Profits and revenue rise at Barnsley-based Billington Holdings as economy recovers from pandemic

Profits and revenue rose at Yorkshire-based Billington Holdings over the last half year, as the economy continued to recover from the effects of the pandemic.

Billington has provided a trading update for the City

Barnsley-based Billington Holdings Plc, the structural steel and construction safety specialist, has announced its unaudited interim results for the six months ended 30 June 2021.

Revenue increased by 15.1 per cent to £37.73 million, following some "noted recovery" from the worst effects of the Covid-19 pandemic. Profit before tax rose by 24.6 per cent to £0.76 million.

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Mark Smith, the chief executive officer of Billington, commented: "The first half of the year saw the continuation of the recovery experienced in the later part of 2020 as the market recovered from the worst effects of the Covid-19 pandemic.

"The group continued to face challenges, both from the impact of the Covid-19 pandemic and raw material price increases, together with supply constraints for certain materials and labour. However, whilst the overall market is challenging, the directors believe the outlook for Billington is encouraging.

"The order book is at a consistently high level, comprising both delayed and new projects and the group has good visibility of significant future prospects. We anticipate a further improvement in group financial performance in the second half of the year, although the precise outturn for the year will be dependent on the timing of certain contracts, combined with any effects from continuing material price inflation and supply constraints. Whilst market conditions remain challenging, I remain confident in the long term prospects for the group."

Analysts at WH Ireland said: "Billington’s strong cash backed balance sheet is likely a significant comfort to existing and prospective clients alike, also creating strategic optionality. The prospects for Billington, in our view, continue to be extremely strong."

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