REG - Billington Holdings - Interim Results for the six months to 30 June 2023
19/09/2023 07:00
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RNS Number : 8207M Billington Holdings PLC 19 September 2023
19 September 2023
Billington Holdings Plc
("Billington", the "Group" or the "Company")
Interim Results for the six months to 30 June 2023
A record first half performance by the Group
Billington Holdings Plc (AIM: BILN), one of the UK's leading structural steel
and construction safety solutions specialists, is pleased to announce its
unaudited interim results for the six months ended 30 June 2023.
Unaudited six months to 30 June 2023 Unaudited six months to 30 June 2022 Percentage Movement
Revenue £60.15m £46.19m 30.2%
EBITDA* £5.67m £2.35m 141.3%
Adjusted profit before tax** £4.96m £1.47m 237.4%
Profit before tax £4.60m £1.30m 253.8%
Cash and cash equivalents £10.82m £5.31m 103.8%
Return on Capital Employed (ROCE)*** 38.3% 13.2% 190.2%
Basic Earnings per share (EPS) 28.8p 8.7p 231.0%
* Earnings before interest, tax, depreciation and amortisation
** before share based payments of £0.36 million (H1 2022: £0.17 million)
*** annualised operating profit divided by average net assets, adjusted for
cash and defined benefit pension scheme
Highlights
• Revenue increased by 30.2 per cent to £60.15 million (H1 2022: £46.19
million), representing record first half revenues for the Group
• Adjusted profit before tax** increased by 237.4 per cent to £4.96 million (H1
2022: £1.47 million), an excellent performance achieved by the Group
• Continuing strong cash and cash equivalents balance of £10.82 million as at
30 June 2023 (31 December 2022: £11.63 million and 30 June 2022: £5.31
million). Disciplined cash management with inventories and contract work in
progress increasing to £20.44 million (30 June 2022: £16.28 million) and
trade and other receivables increasing to £17.56 million (30 June 2022:
£13.17 million), primarily as a result of the increased volume of work being
undertaken by the Group
• The Group delivered a very strong performance in the period across all its
business units and is currently trading ahead of the Board's previous
expectations for the full financial year. Significant work in progress, a
good current order book and a positive pipeline of opportunities provides
confidence for a continued strong performance in the second half of the year
Mark Smith, Chief Executive Officer of Billington, commented:
"The first half of 2023 saw Billington achieve record first half revenues and
good profits, with a strong performance across all its business units. The
Group has been successful in securing a number of significant contracts and
has a very healthy pipeline of current and potential business, with
significant work in progress. The Group is benefiting from its investment in
its capabilities, facilities and people to strengthen its market position and
secure contracts at more attractive margins. Whilst we remain mindful of
continuing inflationary pressures and an uncertain macroeconomic outlook, we
anticipate a robust performance in the second half of the year for the Group.
"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."
For further information please contact:
Billington Holdings Plc Tel: 01226 340 666
Mark Smith, Chief Executive Officer
Trevor Taylor, Chief Financial Officer
Tel: 020 7220 0500
Cavendish Capital Markets Ltd - Nomad and Broker
Ed Frisby / Charlie Beeson - Corporate Finance
Andrew Burdis / Barney Hayward - ECM
IFC Advisory Limited Tel: 020 3934 6630
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/)
Investor Presentation
Billington's CEO, Mark Smith, and CFO, Trevor Taylor, will be hosting an
interactive presentation on the Investor Meet Company platform at 3.00 p.m.
today, Tuesday 19 September 2023. The presentation is open to all existing and
potential shareholders. Questions can be submitted 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.
Change of Name of Nominated Adviser and Broker
The Company also announces that its Nominated Adviser and Broker has changed
its name to Cavendish Capital Markets Ltd following completion of its own
corporate merger.
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.
CHIEF EXECUTIVE STATEMENT
Introduction
The first half of 2023 saw a further recovery in the market following the
Covid-19 pandemic disruptions and the Group achieved record first half
revenues and profits. The Group's revenues increased by 30.2 per cent to
£60.15 million for the period (H1 2022: £46.19 million) and despite margin
pressures remaining across the industry, profit before tax increased by 253.8
per cent to £4.60 million (H1 2022: £1.30 million), the highest ever first
half level achieved by the Group. The Group is also now debt free, having
repaid the remaining outstanding debt in January 2023.
The Group has been successful in securing a number of significant contracts at
improved margin levels and has a healthy pipeline of current and potential
business, with significant work in progress. Whilst we remain mindful of
continuing inflationary pressures and an uncertain macroeconomic outlook, we
anticipate a continued strong performance in the second half of the year.
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. With two facilities in Barnsley and a further facility in Bristol
and with 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 operates in two distinct business areas. The first
undertakes 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, providing further
opportunities for growth as well as allowing for the supply of value added,
complementary products and services enhancing the comprehensive offering of
the Group.
Although the market continues to be unsettled, with a number of projects being
deferred or cancelled, during the first half of the year the Group's
structural steel businesses continued to operate at near full capacity, with
benefits being seen from increases to capacity following recent efficiency and
process improvements, driven by the Group's investment in capital equipment
and people. Furthermore, some modest softening in some of the Company's
primary raw material prices in the period has aided the enhancement of margin
on some projects.
Many of the projects undertaken were at higher margins than those achieved in
2022 and the business continues to serve a wide variety of markets, with a
good spread of customers. Particularly strong demand is being seen in the
energy from waste, high-tech manufacturing, infrastructure and data centre
areas. Whilst large office developments remain limited and industrial
warehousing development has slowed, Billington Structures continued to secure
contracts in these areas.
Billington Structures has a healthy order book, providing good visibility into
2024, and this allows us to look forward with cautious optimism to a continued
strong performance.
Specialist Protective Coatings
In March 2022 the Group announced the formation of a new subsidiary,
Specialist Protective Coatings Ltd ("SPC"), focussed on surface preparation
and the application of protective coatings for products across a variety of
sectors including rail, highways, defence, petrochemical, energy, structural
steel and infrastructure. SPC was formed following the Company's acquisition
of the trading assets of Orrmac Coatings Ltd ("Orrmac Coatings"), a specialist
painting company based in Sheffield, UK.
Since Billington acquired the trading assets of Orrmac Coatings, based in a
55,000 square foot facility in Sheffield, it has undergone a substantial
refurbishment and an investment programme to ensure the facility is able to
effectively service the most demanding of projects, including shotblasting and
lifting capabilities for steel assemblies that are amongst the largest in the
UK.
The business has made excellent progress since its formation and it is now
fully integrated within the Group, servicing both internal Billington work and
external customers. During the period SPC operated at near full capacity and
is now trading profitably. In addition, the Group has expanded its dedicated
on-site painting service to enable SPC to be a one-stop-shop for the painting
requirements of the structural steel sector.
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. It has the capability to deliver stair structures for
the largest construction projects and operates in sectors spanning retail,
data, commercial offices, education, healthcare, rail and many more.
Peter Marshall Steel Stairs continued its strong performance in the period,
maintaining robust margins and undertaking substantial work as part of
contracts with Billington Structures and for third parties. During the
period the business received orders from a variety of sectors and enjoys a
secure market position, as one of the largest companies in its sector, in what
is a fragmented market. The outlook for Peter Marshall Steel Stairs
continues to be positive and the business has a strong order book for the
remainder of 2023 and into 2024.
Easi-Edge
Easi-Edge is a leading site safety solutions provider of 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 remains a significant and consistent contributor to Group profits,
although the business continued to experience lower than pre-Covid-19 pandemic
utilisation rates for its solutions in the first half. This is primarily as
a result of the continued limited number of commercial office developments
currently being undertaken, as these types of projects require a greater
amount of product when compared to most other types of projects, such as
distribution warehouses.
However, Easi-Edge does continue to secure opportunities in those buoyant
market sectors where new developments are being undertaken.
Hoard-it
Hoard-it produces a specialised range of re-usable temporary hoarding
solutions which are environmentally sustainable and available on both a hire
and sale basis tailored to the requirements of its customers.
Hoard-it again enjoyed a very strong performance in the first half of 2023,
with significant growth, as new projects were secured, and others resumed
following the delays experienced due to the Covid-19 pandemic. Hoard-it
further expanded its graphics capability, Brand-it, which was introduced in
2021. This is a value added, margin enhancing product, that has also been a
catalyst for the strong H1 performance. Brand-it's offering is being utilised
on both Hoard-it's own products and on those produced by others.
Whilst material price inflation continued to be experienced in the early part
of the year, a recent softening of material costs, in particular timber, gives
further confidence that margins can be maintained. Hoard-it has also
benefited from its investment in stock levels in advance of anticipated
demand, enabling rapid deployment of its solutions.
Financial Results
Revenue and Profit Before Tax
Group revenue increased by 30.2 per cent in the period to £60.15 million (H1
2022: £46.19 million), a record first half performance for Billington, as the
Group successfully executed a number of significant contracts at improved
margin levels. This led to profit before tax for the period improving to
£4.60 million (H1 2022: £1.30 million), an increase of 253.8 per cent on H1
2022.
Basic Earnings per Share (EPS)
Basic earnings per share for the first half of the year increased by 231.0 per
cent to 28.8 pence (H1 2022: 8.7 pence).
Liquidity and Capital Resources
Continuing strong cash and cash equivalents balance of £10.82 million as at
30 June 2023 (31 December 2022: £11.63 million and 30 June 2022: £5.31
million). Disciplined cash management with inventories and contract work in
progress increasing to £20.44 million (30 June 2022: £16.28 million) and
trade and other receivables increasing to £17.56 million (30 June 2022:
£13.17 million), primarily as a result of the increased volume of work being
undertaken by the Group.
Capital Expenditure
During the period the Group continued its planned capital expenditure
programme to facilitate efficiency improvements, increase certain
manufacturing capacities and to replace obsolete equipment. The largest
project undertaken in the period was the delivery and installation of a new
saw and drill line at Billington Structures' Bristol facility, which was fully
operational by the period end.
The Group will continue to actively invest in appropriate areas, whilst being
mindful of the returns achievable from capital investment in light of ongoing
equipment price inflation.
Production Resources
Billington, alongside the wider steel industry has faced challenges with the
recruitment of sufficient skilled production labour at its facilities. In
order to address these issues the Group has focussed its activities in two key
areas; the recruitment of overseas labour and the enhancement of locally based
training, in particular to increase the recruitment of skilled fabricators and
welders.
In the first half of 2023 the Group completed the initial phase of its
overseas recruitment programme and has now welcomed 37 new staff members from
overseas. These new staff members, who comprise approximately 10% of the
total Group workforce, have already provided a valuable contribution to the
Group's capabilities, allowing capacity to be increased and demand to be
serviced. Billington has assisted these new recruits to settle in the UK and
is providing certain ongoing assistance with housing.
The Group continues to recognise the importance of training and developing
skilled labour locally, working in partnership with a number of education
providers. In particular, Billington, in combination with Betterweld, a
specialist training provider, has finalised an agreement with Barnsley College
to set up a regional training centre to provide fabrication/welding training
at the Group's Shafton facility. This training centre is expected to be
operational from October 2023 and will provide the Group ongoing access to an
increased number of trained personnel for the Group's two Barnsley based
facilities.
Dividend
In the first half of 2023 Billington declared a final dividend in relation to
the year ended 31 December 2022 of 15.5 pence per share amounting to £2.00
million, which was 2.52 times covered by 2022 underlying earnings. This
dividend represented the largest ever dividend declared by the Company. No
interim dividend for 2023 has been declared (2022: nil), a policy consistent
with prior years.
Market and Economic Outlook
During the period a degree of stability returned on the supply side and the
Group experienced none of the supply issues seen over the last few years.
There was some softening in steel prices, which has assisted margins in the
short term and energy costs were lower than anticipated at the start of the
year. This stability is expected to remain over the next 12 months.
The Group continues to benefit from significant projects in energy from waste,
high-tech manufacturing, infrastructure and data centre facilities. However,
some of the markets in which Billington operates continue to see reduced
levels of activity from historic levels, particularly large office
developments, and industrial warehousing development, with less speculative
development being undertaken.
We are conscious that a number of the main construction contractors continue
to operate under significant pressure and the Group has experienced deferred
and cancelled contracts. The Group insures its exposures with the maximum
available cover, in a continuing difficult credit insurance market, and
focuses on projects with the more robust larger contractors that can deliver
an appropriate margin. We have a robust process in place to assess the risks
associated with individual projects on a case-by-case basis to reduce and
mitigate the associated risks where possible.
Prospects and Outlook
The first half of the year was a period of significant growth across the
Group, with record first half sales and profits being delivered. 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.
I am very pleased with the performance across the Group in the first half of
2023 and I would like to thank Billington's Board, employees, shareholders and
all stakeholders for their continued support.
I believe that Billington is very well positioned to deal with any market
challenges and I now expect the Group to deliver profits for the full year
ahead of previous Board expectations.
Mark Smith
Chief Executive
19 September 2023
Condensed consolidated interim income statement
Six months ended 30 June 2023
Unaudited Unaudited Audited
Six months Six months Twelve months
to 30 June to 30 June to 31 December
Total
2023 2022 2022
£'000 £'000 £'000
Revenue 60,154 46,189 86,614
Raw material and consumables (37,712) (30,581) (51,277)
Other external charges (2,660) (2,277) (4,792)
Staff costs (11,675) (9,280) (19,566)
Depreciation (1,100) (1,023) (2,044)
Other operating charges (2,437) (1,702) (3,024)
(55,584) (44,863) (80,703)
Operating profit 4,570 1,326 5,911
Net finance charge/(income) 29 (27) (82)
Profit before tax 4,599 1,299 5,829
Tax (1,081) (247) (1,095)
Profit for the period attributable to equity holders of the parent company 3,518 1,052 4,734
Basic earnings per share 28.8p 8.7p
39.1p
Diluted earnings per share 27.0p 8.7p 37.8p
Condensed consolidated interim statement of comprehensive income
Six months ended 30 June 2023
Unaudited Unaudited Audited
Six months Six months Twelve months
to 30 June to 30 June to 31 December
2023 2022 2022
£'000 £'000 £'000
Profit for the period 3,518 1,052 4,734
Other comprehensive income
Remeasurement of net defined benefit surplus - - (486)
Movement on deferred tax relating to pension liability - - 122
Other comprehensive income, net of tax - - (364)
Total comprehensive income for the period attributable to equity holders of 3,518 1,052 4,370
the parent company
Condensed consolidated interim balance sheet
As at 30 June 2023
Unaudited Unaudited Audited
30 June 30 June 31 December
2023 2022 2022
£'000 £'000 £'000
Assets
Non current assets
Property, plant and equipment 20,023 16,581 19,264
Investment property 464 - 464
Pension asset 2,174 2,673 2,174
Total non current assets 22,661 19,254 21,902
Current assets
Inventories 2,039 2,635 3,334
Contract work in progress 18,398 13,645 13,548
Trade and other receivables 17,557 13,167 10,258
Current tax receivable - 233 -
Cash and cash equivalents 10,821 5,306 11,634
Total current assets 48,815 34,986 38,774
Total assets 71,476 54,240 60,676
Liabilities
Current liabilities
Current portion of long term borrowings - 250 250
Trade and other payables 31,384 20,849 22,044
Lease liabilities 153 48 143
Current tax payable 369 - 69
Total current liabilities 31,906 21,147 22,506
Non current liabilities
Long term borrowings - 625 500
Lease liabilities 1,721 1,106 1,798
Deferred tax liabilities 1,525 1,108 1,525
Total non current liabilities 3,246 2,839 3,823
Total liabilities 35,152 23,986 26,329
Net assets 36,324 30,254 34,347
Equity
Share capital 1,293 1,293 1,293
Share premium 1,864 1,864 1,864
Capital redemption reserve 132 132 132
Other reserve (761) (770) (761)
Accumulated profits 33,796 27,735 31,819
Total equity 36,324 30,254 34,347
Condensed consolidated interim statement of changes in equity
(Unaudited)
Share Share Capital Other Accumulated Total
capital premium redemption components profits equity
account reserve of equity
£'000 £'000 £'000 £'000 £'000 £'000
At 1 January 2022 1,293 1,864 132 (770) 26,873 29,392
Equity dividends - - - - (363) (363)
Credit related to equity-settled share based payments - - - - 173 173
Transactions with owners - - - - (190) (190)
Profit for the six months to 30 June 2022 - - - - 1,052 1,052
Total comprehensive income for the period - - - - 1,052 1,052
At 30 June 2022 1,293 1,864 132 (770) 27,735 30,254
At 1 July 2022 1,293 1,864 132 (770) 27,735 30,254
Dividends - - - - 142 142
Credit related to equity-settled share based payments - - - - 633 633
ESOT movement in period - - - 9 (9) -
Transactions with owners - - - 9 766 775
Profit for the six months to 31 December 2022 - - - - 3,682 3,682
Other comprehensive income
Actuarial losses recognised in the pension scheme - - - - (486) (486)
Income tax relating to components of other comprehensive income - - - - 122 122
Total comprehensive income for the period - - - - 3,318 3,318
At 31 December 2022 1,293 1,864 132 (761) 31,819 34,347
At 1 January 2023 1,293 1,864 132 (761) 31,819 34,347
Dividends - - - - (1,899) (1,899)
Credit related to equity-settled share based payments - - - - 358 358
Transactions with owners - - - - (1,541) (1,541)
Profit for the six months to 30 June 2023 - - - - 3,518 3,518
Total comprehensive income for the period - - - - 3,518 3,518
At 30 June 2023 1,293 1,864 132 (761) 33,796 36,324
Condensed consolidated interim cash flow statement
Six months ended 30 June 2023
Unaudited Unaudited Audited
Six months Six months Twelve months
to 30 June to 30 June to 31 December
2023 2022 2022
£'000 £'000 £'000
Cash flows from operating activities
Group profit after tax 3,518 1,052 4,734
Taxation (paid)/received (780) 199 192
Interest received 70 6 26
Depreciation on property, plant and equipment 1,100 1,023 2,044
Share based payment charge 358 173 806
Profit on sale of property, plant and equipment (177) (105) (309)
Taxation charge recognised in income statement 1,081 247 1,095
Net finance (income)/charge (29) 27 82
Increase in inventories and contract work in progress (3,555) (4,129) (4,731)
(Increase)/decrease in trade and other receivables (7,299) (951) 1,958
Increase/(decrease) in trade and other payables 7,441 (969) 709
Net cash flow from operating activities 1,728 (3,427) 6,606
Cash flows from investing activities
Purchase of property, plant and equipment (1,887) (1,602) (4,516)
Purchase of investment property - - (404)
Proceeds from sale of property, plant and equipment 205 118 348
Net cash flow from investing activities (1,682) (1,484) (4,572)
Cash flows from financing activities
Interest paid (42) (13) (95)
Repayment of bank and other loans (750) (125) (250)
Capital element of leasing payments (67) (27) (74)
Dividends paid - - (363)
Net cash flow from financing activities (859) (165) (782)
Net (decrease)/increase in cash and cash equivalents (813) (5,076) 1,252
Cash and cash equivalents at beginning of period 11,634 10,382 10,382
Cash and cash equivalents at end of period 10,821 5,306 11,634
Total cash and cash equivalents 10,821 5,306 11,634
Notes to the interim accounts - as at 30 June 2023
Segmental Reporting
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, and 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. All assets of the Group
reside in the UK.
Unaudited Unaudited Audited
Six months Six months Twelve months
to 30th June to 30th June to 31st December
2023 2022 2022
£000 £000 £000
Analysis of revenue
Structural Steelwork 54,702 40,975 75,977
Safety Solutions 5,452 5,214 10,637
Other - - -
Consolidated total 60,154 46,189 86,614
Analysis of operating profit before finance income
Structural Steelwork 4,309 612 4,400
Safety Solutions 646 739 1,902
Other (385) (25) (391)
Consolidated total 4,570 1,326 5,911
Basis of preparation
These consolidated interim financial statements are for the six months ended
30 June 2023. They have been prepared with regard to the requirements of IFRS.
The financial information set out in these consolidated interim financial
statements does not constitute statutory accounts as defined in S434 of the
Companies Act 2006. They do not include all of the information required for
full annual financial statements and should be read in conjunction with the
consolidated financial statements of the Group for the year ended 31 December
2022 which contained an unqualified audit report and have been filed with the
Registrar of Companies. They did not contain statements under S498 of the
Companies Act 2006.
These consolidated interim financial statements have been prepared under the
historical cost convention. The accounting policies have been applied
consistently throughout the Group for the purposes of preparation of these
consolidated interim financial statements.
Dividends
In the first half of 2023 Billington Holdings Plc declared a final dividend of
15.5 pence (2022: 3.0 pence) per share amounting to £2,005,000 (2021:
£388,000) to its equity shareholders. Dividends are recorded as declared and
are accrued within creditors at the period end. The dividend was subsequently
paid in July 2023. No interim dividend for 2023 has been declared (2022: nil).
These results were approved by the Board of Directors on 18 September 2023.
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