proposed
in respect of the 2025 financial year of 11.0 pence per share (£1.5 million),
covered 2.46 times earnings, and will be paid to shareholders in July 2026
upon approval at the AGM.
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 at the year end was:
2025 2024
£'000 £'000
Inventories and contract work in progress 8,519 9,088
Trade and other receivables 14,203 16,598
Trade and other payables (17,386) (19,869)
Working capital at end of year 5,336 5,817
Cash balances at the year end totalled £20.5 million and there were no
borrowings outstanding (2024: £nil), representing a net cash position of
£20.5 million (2024: £21.7 million).
The strong cash position also provides the Group with financial stability and
allows investment in capital assets to improve operating margins and provide a
comprehensive service to its clients.
Pension Scheme
2025 2024
£'000 £'000
Scheme assets 5,975 6,150
Scheme liabilities (4,108) (4,268)
Surplus 1,867 1,882
Other finance (expense)/income (28) 5
Contributions to defined benefit scheme - -
The defined benefit pension scheme has remained stable in the period against a
backdrop of continued difficult equity and bond markets. At the year end, a
surplus of £1.9 million, along with a corresponding deferred tax liability of
£0.5 million, has resulted in a net recognised surplus of £1.4 million
(2024: £1.4 million).
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 liabilities have
moved broadly in line with the scheme's assets. The assets are primarily
invested in UK Government bonds, and the scheme continues to remain in a
strong surplus position with an unlikely requirement that funds will be
required from the Group in the foreseeable future.
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. The removal of the scheme and its associated liabilities from
the Group balance sheet is considered in the collective interests of the
members and employer, with any surplus funds anticipated to be returned to
Billington.
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 816,492 (2024: 890,086) share options outstanding
at an average exercise price of £0.01 (2024: £0.01) per share. Share
options are in HMRC approved and unapproved schemes.
The 2025 credit included within the accounts in respect of options in issue is
£0.1 million (2024: charge of £1.1 million).
At the start of the year 400,000 new shares, representing 3.0 per cent of the
enlarged issued share capital were issued to the ESOT at their nominal value
of 10 pence per share, to allow for the future vesting of share options.
During the year, the Group introduced a share Save As You Earn (SAYE) scheme
to promote long-term employee engagement. The scheme offers a tax-efficient
opportunity for employees to acquire shares in the Company, enabling them to
participate directly in its future growth and success.
Dave Jones
Chief Financial Officer
21 April 2026
Consolidated income statement for the year ended 31 December 2025
Underlying Non-underlying Total 2024
2025
2025
2025
£'000 £'000
Revenue 95,694 - 95,694 113,061
Raw materials and consumables (50,368) - (50,368) (60,468)
Other external charges (5,924) - (5,924) (6,685)
Staff costs (28,398) (814) (29,212) (28,849)
Depreciation (2,679) - (2,679) (2,340)
Other operating charges (4,863) (270) (5,133) (4,698)
Impairment losses - (1,674) (1,674) -
(92,232) (2,758) (94,990) (103,040)
Operating profit 3,462 (2,758) 704 10,021
Finance income 747 - 747 868
Finance costs (114) - (114) (75)
Net finance income 633 - 633 793
Profit before tax 4,095 (2,758) 1,337 10,814
Tax (644) 634 (10) (2,542)
Profit for the year 3,451 (2,124) 1,327 8,272
Profit for the year attributable to equity holders of the parent company 3,451 (2,124) 1,327 8,272
Basic earnings per share 10.4 p 66.2 p
Diluted earnings per share 10.0 p 61.9 p
Consolidated statement of comprehensive income for the year ended 31 December
2025
2025 2024
£'000 £'000
Profit for the year 1,327 8,272
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of net defined benefit surplus 13 6
Movement on deferred tax relating to pension surplus (3) (1)
10 5
Items that will be reclassified subsequently to profit or loss
Gain on foreign currency forward contracts - 31
- 31
Other comprehensive income, net of tax 10 36
Total comprehensive income for the year attributable to equity holders of the 1,337 8,308
parent company
Consolidated statement of financial position as at 31 December 2025
2025 2024
£'000 £'000 £'000 £'000
Assets
Non current assets
Property, plant and equipment 25,894 27,946
Investment property 614 614
Pension asset 1,867 1,882
Total non current assets 28,375 30,442
Current assets
Inventories 1,215 2,202
Contract work in progress 7,304 6,886
Trade and other receivables 14,203 16,598
Current tax receivable 702 288
Cash and cash equivalents 20,531 21,699
Total current assets 43,955 47,673
Total assets 72,330 78,115
Liabilities
Current liabilities
Trade and other payables 17,386 19,869
Lease liabilities 240 164
Total current liabilities 17,626 20,033
Non current liabilities
Lease liabilities 961 1,477
Deferred tax liabilities 3,356 3,582
Total non current liabilities 4,317 5,059
Total liabilities 21,943 25,092
Net assets 50,387 53,023
Equity
Share capital 1,333 1,293
Share premium 1,864 1,864
Capital redemption reserve 132 132
Other components of equity 3,939 4,194
Retained earnings 43,119 45,540
Total equity 50,387 53,023
Consolidated statement of changes in equity for the year ended 31 December
2025
Share capital Share premium Capital redemption reserve Other components of equity Retained earnings Total
equity
£'000 £'000 £'000 £'000 £'000 £'000
At 1 January 2024 1,293 1,864 132 3,847 40,702 47,838
Transactions with owners
Dividend provided for and paid - - - - (4,189) (4,189)
Credit relating to equity-settled share based payments - - - - 1,066 1,066
ESOT movement in year - - - 316 (316) -
Transactions with owners - - - 316 (3,439) (3,123)
Profit for the financial year - - - - 8,272 8,272
Other comprehensive income
Remeasurement of net defined benefit surplus - - - - 6 6
Movement on deferred tax relating to pension scheme surplus - - - - (1) (1)
Financial instruments - - - 31 - 31
Total comprehensive income for the year - - - 31 8,277 8,308
At 31 December 2024 1,293 1,864 132 4,194 45,540 53,023
Share capital Share premium Capital redemption reserve Other components of equity Retained earnings Total
equity
£'000 £'000 £'000 £'000 £'000 £'000
At 1 January 2025 1,293 1,864 132 4,194 45,540 53,023
Transactions with owners
Dividend provided for and paid - - - - (3,213) (3,213)
Debit relating to equity-settled share based payments - - - - (118) (118)
Share issue 40 - - (40) - -
ESOT movement in year - - - (215) (427) (642)
Transactions with owners 40 - - (255) (3,758) (3,973)
Profit for the financial year - - - - 1,327 1,327
Other comprehensive income
Remeasurement of net defined benefit surplus - - - - 13 13
Movement on deferred tax relating to pension scheme surplus - - - - (3) (3)
Total comprehensive income for the year - - - - 1,337 1,337
At 31 December 2025 1,333 1,864 132 3,939 43,119 50,387
The Group retained earnings reserve includes a surplus of £1,400,000 (2024 -
£1,411,000) relating to the net pension surplus.
Consolidated cash flow statement for the year ended 31 December 2025
2025 2024
£'000 £'000
Cash flows from operating activities
Group profit after tax 1,327 8,272
Taxation paid (653) (2,697)
Interest received 747 863
Depreciation on property, plant and equipment 2,679 2,340
Impairment of property, plant and equipment 1,674 -
Share based payment (credit)/charge (118) 1,066
Profit on sale of property, plant and equipment (691) (253)
Taxation charge recognised in income statement 10 2,542
Net finance income (633) (793)
Decrease/(increase) in inventories 987 (626)
Increase in contract work in progress (418) (346)
Decrease in trade and other receivables 2,395 6,984
Decrease in trade and other payables (2,483) (8,642)
Net cash flow from operating activities 4,823 8,710
Cash flows from investing activities
Purchase of property, plant and equipment (3,119) (5,006)
Proceeds from sale of property, plant and equipment 1,258 332
Net cash flow from investing activities (1,861) (4,674)
Cash flows from financing activities
Interest paid (86) (75)
Capital element of leasing payments (189) (157)
Dividends paid (3,213) (4,189)
Employee Share Ownership Trust share sales (642) -
Net cash flow from financing activities (4,130) (4,421)
Net decrease in cash and cash equivalents (1,168) (385)
Cash and cash equivalents at beginning of year 21,699 22,084
Total cash and cash equivalents 20,531 21,699
Notes forming part of the Group financial statements for the year ended 31
December 2025
1. Basis of preparation
The financial information in this preliminary announcement has been prepared
in accordance with accounting policies which are based on UK-adopted
international accounting standards (IFRS) in issue and in effect at 31
December 2025.
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 consolidated
statement of financial position at 31 December 2025, the consolidated income
statement, the consolidated statement of comprehensive income, the
consolidated statement of changes in equity and the consolidated cash flow
statement for the year then ended have been extracted from the Group's 2025
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 2024 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 2024
have been delivered to the Registrar of Companies. The 31 December 2025
accounts were approved by the directors on 20 April 2026, but have not yet
been delivered to the Registrar of Companies.
3. Earnings per share
Underlying Statutory 2024
2025
2025
Basic earnings per share 27.1 p 10.4 p 66.2 p
Diluted earnings per share 25.9 p 10.0 p 61.9 p
Basic earnings per share is calculated by dividing the profit for the year of
£1,327,000 (2024: £8,272,000) and underlying profit for the year of
£3,451,000 respectively by 12,753,439 (2024: 12,498,567) fully paid ordinary
shares, being the weighted average number of ordinary shares in issue during
the year, excluding those held in the ESOT.
Diluted earnings per share is calculated by dividing the profit for the year
of £1,327,000 (2024: £8,272,000) and underlying profit for the year of
£3,451,000 respectively by 13,313,801 (2024: 13,353,120) fully paid
ordinary shares, being the weighted average number of ordinary shares in issue
during the year, excluding those held in the ESOT, plus shares deemed to be
issued for no consideration in respect of share-based payments of 277,060
(2024: 854,553).
4. Reports, Accounts & AGM
The Annual Report and Accounts for the year ended 31 December 2025 will be
available on the Company's website www.billington-holdings.plc.uk
(http://www.billington-holdings.plc.uk) on 24 April 2026.
The Notice of Annual General Meeting and Annual Report and Accounts will be
sent to Shareholders and be available on the Company's website
www.billington-holdings.plc.uk (http://www.billington-holdings.plc.uk) on 6
May 2026.
The Annual General Meeting will be held on 2 June 2026 at 14.00 at Billington
Holdings Plc, Steel House, Barnsley Road, Wombwell, Barnsley, 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,
Peter Marshall Steel Stairs Limited and Specialist Protective Coatings
Limited. 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. Finance income and finance
cost are not allocated to segments, because financing and cash management
activities are the responsibility of the group's central treasury function.
All assets of the Group reside in the UK.
31 December 2025 Structural Steelwork Safety Other Total
£'000
Solutions
£'000
£'000
£'000
Revenue
From external customers 83,664 12,020 10 95,694
From other segments 40 325 - 365
Segment revenues 83,704 12,345 10 96,059
Elimination of segment revenues (365)
Revenue 95,694
Raw materials and consumables (45,568) (4,800) - (50,368)
Other external charges (3,765) (2,159) - (5,924)
Staff costs (23,623) (2,302) (2,473) (28,398)
Depreciation (1,499) (765) (415) (2,679)
Other operating (charges)/income (7,346) (812) 3,295 (4,863)
Underlying segment operating profit 1,903 1,507 417 3,462
Non-underlying items (2,758) - - (2,758)
Segment operating profit/(loss) (855) 1,507 417 704
Additions to non-current assets 580 1,349 1,363 3,292
31 December 2024 Structural Steelwork Safety Other Total
£'000
Solutions
£'000
£'000
£'000
Revenue
From external customers 100,951 12,100 10 113,061
From other segments 105 528 - 633
Segment revenues 101,056 12,628 10 113,694
Elimination of segment revenues (633)
Revenue 113,061
Raw materials and consumables (56,044) (4,424) - (60,468)
Other external charges (4,616) (2,069) - (6,685)
Staff costs (23,000) (2,258) (3,591) (28,849)
Depreciation (1,324) (569) (447) (2,340)
Other operating (charges)/income (6,637) (918) 2,857 (4,698)
Segment operating profit/(loss) 9,435 2,390 (1,171) 10,021
Additions to non-current assets 3,329 883 824 5,036
6. Dividend
A final dividend in respect of 2024 of 25.0 pence (£3,213,000) per ordinary
share was paid on 1 July 2025. No interim dividends were paid in 2025. A final
dividend has been proposed in respect of 2025 of 11.0 pence (£1,467,000) per
ordinary share. 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 and its robust trading performance in 2025
are detailed in the Financial Review and they demonstrate the strong position
of the Group heading into 2026.
The Group has a gross cash balance of £20.5 million as at 31 December 2025
with no long-term borrowings or commitments.
The Group has access to a £6.0 million Revolving Credit Facility with HSBC,
the Company's bankers', to March 2027, which provides further funding and
headroom security. Renewal discussions are anticipated to commence towards the
end of 2026.
In 2025 the Group continued its strategy of improving efficiencies through the
investment and upgrading of some principal items of capital equipment,
combined with projects to improve the utilisation of the Company's fixed asset
base, particularly the consolidation of the structural steel operations in the
Barnsley facilities, with the closure of Yate. 2025 was the final year of
the Group's five-year capital replacement programme and whilst further capital
expenditure is expected in 2026, the level is expected to reduce.
The Group has secured a number of significant contracts in 2025 for delivery
in 2026 and 2027 and has a substantial level of secured productive hours.
The Directors have reviewed the Group's forecasts and projections for the
period to April 2027, including sensitivity analysis, to assess the Group's
resilience to potential adverse outcomes including a highly pessimistic
'severe but plausible' scenario. This scenario is based on significantly
reduced trading performance for some of the entities within the Group and no
further orders being received for the Group's primary trading entity.
Furthermore, significant contract deterioration from that anticipated at the
period end date has been assumed in the pessimistic scenario. Notwithstanding
the stress tests that have been completed on the forecasts and projections the
Group projects that it would have sufficient resources to continue trading
without the requirement for any additional funding.
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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