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| 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% | 585.00 | 570.00 | 600.00 | 585.00 | 585.00 | 585.00 | 9,285 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Heavy Construction, Nec | 86.61M | 4.73M | 0.3660 | 15.98 | 75.67M |
From May 2019 to May 2024
TIDMBILN
RNS Number : 0519R
Billington Holdings PLC
19 September 2017
19 September 2017
Billington Holdings
("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 2017.
Hot Features
Premium
Unaudited Unaudited Percentage
six months six months Movement
to 30 June to 30
2017 June 2016
--------------------------- ------------ ------------ -----------
Revenue GBP34.29m GBP27.05m 26.8%
--------------------------- ------------ ------------ -----------
EBITDA GBP2.90m GBP2.36m 22.9%
--------------------------- ------------ ------------ -----------
Profit before tax GBP2.24m GBP1.74m 28.7%
--------------------------- ------------ ------------ -----------
Cash and cash equivalents GBP6.81m GBP6.24m 9.1%
--------------------------- ------------ ------------ -----------
Earnings per share from
continuing operations 14.90p 11.70p 27.4%
--------------------------- ------------ ------------ -----------
Highlights:
-- Group revenue and profit reflect positive trading environment -- Award of significant contracts post period end -- Good progress made at the Shafton site -- UK constructional steel consumption forecast to remain stable -- Strong forward order book - a busy second half of the year
Mark Smith, Chief Executive, commented:
"It is a pleasure to report a strong set of Interim Results, which have further improved from the 2016 results. This highlights the progressive performance across the Group delivering a diverse range of significant, high-quality contracts.
"The Company's growth strategy remains on track with progress continuing to be made at Shafton. The Group is beginning to realise the benefits of the increased in-house capacity.
"2017 is shaping up to be a very productive year, supported by the hard work of all divisions across the Group, and Billington expects an equally optimistic second half of the year."
For further information please contact:
Billington Holdings Plc Tel: 01226 340666
Mark Smith, Chief Executive
Trevor Taylor, Finance Director
Blytheweigh Communications Limited Tel: 020 7138 3204
Tim Blythe
Megan Ray
Rachael Brooks
W H Ireland Limited Tel: 0161 819 8875
Katy Mitchell
Ed Allsopp
Chief Executive Statement Introduction
2017 sees Billington celebrate its 70th anniversary and I am pleased to report that the Company has had a successful start to the year, which is expected to continue through to the end of 2017.
This has been an extremely busy period for the Group and I am delighted to deliver another positive set of interim results.
Progress has been made across the Group, especially at the Shafton site, where the Company's planned growth strategy remains on course. In addition, Billington continues to improve efficiencies in all Group companies which has, once again, led to incremental margin improvements.
Billington expects to replicate the success of this period during the second half of the year; a strong forward order book, which includes the significant contracts announced in August 2017, will contribute to this, and a positive start to 2018.
Businesses
Billington Structures
With sites in Barnsley and Bristol, Billington Structures designs, fabricates and erects structural steel across all sectors of the UK market. It is a nationally recognised and award-winning steelwork contractor with 70 years' experience, and has the capacity to process over 25,000 tonnes of steel per annum.
The company has had a strong six months which saw Billington Structures shift its focus to a smaller number of more significant projects. In addition, a number of these contracts outperformed against initial tender allowances, resulting in improved profits.
Projects carried out during the period include IKEA, Sheffield; Commercial Offices at Lombard Street, London; Project Beagle, Birmingham; and 3 Wellington Place, Leeds; along with various data centres across the country. After successfully completing buildings 3, 5 & 6 of Wellington Place, Billington has recently secured another two projects on the development.
Billington Structures is expected to have an equally busy second half of the year with various projects in the pipeline, including a large distribution centre for a national retailer, where a proportion of the work will carry through to 2018.
Shafton Steel Services
The large Shafton site, located five miles from Billington's Head Office in Barnsley, houses state-of-the-art steel processing and profiling facilities. It offers an extensive range of services to UK and overseas engineering and fabrication markets, and was purchased as part of the Group's growth strategy.
Following the vacation of tenants in April 2017, adaptations to the site have been ongoing and will continue to the end of the year. The next phase of capital expenditure has been authorised, including new machinery which will increase the processing and fabrication capacity at the site and allow new work streams to be carried out. Installation of the machines will be completed by the year end, and will be fully operational by January 2018.
The Shafton facility offers the opportunity to bring previously subcontracted work back in-house, and also provides increased capacity for Billington Structures.
During the period, Shafton's workforce increased by 41 per cent in order to manage the growth and additional workload at the division, and the company intends to continue further recruitment throughout the remainder of the year.
2017 is the second year of Billington's five year development and adaptation plan for Shafton, which remains on track.
Tubecon
Tubecon, a trading division of Billington Structures, is a specialist in Architecturally Exposed Structural Steelwork (AESS) operating primarily in the UK construction and rail infrastructure markets.
One of the recently completed projects, The Hurlingham Club Racquet Centre, is an extremely complex curved roof structure that has been shortlisted for the Structural Steel Design Awards. The winners of this award are to be announced later this year.
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 first half of 2017 has been a successful period for the company, and it has been working on a number of projects, including Westfield Shopping Centre, London; Romford Leisure Centre, Romford; and Redrock, Stockport. Peter Marshall Steel Stairs is also expecting a busy second half of the year, with a number of large projects in the pipeline, continuing into 2018.
easi-edge
easi-edge is a leading safety solutions provider that primarily supplies perimeter edge protection and fall prevention systems to the Main Contractor and Fabricator markets.
The company has had a solid six months and has further developed it hire fleet to provide an optimum product for its customers. The fabrication and production of the enhanced barrier fleet will commence as utilisation levels dictate.
hoard-it
hoard-it, which provides reusable and eco-friendly site hoarding solutions on a hire and sale basis, has had a pleasing start to the year.
The company welcomes a new General Manager, who will continue to drive the growth of hoard-it, which is expected to have an active second half of the year following the award of several large contracts.
Results
Revenue and Profit Before Tax
Group revenue and profit before tax both increased over the period. Revenue increased by 26.8 per cent to GBP34.29 million, whilst profit increased by 28.7 per cent to GBP2.24 million. These increases have been driven by the success of Billington Structures during the period, along with a strong performance from all other companies.
The Group expects a similar performance during the second half of the year, supported by a busy order book and a number of large contracts in the pipeline.
Group Operating Profit
The Group operating profit for the period was GBP2.27 million compared to GBP1.77 million for the same period in 2016. The Group operating profit margin remained stable at 6.6 per cent. This was due to the amount of work carried out by the Group, continued improvements in operational efficiencies and the outperformance of several contracts against anticipated projections.
Earnings per Share
Earnings per share from continued operations stood at 14.90 pence in the period, compared with earnings per share of 11.70 pence for the corresponding period in 2016.
Liquidity and Capital Resources
Billington's cash and cash equivalents increased to GBP6.81 million during the period (2016: GBP6.24 million). This increase has been achieved despite the payment during the period of a dividend of GBP1.21 million along with capital expenditure primarily relating to the Shafton site.
The positive cash position of the Group provides Billington with confidence as it moves into a busy second half. In addition, its solid balance sheet adequately supports the Company's working capital requirements and planned growth strategy.
Dividend
As a result of continuing positive performance, Billington declared a dividend of 10.00 pence per share following the 2016 full year results, and this was duly paid in the period. The dividend of 10.00 pence per share represented a significant increase from the previous year (2016: 6.00 pence).
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.
Awards
During the period, several projects across the Group were shortlisted for various awards, including RAF Brize Norton and the Hurlingham Club Racquet Centre, which are both shortlisted in the Structural Steel Design Awards (results due 4 October). Additionally, Project Beagle won the Public Vote in the UK Tekla Awards.
Board and Employees
Billington continues to acknowledge the skills shortage within the industry and has therefore adopted
various strategies to combat the impact of this on the Group's operations.
The Company invests in the training and development of its employees, runs apprenticeship programmes and supports local colleges; all of which help to ensure Billington maintains a skilled workforce.
Prospects and Outlook
A year on from the Brexit vote, and the market appears to be in a stable position, with UK consumption of constructional steel forecast to remain consistent into 2020. This stability provides Billington with the confidence to continue its growth strategy, and the ability to meet demands and complete projects to the highest standard. As stated in the 2016 Financial Statements, Brexit has also allowed the Company to explore opportunities in Europe, which remains an ongoing proposition for the Group.
Billington's growth strategy, which intends to increase capacity and enable the Group to conduct additional work streams, remains on track. The Shafton facility has been a positive acquisition for the Group and is continuing to provide benefits to the Company.
During the period, a tenant at the Shafton site went into administration but despite the loss of rental income, this provides Billington with the opportunity to assess how to best utilise the vacant property and review potential future options for the Group.
The start of 2017 has been a busy period for Billington. The Company is seeing a consistent rate and quality of enquires which are expected to continue. The Group has a strong forward order book and the second half of the year looks to be equally as busy as the first.
Finally, I would like to thank Billington's Board, employees, shareholders and stakeholders for their continued support, and I look forward to a busy and prosperous second half of the year.
Mark Smith Chief Executive
19 September 2017
Condensed consolidated interim
income statement
Six months ended 30 June
2017
Unaudited Unaudited Audited
Six Six Twelve
months months months
to 30 to 30 to 31
June June December
2017 2016 2016
GBP'000 GBP'000 GBP'000
Continuing operations
Revenue, excluding movements
in work in progress 34,686 30,008 64,291
Decrease in work in progress (397) (2,962) (957)
Revenue 34,289 27,046 63,334
========== ========== ==========
Raw material and consumables 21,664 15,957 39,470
Other external charges 2,242 1,926 4,208
Staff costs 6,871 6,083 12,903
Depreciation 635 592 1,254
Other operating charges 610 719 1,674
----------
32,022 25,277 59,509
---------- ---------- ----------
Group operating profit 2,267 1,769 3,825
Share of post tax profit
in joint ventures - - -
---------- ---------- ----------
Total operating profit 2,267 1,769 3,825
Net finance expense (24) (31) (22)
Profit before tax 2,243 1,738 3,803
Tax (448) (378) (832)
Profit for the period from
continuing operations and
attributable to equity holders
of the parent company 1,795 1,360 2,971
========== ========== ==========
Earnings per share (basic
and diluted) from continuing 14.9 11.7
operations p p 25.4 p
========== ========== ==========
10.00 6.00
Dividends per share p p 6.00 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 12,048,408. The comparatives
are calculated by reference to the weighted average
number of ordinary shares in issue which were 11,603,836
for the period to 30 June 2016 and 11,715,526 for
the year ended 31 December 2016.
Condensed consolidated
interim balance sheet
As at 30 June 2017
Unaudited Unaudited Audited
30 June 30 June 31 December
2017 2016 2016
GBP'000 GBP'000 GBP'000
Assets
Non current assets
Property, plant and equipment 13,230 13,089 13,148
Pension asset 1,146 968 1,146
Investment in joint ventures - - -
Deferred tax asset 27 38 27
Total non current assets 14,403 14,095 14,321
---------- ---------- ------------
Current assets
Inventories and work
in progress 9,374 7,663 9,865
Trade and other receivables 7,970 6,747 5,581
Cash and cash equivalents 6,812 6,242 6,033
Total current assets 24,156 20,652 21,479
---------- ---------- ------------
Total assets 38,559 34,747 35,800
---------- ---------- ------------
Liabilities
Current liabilities
Current portion of long
term borrowings 218 267 487
Trade and other payables 16,262 14,774 13,940
Current tax payable 565 379 569
Total current liabilities 17,045 15,420 14,996
---------- ---------- ------------
Non current liabilities
Long term borrowings 2,125 2,375 2,005
Total non current liabilities 2,125 2,375 2,005
---------- ---------- ------------
Total liabilities 19,170 17,795 17,001
---------- ---------- ------------
Net assets 19,389 16,952 18,799
========== ========== ============
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 (825) (904) (825)
Accumulated profits 16,925 14,567 16,335
Total equity 19,389 16,952 18,799
========== ========== ============
Condensed consolidated interim statement of changes in equity
(Unaudited) Share Share Capital Other Accumulated Total
capital premium redemption reserve - profits equity
account reserve ESOP
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 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 30 June 2016 - - - - 1,360 1,360
Total comprehensive income for the period - - - - 1,360 1,360
======== ======== =========== ========== ============ ========
At 30 June 2016 1,293 1,864 132 (904) 14,567 16,952
======== ======== =========== ========== ============ ========
At 1 July 2016 1,293 1,864 132 (904) 14,567 16,952
Equity dividends paid to ESOP - - - - 38 38
Credit related to equity-settled share based
payments - - - - 71 71
ESOP movement in period - - - 79 - 79
Transactions with owners - - - 79 109 188
-------- -------- ----------- ---------- ------------ --------
Profit for the six months to 31 December 2016 - - - - 1,611 1,611
Other comprehensive income
Actuarial gain recognised in the pension
scheme - - - - 17 17
Income tax relating to components of other
comprehensive income - - - - 31 31
Total comprehensive income for the period - - - - 1,659 1,659
======== ======== =========== ========== ============ ========
At 31 December 2016 1,293 1,864 132 (825) 16,335 18,799
======== ======== =========== ========== ============ ========
At 1 January 2017 1,293 1,864 132 (825) 16,335 18,799
Equity dividends declared - - - - (1,205) (1,205)
Transactions with owners - - - - (1,205) (1,205)
-------- -------- ----------- ---------- ------------ --------
Profit for the six months to 30 June 2017 - - - - 1,795 1,795
Total comprehensive income for the period - - - - 1,795 1,795
======== ======== =========== ========== ============ ========
At 30 June 2017 1,293 1,864 132 (825) 16,925 19,389
======== ======== =========== ========== ============ ========
Condensed consolidated interim statement
of comprehensive income
Six months ended 30 June 2017
Unaudited Unaudited Audited
Six Twelve
Six months months months
to 30 to 30 to 31
June June December
2017 2016 2016
GBP'000 GBP'000 GBP'000
Profit for the period 1,795 1,360 2,971
Other comprehensive income
Remeasurement of net defined
benefit surplus - - 17
Movement on deferred tax relating
to pension liability - - (1)
Current tax relating to pension
liability - - 32
----------- ---------- ----------
Other comprehensive income,
net of tax - - 48
Total comprehensive income
for the period attributable
to equity holders of the parent
company 1,795 1,360 3,019
=========== ========== ==========
Condensed consolidated
interim cash flow statement
Six months ended 30th June
2017
Unaudited Unaudited Audited
Six Six Twelve
months months months
to 30 to 30 to 31
June June December
2017 2016 2016
GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Group profit after tax 1,795 1,360 2,971
Taxation paid (452) (156) (376)
Depreciation on property,
plant and equipment 635 592 1,254
Difference between pension
charge and cash contributions (31) (61) (123)
Share based payment charge - - 71
Profit on sale of property,
plant and equipment (79) (117) (228)
Taxation charge recognised
in income statement 448 378 832
Net finance expense 24 31 22
Decrease in inventories
and work in progress 491 2,905 703
Increase in trade and other
receivables (2,358) (1,371) (266)
Increase in trade and other
payables 2,322 1,430 596
Net cash flow from operating
activities 2,795 4,991 5,456
---------- ---------- ----------
Cash flows from investing
activities
Purchase of property, plant
and equipment (753) (535) (1,277)
Proceeds from sale of property,
plant and equipment 115 133 263
Net cash flow from investing
activities (638) (402) (1,014)
---------- ---------- ----------
Cash flows from financing
activities
Interest paid (24) (31) (60)
Repayment of bank and other
loans (149) (151) (301)
Equity dividends paid (1,205) (776) (738)
Employee Share Ownership
Plan share purchases - - (37)
Employee Share Ownership
Plan share sales - - 116
---------- ---------- ----------
Net cash flow from financing
activities (1,378) (958) (1,020)
---------- ---------- ----------
Net increase in cash and
cash equivalents 779 3,631 3,422
Cash and cash equivalents
at beginning of period 6,033 2,611 2,611
Cash and cash equivalents
at end of period 6,812 6,242 6,033
========== ========== ==========
Notes to the interim accounts
- as at 30 June 2017
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, Peter
Marshall Steel Stairs 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 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 2017. 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 2016 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 2017 Billington Holdings
Plc declared a final dividend of 10.0 pence per
share amounting to GBP1,205,000 (2016: 6.0 pence,
GBP776,000) to its equity shareholders. No interim
dividend for 2017 has been declared (2016: nil).
These results were approved by the Board of Directors
on 18 September 2017.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFSLASITLID
(END) Dow Jones Newswires
September 19, 2017 02:00 ET (06:00 GMT)
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