REG - Billington Holdings - Interim Results for the six months to 30 June 2024
17/09/2024 07:00
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RNS Number : 4035E Billington Holdings PLC 17 September 2024
17 September 2024
Billington Holdings Plc
("Billington", the "Group" or the "Company")
Interim Results for the six months to 30 June 2024
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 2024.
Unaudited six months to 30 June 2024 Unaudited six months to 30 June 2023 Percentage Movement
Revenue £57.90m £60.15m -3.7%
EBITDA* £5.32m £5.67m -6.2%
Profit before tax £4.64m £4.60m +0.9%
Cash and cash equivalents £21.87m £10.82m +102.1%
Basic Earnings per share (EPS) 27.6p 28.8p -4.2%
* Earnings before interest, tax, depreciation and amortisation
Highlights
• Revenue of £57.90 million (H1 2023: £60.15 million)
• Profit before tax increased by 0.9 per cent to £4.64 million (H1 2023: £4.60
million)
• Strong cash and cash equivalents balance of £21.87 million as at 30 June 2024
(31 December 2023: £22.08 million and 30 June 2023: £10.82 million)
• Increased macroeconomic confidence, combined with price stability of
construction materials, resulting in deferred projects restarting
• Record order book at 30 June 2024 spanning multiple market sectors and a
positive pipeline of opportunities provides confidence for FY24 and 2025
• It is anticipated that due to the timing of deliveries on certain significant
contracts the Group's revenue will be stronger in the second half of the year
• FY24 profits are now expected to be ahead of current market expectations
Mark Smith, Chief Executive Officer of Billington, commented:
"The first half of 2024 saw Billington continue to deliver a resilient
performance across all its business units. The Group has been successful in
securing a number of significant contracts, with further opportunities
expected to be realised in the short term, providing confidence for the
delivery of a strong performance in H2 2024 and in 2025.
"I believe the economic environment has begun to stabilise following a
challenging period and indications are for the industry to return to regular,
steady growth, allowing the Group to look forward to the remainder of 2024 and
2025 with optimism and positivity."
For further information please contact:
Billington Holdings Plc Tel: 01226 340 666
Mark Smith, Chief Executive Officer
Trevor Taylor, Chief Financial Officer
Cavendish Capital Markets Ltd - Nomad and Broker Tel: 020 7220 0500
Ed Frisby / Trisyia Jamaludin - Corporate Finance
Andrew Burdis - ECM
IFC Advisory Limited
Tim Metcalfe Tel: 020 3934 6630
Graham Herring billington@investor-focus.co.uk
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 17 September 2024. 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.
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 2024 was a strong performance by the Group, across all its
business units. The comparative period in 2023 was a record performance by
the Group and it is pleasing that similar levels of revenue of £57.90 million
(H1 2023: £60.15 million) and profit before tax of £4.64 million (H1 2023:
£4.60 million) were achieved.
The Group has been successful in securing a number of significant contracts
and has a strong order book spanning multiple market sectors. The programmed
delivery of a number of these contracts is such that the Group is expecting a
continued strong financial performance in the second half of the current
financial year.
Whilst we remain mindful of the continuing challenging macroeconomic
environment and subdued market this year, we have increased our share of the
market. The economic outlook, moving into 2025, is starting to show signs of
optimism, with the current downward trajectory of interest rates expected to
continue and industry consumption forecast to return to regular growth.
Group Companies
Billington Structures
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.
Billington Structures made further good progress in the first half of the
year, with a particular highlight being the award of the Group's largest ever
contract with Acciona for the North London Heat and Power (NLHPP) project.
Billington has built a strong position in the energy from waste sector and is
well positioned to win further business in what is a complex market with
reduced competition.
Whilst the business continued to operate at near full capacity, continued
benefits are being seen from increases in capacity following efficiency and
process improvements, driven by the Group's investment in capital equipment
and skilled workforce. The Group is currently in year four of its five year
capital investment and modernisation programme and further investment is
planned that will continue this progress.
The business continues to serve a wide variety of markets, with a good spread
of customers. Particularly strong demand is being seen in the high-tech
manufacturing, infrastructure, data centre and defence sectors, in addition to
energy from waste. Other sectors, such as distribution warehouses and film
studios, are seeing projects restarted, presenting further opportunities.
Billington Structures has a very healthy order book, at record levels at 30
June 2024, covering a longer period than historically, providing good
visibility into 2025. The business is well placed for a strong performance
in the second half of the year and into 2025.
Shafton Steel Services
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.
In the first half, Shafton Steel Services, utilised its market leading
processing capabilities to undertake a number of sizeable projects for
customers outside of the Group which included large plate profiling and
cutting, countersinking and the manufacture of specialist large fittings.
The business has a strong orderbook and a healthy pipeline of future business
with new and existing clients.
Tubecon
Tubecon is one of the UK's leading structural steel fabricators specialising
in Architecturally Exposed Structural Steelwork (AESS), complex steel
structures and bridges in a number of sectors including retail, commercial,
public buildings, education, health, rail, sport and leisure, artworks, and
infrastructure projects across the UK.
In April 2024 the Group undertook an 'acquihire' of specialist bridge
fabricator employees from S H Structures when it was placed in
administration. This has significantly increased the capacity and capability
of Tubecon to provide a full service from concept to delivery of steel bridges
and Tubecon continues as a significant supplier of other complex architectural
steelwork. The business is actively targeting infrastructure projects,
building on its position in the market, and recent orders provide confidence
for the future in a growing market.
On behalf of the Board I welcome the S H Structures employees to the Group and
look forward to seeing the division progress.
Specialist Protective Coatings
Specialist Protective Coatings Ltd ("SPC"), formed in March 2022 following the
Company's acquisition of the trading assets of Orrmac Coatings, focusses on
surface preparation and the application of protective coatings for products
across a variety of sectors. During the first half projects were undertaken
in the power generation, water, infrastructure, commercial office and data
centre sectors.
The business has made excellent progress since its formation and it is now
fully integrated within the Group, servicing both internal Billington work and
a growing base of external customers. During the period SPC operated at near
full capacity, enabling the business to focus on performance enhancing work.
In addition, the Group has continued to expand its dedicated on-site painting
service to enable SPC to be a one-stop-shop for the painting requirements of
the structural steel sector. The addition of SPC to the Group offering and
it's improving efficiency has significantly improved the overall performance
of the internal companies that utilise its services.
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 for both Billington Structures and those contracts being
undertaken by others. It has the capability to deliver stair structures for
the largest construction projects and in the period, supplied projects
including commercial offices, power generation, data centres, distribution
warehouses and leisure schemes.
Peter Marshall Steel Stairs had an extremely successful first half,
maintaining robust margins and operating at increased capacity at times,
utilising partner companies to assist in the successful delivery of it's
significant workload. Peter Marshall Steel Stairs is expected to have a
record year, boasting a strong order book for the remainder of 2024 and into
2025, with a further strong pipeline of opportunities for 2025. Options are
being investigated to increase capacity to meet the expected future demand.
Easi-Edge
Easi-Edge is a market leading site safety solutions provider of temporary
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 is a founder member
of the Edge Protection Federation (EPF) and has developed a training course to
qualify personnel working in the construction industry and explain the
requirements of edge protection on site. As falls from height remain one of
the main causes of injuries and fatalities within the industry, installing
edge protection correctly is fundamental to site safety.
In the first half of 2024 Easi-Edge continued as a significant contributor to
Group profits, with an improved performance reflecting changes within the
business and increased utilisation rates. During the period projects were
secured in a variety of sectors including commercial offices, distribution
warehouses, data centres, leisure, health and education.
Easi-Edge's product range is undergoing a modernisation and improvement
programme, with all barrier stock expected to be replaced over the next 18
months. This will enable the business to provide it's clients with an
improved product which will protect and promote its market position and long
term margin generation, together with providing access to additional revenue
streams. The Easi-Edge business has a bright future and the investments
being made should ensure it has a sustainable position for the future.
Hoard-it
Hoard-it designs, fabricates and manages a specialised range of
environmentally sustainable, re-usable, temporary hoarding solutions which are
available on both a hire and sale basis, tailored to the requirements of its
customers. The Hoard-it offering is complimented by Brand-It, providing an
on-site graphics solution utilised on both Hoard-it's own products and
increasingly on those installed by others as Brand-it expands its product
offering.
Hoard-it again enjoyed a very strong performance in the first half of 2024,
with continued growth and margin improvement, as new clients, so hence new
projects were secured in sectors ranging from residential to manufacturing,
commercial and retail developments.
Hoard-it has benefited from its investment in stock levels in advance of
anticipated demand, enabling rapid deployment of its solutions. This strong
performance is expected to continue in the second half of the year and the
Group is looking to secure additional premises for Hoard-it to accommodate
future growth.
Financial Results
Revenue and Profit Before Tax
Group revenue decreased by 3.7 per cent in the period to £57.90 million (H1
2023: £60.15 million), reflecting the timing of deliveries on a number of the
Group's larger contracts combined with a reduction in some of the Group's
primary input costs and associated revenue. Profit before tax for the period
improved marginally to £4.64 million (H1 2023: £4.60 million).
Basic Earnings per Share (EPS)
Basic earnings per share for the first half of the year decreased by 4.2 per
cent to 27.6 pence (H1 2023: 28.8 pence), with diluted earnings per share
decreasing by 4.1 per cent to 25.9 pence (H1 2023: 27.0 pence).
Liquidity and Capital Resources
The Group continues to enjoy a strong cash balance, with cash and cash
equivalents of £21.87 million as at 30 June 2024 (31 December 2023: £22.08
million and 30 June 2023: £10.82 million). Post period end, on 2 July 2024,
£4.1 million was utilised for the 2023 dividend declared earlier in the
year. In addition to the Group's cash resources, the Group has entered into
an agreement with HSBC, the Company's bankers, for a £6.0 million Revolving
Credit Facility (RCF) for three years to provide enhanced flexibility to
capitalise on acquisition opportunities should suitable and appropriate
prospects be identified.
Inventories and contract work in progress decreased to £15.32 million (30
June 2023: £20.44 million) and trade and other receivables increased to
£18.38 million (30 June 2023: £17.56 million), primarily as a result of the
timing of certain larger contracts 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
Cutlite Penta plate laser cutting machine at Billington Structures' Wombwell
facility, at a cost of £0.78 million. Other significant capital expenditure
projects in the period included £0.30 million invested in Hoard-it and
Easi-Edge hire stock.
Further orders have been placed for additional machinery that will be
delivered, installed and commissioned in the second half of the year.
The Group is now in year four of its planned five year capital investment and
modernisation programme and will continue to actively invest in appropriate
areas, whilst being mindful of the returns achievable from capital
investment. It is expected that capital expenditure will be approximately
£3.5 million in both 2024 and 2025, with £2.0 million of this year's
expenditure being invested in the first half.
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 on the enhancement of
locally based training, in particular to increase the recruitment of skilled
fabricators and welders. Billington, in combination with Betterweld, a
specialist training provider, and Barnsley College and Department for Work and
Pensions, set up a regional training centre to provide fabrication/welding
training at the Group's Shafton facility. This training centre opened in Q4
2023 and is already providing the Group with trained personnel for the Group's
two Barnsley based facilities. It is the Group's intention to replicate this
model in Bristol and establish a regional training facility there to provide
additional local skilled staff.
Dividend
In the first half of 2024 Billington declared a final dividend in relation to
the year ended 31 December 2023 of 33 pence per share, comprising an ordinary
dividend of 20 pence per share and an additional exceptional amount of 13
pence per share reflecting the outstanding performance of the Group in 2023.
This dividend was paid on 2 July 2024, amounting to £4.1 million, which was
2.56 times covered by 2023 underlying earnings. This dividend represented
the largest ever dividend declared by the Company. No interim dividend for
2024 has been declared (2023: nil), a policy consistent with prior years.
Market and Economic Outlook
During the period the steel price fell to its lowest level since the Covid-19
pandemic and although some price rises have been experienced recently, the
price remains below the level seen for some time. Projects have returned to
the market as a result of the stabilisation of steel and other building
material prices, providing further confidence for the sector as we move into
2025. During the period the Group continued to be able to hedge its steel
requirements for secured contracts, providing price certainty. The Group
also enjoyed an increased degree of stability on the supply side and this
stability is expected to remain for the foreseeable future.
The Group continues to benefit from significant projects in energy from waste,
high-tech manufacturing, infrastructure and data centre facilities, achieving
a record order book at 30 June 2024. In addition, some of the other markets
in which Billington operates such as large office developments, industrial
warehousing development, film studio and leisure facility construction are
seeing projects restarted and are providing a growing pipeline of
opportunities. These growth areas are expected to more than offset any
impact on the Group from any deferment of government expenditure and the
slight softening of the structural steel market this year.
We are conscious that a number of the main construction contractors continue
to operate under significant pressure. The Group insures its exposures with
the maximum available cover, in a continuing difficult credit insurance
market, and focuses on projects with the more financially 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
I am very pleased with the performance across the Group in the first half of
2024 and I believe that Billington has continued to be seen as the steelwork
contractor of choice. The Group's investment in efficiency improvements, the
latest capital equipment and skilled people, coupled with the Group's strong
market position and increased offering, is enabling the Group to grow market
share, achieve attractive margins and to focus on those sectors that can
deliver better returns.
Despite some softening in the market this year compared to 2023, the large
contracts secured in the first half of the year and a strong pipeline of
opportunities provides confidence for the 2024 full year and into 2025, with
FY24 profits now expected to be ahead of current market expectations.
We also continue to assess acquisition opportunities as they arise and the
Company's strong balance sheet provides the ability for the Group to undertake
complimentary acquisitions. The Group is currently debt free with a very
strong cash balance, and the three year £6.0 million Revolving Credit
Facility entered into with HSBC provides additional flexibility to capitalise
on acquisition opportunities should suitable and appropriate prospects be
identified.
In closing, I would like to thank Billington's Board, employees, shareholders
and all stakeholders for their continued support.
Mark Smith
Chief Executive
17 September 2024
Condensed consolidated interim income statement
Six months ended 30 June 2024
Unaudited Unaudited Audited
Six months Six months Twelve months
to 30 June to 30 June to 31 December
2024 2023 2023
£'000 £'000 £'000
Revenue 57,896 60,154 132,495
Raw material and consumables (34,021) (37,712) (78,182)
Other external charges (3,078) (2,660) (6,053)
Staff costs (13,687) (11,675) (25,536)
Depreciation (1,113) (1,100) (2,215)
Other operating charges (1,793) (2,437) (7,263)
(53,692) (55,584) (119,249)
Operating profit 4,204 4,570 13,246
Finance income 473 70 224
Finance costs (38) (41) (82)
Profit before tax 4,639 4,599 13,388
Tax (1,186) (1,081) (3,063)
Profit for the period attributable to equity holders of the parent company 3,453 3,518 10,325
Basic earnings per share 27.6 p 28.8 p 84.4 p
Diluted earnings per share 25.9 p 27.0 p 79.3 p
Condensed consolidated interim statement of comprehensive income
Six months ended 30 June 2024
Unaudited Unaudited Audited
Six months Six months Twelve months
to 30 June to 30 June to 31 December
2024 2023 2023
£'000 £'000 £'000
Profit for the period 3,453 3,518 10,325
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Revaluation of land and buildings - - 5,868
Movement on deferred tax relating to revaluation - - (1,467)
Remeasurement of net defined benefit surplus - - (340)
Movement on deferred tax relating to pension surplus - - 85
- - 4,146
Items that will be reclassified subsequently to profit or loss
Gain/(loss) on forward currency contracts 31 - (31)
Other comprehensive income, net of tax 31 - 4,115
Total comprehensive income for the period attributable to equity holders of 3,484 3,518 14,440
the parent company
Condensed consolidated interim balance sheet
Six months ended 30 June 2024
Unaudited Unaudited Audited
30 June 30 June 31 December
2024 2023 2023
£'000 £'000 £'000
Assets
Non current assets
Property, plant and equipment 26,187 20,023 25,329
Investment property 614 464 614
Pension asset 1,871 2,174 1,871
Total non current assets 28,672 22,661 27,814
Current assets
Inventories 2,038 2,039 1,576
Contract work in progress 13,286 18,398 6,540
Trade and other receivables 18,384 17,557 23,582
Cash and cash equivalents 21,874 10,821 22,084
Total current assets 55,582 48,815 53,782
Total assets 84,254 71,476 81,596
Liabilities
Current liabilities
Trade and other payables 26,912 31,384 28,481
Lease liabilities 161 153 157
Current tax payable 846 369 447
Derivative financial instruments - - 31
Total current liabilities 27,919 31,906 29,116
Non current liabilities
Lease liabilities 1,560 1,721 1,641
Deferred tax liabilities 3,001 1,525 3,001
Total non current liabilities 4,561 3,246 4,642
Total liabilities 32,480 35,152 33,758
Net assets 51,774 36,324 47,838
Equity
Share capital 1,293 1,293 1,293
Share premium 1,864 1,864 1,864
Capital redemption reserve 132 132 132
Other components of equity 3,878 (761) 3,847
Accumulated profits 44,607 33,796 40,702
Total equity 51,774 36,324 47,838
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 2023 1,293 1,864 132 (761) 31,819 34,347
Equity 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
At 1 July 2023 1,293 1,864 132 (761) 33,796 36,324
Dividends - - - - 1 1
Credit related to equity-settled share based payments - - - - 581 581
ESOT movement in period - - - 238 (228) 10
Transactions with owners - - - 238 354 592
Profit for the six months to 31 December 2023 - - - - 6,807 6,807
Other comprehensive income
Actuarial losses recognised in the pension scheme - - - - (340) (340)
Deferred tax on pension - - - - 85 85
Financial instruments - - - (31) - (31)
Revaluation of land and buildings - - - 5,868 - 5,868
Deferred tax on pension - - - (1,467) - (1,467)
Total comprehensive income for the period - - - 4,370 6,552 10,922
At 31 December 2023 1,293 1,864 132 3,847 40,702 47,838
At 1 January 2024 1,293 1,864 132 3,847 40,702 47,838
Credit related to equity-settled share based payments - - - - 452 452
Transactions with owners - - - - 452 452
Profit for the six months to 30 June 2024 - - - - 3,453 3,453
Other comprehensive income
Financial instruments - - - 31 - 31
Total comprehensive income for the period - - - 31 3,453 3,484
At 30 June 2024 1,293 1,864 132 3,878 44,607 51,774
Condensed consolidated interim cash flow statement
Six months ended 30 June 2024
Unaudited Unaudited Audited
Six months Six months Twelve months
to 30 June to 30 June to 31 December
2024 2023 2023
£'000 £'000 £'000
Cash flows from operating activities
Group profit after tax 3,453 3,518 10,325
Taxation paid (787) (780) (2,591)
Interest received 473 70 187
Depreciation on property, plant and equipment 1,113 1,100 2,215
Fair value adjustment of investment properties - - (30)
Impairment of property, plant and equipment - - 372
Share based payment charge 452 358 939
Profit on sale of property, plant and equipment (77) (177) (243)
Taxation charge recognised in income statement 1,186 1,081 3,063
Net finance income (435) (29) (142)
(Increase)/decrease in inventories (462) 1,295 1,758
(Increase)/decrease in contract work in progress (6,746) (4,850) 7,008
Decrease/(increase) in trade and other receivables 5,198 (7,299) (13,324)
(Decrease)/increase in trade and other payables (1,569) 7,441 6,411
Net cash flow from operating activities 1,799 1,728 15,948
Cash flows from investing activities
Purchase of property, plant and equipment (2,000) (1,887) (2,899)
Purchase of investment property - - (120)
Proceeds from sale of property, plant and equipment 106 205 386
Net cash flow from investing activities (1,894) (1,682) (2,633)
Cash flows from financing activities
Interest paid (38) (42) (82)
Repayment of bank and other loans - (750) (750)
Capital element of leasing payments (77) (67) (143)
Dividends paid - - (1,900)
Employee Share Ownership Plan share sales - - 10
Net cash flow from financing activities (115) (859) (2,865)
Net (decrease)/increase in cash and cash equivalents (210) (813) 10,450
Cash and cash equivalents at beginning of period 22,084 11,634 11,634
Cash and cash equivalents at end of period 21,874 10,821 22,084
Total cash and cash equivalents 21,874 10,821 22,084
Notes to the interim accounts - as at 30 June 2024
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 30 June to 30 June to 31 December
2024 2023 2023
£000 £000 £000
Analysis of revenue
Structural Steelwork 51,496 54,701 121,583
Safety Solutions 6,400 5,453 10,911
Other - - 1
Consolidated total 57,896 60,154 132,495
Analysis of operating profit before finance income
Structural Steelwork 3,734 4,309 12,687
Safety Solutions 961 646 1,046
Other (491) (385) (487)
Consolidated total 4,204 4,570 13,246
Basis of preparation
These consolidated interim financial statements are for the six months ended
30 June 2024. 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
2023 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 with the exception of the following that are held
at fair value: land and buildings; investment property; defined benefit
pension obligation and plan assets; and financial instruments. 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 2024 Billington Holdings Plc declared a final dividend of
33.0 pence (2023: 15.5 pence) per share amounting to £4,268,000 (2023:
£2,005,000) 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 2024. No interim dividend for 2024 has been declared
(2023: nil).
These results were approved by the Board of Directors on 16 September 2024.
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. END IR EAKNKFSDLEFARecent news on Billington Holdings
See all newsREG - Billington Holdings - Awards under Company’s Long Term Incentive Plan
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