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BILN Billington Holdings Plc

450.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Billington Holdings Plc LSE:BILN London Ordinary Share GB0000332667 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 450.00 440.00 460.00 450.00 450.00 450.00 4,731 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Heavy Construction, Nec 86.61M 4.73M 0.3660 12.30 58.2M

Billington Holdings PLC Interim Results (2178K)

20/09/2016 7:00am

UK Regulatory


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RNS Number : 2178K

Billington Holdings PLC

20 September 2016

20 September 2016

Billington Holdings Plc

('Billington', 'the Group' or 'the Company')

Interim Results

Billington Holdings Plc (AIM: BILN), one of the UK's leading structural steel and construction safety solutions specialists, today announces its interim results for the six months ended 30 June 2016.

 
                                Unaudited     Unaudited   Percentage 
                               six months    six months     Movement 
                               to 30 June         to 30 
                                     2016     June 2015 
---------------------------  ------------  ------------  ----------- 
 Revenue                        GBP27.05m     GBP24.55m        10.2% 
---------------------------  ------------  ------------  ----------- 
 EBITDA                          GBP2.36m      GBP2.15m         9.8% 
---------------------------  ------------  ------------  ----------- 
 Profit before tax               GBP1.74m      GBP1.70m         2.4% 
---------------------------  ------------  ------------  ----------- 
 Cash and cash equivalents       GBP6.24m      GBP6.36m       (1.9%) 
---------------------------  ------------  ------------  ----------- 
 Earnings per share from 
  continuing operations            11.70p        11.40p         2.6% 
---------------------------  ------------  ------------  ----------- 
 

Highlights

   --     Strong order book providing visibility into early 2017. 
   --     Strong, robust cash balance. 
   --     Positive contribution from all divisions which are operating at or above budget. 

-- Good early progress made at the Shafton site in the initial six months following its acquisition.

   --     Market conditions remain positive. 

-- Billington continues to invest in training and skills development to support the strategic growth of the Company.

Mark Smith, Chief Executive Officer, commented:

"Thanks to the continued efforts of all Group divisions, I am pleased to deliver this strong set of interim results which highlight a successful start to 2016.

"Billington currently has the longest forward order book, in relation to capacity, in the Group's history, and the strength of this provides the Company with confidence going into the second half of the year.

"Good progress is being made at the Shafton facility, acquired in December 2015, which, in the long-term, will provide Billington with the opportunity to further expand its operations and drive greater efficiencies.

"With the headway made in the first half of the year, the next six months are set to be a busy period for the Company, and the Board and I are confident that Billington will deliver positive full year results."

For further information please contact:

Billington Holdings Plc Tel: 01226 340666

Mark Smith, Chief Executive Officer

Trevor Taylor, Finance Director

Blytheweigh Tel: 020 7138 3204

Tim Blythe

Megan Ray

Rachael Brooks

W H Ireland Limited Tel: 0161 819 8875

Katy Mitchell

Chief Executive Statement

Introduction

I am delighted to deliver another strong set of interim results, Billington has produced consistent revenue and profit growth over the period and the Board is enthusiastic about the future.

The industry has witnessed an improving market environment since 2013 and Billington has capitalised on this by strengthening its forward order book which now provides visibility towards mid-2017. The Company has also focused on improving efficiencies which have, in turn, led to consistent and steady improvements in margin.

Continued investment in Group companies and staff training has ensured all divisions have positively contributed to the Company's performance and this is expected to continue as Billington enters into a very busy second half of the year.

Businesses

Billington Structures

With three sites across Barnsley and Bristol, Billington Structures is a nationally recognised and award winning steelwork contractor, with over 60 years' experience. Its primary activity is the design, fabrication and erection of structural steel, and it has the capability to process over 25,000 tonnes of steel per annum.

Billington Structures has had a solid performance over the first six months of the year and the investment in a new saw/drill line at its Wombwell works in Barnsley has positively contributed to this.

The business has delivered a number of successful projects including One Bedford Avenue, London, Greenwich Peninsula Energy Centre, Nottingham Leisure Centre, Cornwall Energy Recovery Centre, Wellington Place, Leeds and RAF Brize Norton, Oxfordshire.

Billington continues to win work in its specialist sectors with further projects due for completion in the second half of the year, including the next commercial building on the Wellington Place development in Leeds, various defence and data centre projects, Interserve's new Head Office in Birmingham and a large leisure and retail development in Romford.

Tubecon

Operating primarily in the UK construction and rail infrastructure markets, Tubecon, a division of Billington Structures, is a specialist in complex steel structures which continues to add value to Billington's steelwork divisions.

The Roof Garden at 6 Bevis Marks, London, which was completed by Tubecon, has been shortlisted for the 2016 Structural Steel Design Awards.

Peter Marshall Steel Stairs

Peter Marshall Steel Stairs is a specialist company engaged in the design, fabrication and installation of highly engineered steelwork, staircases and balustrade systems. The division has had a very busy first half which has included the completion of a large project at Westfield, White City and a stair and secondary steelwork package at the prestigious Sanger Institute in Cambridge. The current order book contains work spanning to the close of 2016.

The division, which is trading profitably, has benefitted from internal investment and offers Billington the ability to not only provide a standalone product but also increases the offering of the Group's structural steel operations.

easi-edge

easi-edge, a leading provider of safety solutions, primarily supplies perimeter edge protection and fall prevention systems to both Group and non-group companies operating in the UK construction industry.

The division is currently working close to maximum utilisation and is developing new products to further enhance its portfolio. This year has seen easi-edge secure and carry-out contracts in various sectors including timber and concrete.

hoard-it

hoard-it provides re-usable and eco-friendly site hoarding solutions on a hire and sale basis. hoard-it was previously a division of easi-edge and has now been transferred to a separate legal entity from 1 April 2016.

The division is seeing continued growth and has had a very busy first half with turnover up 29% from the same period last year. It is also making good progress in product development and is reviewing new systems to utilise the hoarding adjacent to road carriageways. The Company continues to establish an increased client base.

Shafton Steel Services

The newly acquired Shafton site is home to a state of the art steel processing and profiling facility and is located five miles from Billington's head office in Barnsley. It was acquired as part of the Company's long term strategy and will provide the next stage of growth for the Group.

Although no immediate production volume increases are anticipated, the facility enhances the Group's current steel processing abilities, provides adequate resources to substantially increase production volumes, allows for the development of further business opportunities, which are currently being reviewed, and provides heavy-lifting capacity in all buildings.

In order for this long term strategy to be successfully implemented, Billington is currently adapting the facility to prepare it for full occupation once incumbent tenants relocate. Extensive refurbishments are being made and planned for the site. Good early progress has been made with turnover ahead of expectations for the initial six months.

Shafton Steel Services has established a solid client base and is securing repeat business.

Results

Revenue and Profit Before Tax

Group revenue and profit before tax both increased over the period from GBP24.55 million in the first half of 2015 to GBP27.05 million in the first half of 2016 and from GBP1.70 million in the first half of 2015 to GBP1.74 million in the first half of 2016, respectively. These increases are largely attributable to all divisions operating at or above budget and this is expected to continue over the next six months.

Revenue has increased 10.2% from the corresponding period in 2015 and provides us with confidence of achieving a strong, progressive set of results for the full year, in line with market expectations.

Group Operating Profit

The Group Operating Profit for the period was GBP1.77 million compared to GBP1.70 million for the same period in 2015. It is pleasing to note that being selective with the contracts the Company has undertaken, along with efficiency gains realised from the fabrication facilities, have further yielded an improvement in the level of margin the Company has achieved. The Group Operating Profit margin was 6.5% for the six months to June 2016 as compared with 5.4% for the twelve months to December 2015.

Earnings per Share

Earnings per share from continued operations stood at 11.7 pence in the period, compared with earnings per share of 11.4 pence for the corresponding period in 2015.

Liquidity and Capital Resources

Following the acquisition of the Shafton facility in December 2015 that utilised GBP2.4m of cash reserves, Billington has continued to be cash generative and concludes the first half with a cash balance of GBP6.24 million (2015: GBP6.36 million). A solid, cash rich balance sheet, coupled with a significant forward order book, provides the Group with the confidence to continue to pursue its long-term growth strategy.

Dividend

Following the continued positive performance of the Group the Board was pleased to announce an increased dividend of 6.0 pence per share on the back of the 2015 full year results and this was duly paid in July. As indicated in the 2015 Financial Statements, the dividend has been set at a level that recognises the need to reward shareholders as well as the anticipated funding requirements in relation to the future development of the Company.

Prospects and Outlook

The Group is operating in an increasingly confident and re-emerging market which has enabled growth and expansion. However, there has been a big focus on Brexit over the past few months and, although it may have impacted a minor number of projects, many large opportunities remain in the market and Billington's long-term strategy has not been adversely affected.

Billington has a strong forward order book with work secured through to early next year and is continuing to see further tender opportunities for work into 2017. However, the Company remains aware and alert to the macro economic environment and the possible impact and short term volatilities that may occur following Brexit. The Company's strong balance sheet provides us with confidence that the Company's long-term objectives shall not be significantly impacted.

In addition, the acquisition of Shafton provides the Group with the opportunity to further expand its operations and drive efficiencies, as well as the potential to develop new business opportunities.

Board and Employees

Billington continues to invest in the training and skills development of its employees, supports local colleges and has well established apprenticeship programmes. The Company believes it is important to support the development of skills in the industry and this is a strategy that we will continue to deliver.

Finally, I would like to take this opportunity to thank the Board, our employees, our stakeholders and our shareholders for their continued support and I look forward to a busy second half of the year.

Mark Smith

Chief Executive Officer

20 September 2016

 
 Condensed consolidated interim 
  income statement 
 Six months ended 30th June 
  2016 
                                                              Unaudited   Unaudited       Audited 
                                                                    Six         Six        Twelve 
                                                                 months      months        months 
                                                                to 30th     to 30th       to 31st 
                                                                   June        June      December 
                                                                   2016        2015          2015 
                                                                 GBP000      GBP000        GBP000 
 Continuing operations 
 Revenue, excluding movements 
  in work in progress                                            30,008      24,650        54,762 
   (Decrease)/increase in work 
    in progress                                                 (2,962)       (101)         1,986 
 Revenue                                                         27,046      24,549        56,748 
                                                             ==========  ==========    ========== 
   Raw material and consumables                                  15,957      14,848        36,172 
   Other external charges                                         1,926       1,679         3,537 
   Staff costs                                                    6,083       5,243        11,099 
   Depreciation                                                     592         450         1,097 
   Other operating charges                                          719         630         1,759 
                                                                                       ---------- 
                                                                 25,277      22,850        53,664 
                                                             ----------  ----------    ---------- 
 Group operating profit                                           1,769       1,699         3,084 
   Share of post tax profit 
    in joint ventures                                                 -           -             - 
                                                             ----------  ----------    ---------- 
 Total operating profit                                           1,769       1,699         3,084 
   Net finance (expense)/income                                    (31)         (4)            26 
 Profit before tax                                                1,738       1,695         3,110 
   Tax                                                            (378)       (373)         (666) 
 Profit for the period from 
  continuing operations and 
  attributable to equity holders 
  of the parent company                                           1,360       1,322         2,444 
                                                             ==========  ==========    ========== 
 
 Earnings per share (basic 
  and diluted) from continuing                                     11.7        11.4 
  operations                                                          p           p        21.1 p 
                                                             ==========  ==========    ========== 
                                                                   6.00        3.00 
 Dividends per share                                                  p           p        3.00 p 
                                                             ==========  ==========    ========== 
 
 Earnings per ordinary share has been calculated on 
  the basis of the result for the period after tax, 
  divided by the weighted average number of ordinary 
  shares in issue in the period, excluding those held 
  in the ESOP Trust, of 11,603,836. The comparatives 
  are calculated by reference to the weighted average 
  number of ordinary shares in issue which were 11,579,708 
  for the period to 30 June 2015 and 11,585,041 for 
  the year ended 31 December 2015. 
 Condensed consolidated 
  interim balance sheet 
 As at 30th June 2016 
                                                              Unaudited   Unaudited       Audited 
                                                                   30th        30th          31st 
                                                                   June        June      December 
                                                                   2016        2015          2015 
                                                                 GBP000      GBP000        GBP000 
 Assets 
 Non current assets 
   Property, plant and equipment                                 13,089       8,226        13,160 
   Pension assets                                                   968         878           968 
   Investment in joint ventures                                       -           -             - 
   Deferred tax asset                                                38         272            38 
 Total non current assets                                        14,095       9,376        14,166 
                                                             ----------  ----------   ----------- 
 Current assets 
   Inventories and work in 
    progress                                                      7,663       8,364        10,568 
   Trade and other receivables                                    6,747       4,225         5,315 
   Cash and cash equivalents                                      6,242       6,355         2,611 
 Total current assets                                            20,652      18,944        18,494 
                                                             ----------  ----------   ----------- 
 Total assets                                                    34,747      28,320        32,660 
                                                             ----------  ----------   ----------- 
 Liabilities 
 Current liabilities 
   Current portion of long 
    term borrowings                                                 267          45           301 
   Trade and other payables                                      14,774      11,919        13,344 
   Dividends payable                                                  -         388             - 
   Current tax payable                                              379         473           155 
 Total current liabilities                                       15,420      12,825        13,800 
                                                             ----------  ----------   ----------- 
 Non current liabilities 
   Long term borrowings                                           2,375         257         2,492 
 Total non current liabilities                                    2,375         257         2,492 
                                                             ----------  ----------   ----------- 
 Total liabilities                                               17,795      13,082        16,292 
                                                             ----------  ----------   ----------- 
 Net assets                                                      16,952      15,238        16,368 
                                                             ==========  ==========   =========== 
 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                                                  (904)       (910)         (904) 
   Accumulated profits                                           14,567      12,859        13,983 
 Total equity                                                    16,952      15,238        16,368 
                                                             ==========  ==========   =========== 
 
 
 
 Condensed consolidated interim 
  statement of changes in equity 
 (Unaudited)                   Share     Share     Capital      Other    Accumulated   Total 
                                                               reserve 
                              capital   premium   redemption      -        profits     equity 
                                        account    reserve      ESOP 
                              GBP000    GBP000      GBP000     GBP000      GBP000      GBP000 
 
 At 1st January 2015            1,293     1,864          132     (910)        11,925   14,304 
 
 Equity dividends declared          -         -            -         -         (388)    (388) 
 Transactions with 
  owners                            -         -            -         -         (388)    (388) 
                             --------  --------  -----------  --------  ------------  ------- 
 Profit for the six 
  months to 30th June 
  2015                              -         -            -         -         1,322    1,322 
 Total comprehensive 
  income for the period             -         -            -         -         1,322    1,322 
                             ========  ========  ===========  ========  ============  ======= 
 
 At 30th June 2015              1,293     1,864          132     (910)        12,859   15,238 
                             ========  ========  ===========  ========  ============  ======= 
 
 At 1st July 2015               1,293     1,864          132     (910)        12,859   15,238 
 
 Equity dividends paid 
  to ESOP                           -         -            -         -            41       41 
 Transactions with 
  owners 
 ESOP movement in period            -         -            -         6             -        6 
 Transactions with 
  owners                            -         -            -         6            41       47 
                             --------  --------  -----------  --------  ------------  ------- 
 Profit for the six 
  months to 31st December 
  2015                              -         -            -         -         1,122    1,122 
 Other comprehensive 
  income 
 Actuarial gain recognised 
  in the pension scheme             -         -            -         -          (66)     (66) 
 Income tax relating 
  to components of other 
  comprehensive income              -         -            -         -            27       27 
 Total comprehensive 
  income for the period             -         -            -         -         1,083    1,083 
                             ========  ========  ===========  ========  ============  ======= 
 
 At 31st December 2015          1,293     1,864          132     (904)        13,983   16,368 
                             ========  ========  ===========  ========  ============  ======= 
 
 At 1st January 2016            1,293     1,864          132     (904)        13,983   16,368 
 
 Equity dividends declared          -         -            -         -         (776)    (776) 
 Transactions with 
  owners                            -         -            -         -         (776)    (776) 
                             --------  --------  -----------  --------  ------------  ------- 
 Profit for the six 
  months to 30th June 
  2016                              -         -            -         -         1,360    1,360 
 Total comprehensive 
  income for the period             -         -            -         -         1,360    1,360 
                             ========  ========  ===========  ========  ============  ======= 
 
 At 30th June 2016              1,293     1,864          132     (904)        14,567   16,952 
                             ========  ========  ===========  ========  ============  ======= 
 
 
 Condensed consolidated interim statement 
  of comprehensive income 
 Six months ended 30th June 
  2016 
 
                                     Unaudited    Unaudited         Audited 
                                    Six months   Six months   Twelve months 
                                       to 30th      to 30th      to 31st 
                                          June         June      December 
                                          2016         2015            2015 
                                        GBP000       GBP000          GBP000 
 
 Profit for the period                   1,360        1,322           2,444 
 Other comprehensive income 
  Remeasurement of net defined 
   benefit surplus                           -            -            (66) 
  Movement on deferred tax 
   relating to pension liability             -            -             (5) 
  Current tax relating to 
   pension liability                         -            -              32 
                                   -----------  -----------  -------------- 
 Other comprehensive income, 
  net of tax                                 -            -            (39) 
 Total comprehensive income 
  for the period attributable 
  to equity holders of the 
  parent company                         1,360        1,322           2,405 
                                   ===========  ===========  ============== 
 
 
 Condensed consolidated interim 
  cash flow statement 
 Six months ended 30th June 
  2016 
                                         Unaudited   Unaudited     Audited 
                                               Six         Six      Twelve 
                                            months      months      months 
                                           to 30th     to 30th     to 31st 
                                              June        June    December 
                                              2016        2015        2015 
                                            GBP000      GBP000      GBP000 
 Cash flows from operating 
  activities 
   Group profit after tax                    1,360       1,322       2,444 
   Taxation paid                             (156)           -       (350) 
   Depreciation on property, 
    plant and equipment                        592         450       1,097 
   Difference between pension 
    charge and cash contributions             (61)        (61)       (123) 
   Profit on sale of property, 
    plant and equipment                      (117)        (56)       (197) 
   Taxation charge recognised 
    in income statement                        378         373         666 
   Net finance expense/(income)                 31           4        (26) 
   Decrease/(increase)in inventories 
    and work in progress                     2,905         108     (2,096) 
   Decrease/(increase) in trade 
    and other receivables                  (1,371)         916       (235) 
   (Decrease)/increase in trade 
    and other payables                       1,430        (88)       1,336 
 Net cash flow from operating 
  activities                                 4,991       2,968       2,516 
                                        ----------  ----------  ---------- 
 Cash flows from investing 
  activities 
   Purchase of property, plant 
    and equipment                            (535)       (521)     (6,111) 
   Proceeds from sale of property, 
    plant and equipment                        133          62         212 
 Net cash flow from investing 
  activities                                 (402)       (459)     (5,899) 
                                        ----------  ----------  ---------- 
 Cash flows from financing 
  activities 
   Interest paid                              (31)         (4)         (7) 
   Proceeds of bank and other 
    loans                                        -           -       2,514 
   Repayment of bank and other 
    loans                                    (151)        (22)        (45) 
   Equity dividends paid                     (776)           -       (347) 
   Employee Share Ownership 
    Plan share purchases                         -           -         (3) 
   Employee Share Ownership 
    Plan share sales                             -           -          10 
                                        ----------  ----------  ---------- 
 Net cash flow from financing 
  activities                                 (958)        (26)       2,122 
                                        ----------  ----------  ---------- 
 Net increase in cash and 
  cash equivalents                           3,631       2,483     (1,261) 
 Cash and cash equivalents 
  at beginning of period                     2,611       3,872       3,872 
 Cash and cash equivalents 
  at end of period                           6,242       6,355       2,611 
                                        ==========  ==========  ========== 
 

Notes to the interim accounts - as at 30(th) June 2016

Segmental Reporting

The Group trading operations of Billington Holdings plc are only in Structural Steel, and all are continuing. This includes the activities of Billington Structures Limited, easi-edge Limited and Peter Marshall Steel Stairs Limited. The Group activities, comprising services and assets provided to Group companies and a small element of external property rentals and management charges, are considered incidental to the activities of Billington Structures Limited and have therefore not been shown as a separate operating segment but have been subsumed within Structural Steel. All assets of the Group reside in the UK.

Basis of preparation

These consolidated interim financial statements are for the six months ended 30 June 2016. 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 2015 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 2016 Billington Holdings Plc declared a final dividend of 6.0 pence per share amounting to GBP776,000 (2015: 3.0 pence, GBP388,000) to its equity shareholders. No interim dividend for 2016 has been declared (2015: nil).

These results were approved by the Board of Directors on 19 September 2016.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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