Revenue and profit fall at Billington Holdings

The Barnsley-based company said revenue for the year ended December 31 fell from £57.2m to £42.3m, whilst pre-tax profit fell to £1.4m from £5.3m the previous year.

Overall profit for the year was £800,000 compared to £1.6m in 2009.

The group reported a year end cash balance of £4.9m, down from £8.5m while earnings per share from continuing operations stood at 8.3p from 32.9p the previous year.

Billington Holdings said it is focused on its core business following the disposal of non-core loss making Dosco Overseas Engineering and its subsidiary Hollybank Engineering Company.

Executive chairman Peter Hems said: “2010 was another challenging year for the construction and structural steelwork industry. Despite this we have remained profitable and ended the year with a net cash balance of £4.9m.

“The disposal of our loss making non-core assets, Dosco and Hollybank last year, allowed us to focus on our main business of structural steel and related building safety systems, which we believe leaves us better placed for recovery.”

Chief executive Steve Fareham added : “I am under no illusion as to the difficulties we face in 2011, but I believe with the support of a strong and focused management team, an excellent workforce and a robust balance sheet, Billington is in good shape to weather this storm and emerge as an even stronger entity.”