REG - Brickability Group - Pre-Close Trading Update

BrickabilityAnnouncement

26/04/2024 07:00

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RNS Number : 0862M  Brickability Group PLC  26 April 2024

26 April 2024

Brickability Group plc

 

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

 

Pre-Close Trading Update

 

Full year performance in line with expectations

 

Brickability Group plc (AIM: BRCK), the leading construction materials
distributor, provides a trading update for its financial year ended 31 March
2024.

Trading in Q4 was delivered in line with management expectations, and
continued to reflect the lower levels of demand in Bricks and associated
building products experienced in the first nine months of the year.  Group
revenue for the full year is expected to be approximately £594 million, a
decrease of c.13% over the prior year (FY23: £681 million) or c.18% lower on
a like-for-like ("LFL") basis.

Full year adjusted EBITDA(1) is expected to be at least £44.8 million, in
line with previous guidance, demonstrating operational resilience with margins
consistent with the prior year performance.

The Group remains in a strong financial position, with leverage(2) as at 31
March 2024 expected to be approximately 1.25x, following the acquisitions of
Group Topek Holdings Limited in October 2023 and TSL Assets Limited in January
2024. Both acquisitions are performing as expected with integrations
proceeding to plan, and are experiencing strong forward orders as part of the
enlarged Group.

Despite activity levels in the sector remaining subdued, the Board believes
that with leading positions across a diverse portfolio offering, the Group
enters the new financial year well positioned to benefit materially from a
recovery in its end markets.

The Group will notify the date of publication of its full year results for the
twelve months ended 31 March 2024 in due course.

 

1.    Adjusted EBITDA is defined as earnings before interest, tax,
depreciation and amortisation, share option expense, acquisition costs and
exceptional items.

2.    Leverage is defined as net debt (pre-IFRS) divided by adjusted EBITDA

-ENDS-

 

 Contact:

 Brickability Group plc                          via Montfort Communications
 John Richards, Chairman
 Frank Hanna, CEO
 Mike Gant, CFO

 Peel Hunt LLP - Nominated Adviser & Broker      +44 (0)20 7418 8900
 Ed Allsopp
 Tom Graham

 Montfort Communications                         +44 (0)20 3514 0897
 James Olley
 Ella Henderson

 

About Brickability

 

 Brickability is a leading construction materials distributor, serving
 customers across the UK and Europe for over 37 years through its national
 and local networks. The Group operates from 70 locations across the country
 with over 800 employees.

 

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