Steelwork specialist Billington delivers record first-half

Aaron Morby 8 months ago

Constructional steelwork contractor Billington is forecasting full-year profits will exceed expectations after reporting record revenue and strong profits in the first six months of the year.

CEO Mark Smith said Billington is now debt free after strong first six  months of trading
CEO Mark Smith said Billington is now debt free after strong first six months of trading

Mark Smith, chief executive officer of Billington, said the growth spurt had been facilitated by an overseas recruitment programme to find skilled staff.

Around 37 overseas staff, equivalent to 10% of the total staff, have joined in the initial phase of the recruitment plan.

Smith said the new recruits have already provided a valuable contribution to the AIM-listed group’s capabilities, allowing capacity to be increased and demand to be serviced.

Group revenue jumped 30% in the first six months to £60m, with pre-tax profit more than trebling to £4.6m as Billington delivered a number of significant contracts at improved margin levels.

Smith said:  “The Group has been successful in securing several significant contracts and has a very healthy pipeline of current and potential business, with significant work in progress. 

“While we remain mindful of continuing inflationary pressures and an uncertain macroeconomic outlook, we anticipate a robust performance in the second half of the year.

“I believe that Billington is very well positioned to deal with market challenges and I now expect the group to deliver profits for the full year ahead of previous board expectations.”

Smith said the firm had seen particularly strong demand in the energy from waste, high-tech manufacturing, infrastructure and data centre areas. 

While large office developments remained limited and industrial warehousing development has slowed, Billington Structures continued to secure contracts in these areas, said Smith.

He added: “Whilst the macroeconomic background remains uncertain, we have a significant level of work in progress, are seeing a consistent stream of opportunities at attractive margins and have a very healthy order book.  Billington is a robust business, with a strong market position, and debt free.”

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