Billington Holdings PLC Notice of Results and Trading Updates (1857I)
April 13 2022 - 1:00AM
UK Regulatory
TIDMBILN
RNS Number : 1857I
Billington Holdings PLC
13 April 2022
Billington Holdings Plc
("Billington", the "Group" or the "Company")
Notice of Results and Trading Updates
Billington Holdings Plc (AIM: BILN), one of the UK's leading
structural steel and construction safety solutions specialists,
provides the following trading update ahead of the release of the
Company's results for the year ended 31 December 2021, on 26 April
2022.
Year-end update
As indicated in the trading update on 15 November 2021, the
Group's results for the year ended 31 December 2021 have been
affected by the timing of certain contracts. Notwithstanding this,
the underlying trading position was slightly ahead of market
expectations.
Subsequent to the year-end and following the placing into
administration of a main contractor client, the Board has taken the
prudent approach to make an exceptional provision of approximately
GBP1.1 million against receivables on a contract the Company was
undertaking. The Company is currently in extensive dialogue with
the developer to complete the project and seek recovery of all
outstanding monies.
Current trading
The current trading of the Group is in line with the Board's
expectations and the Company anticipates an improved result for the
year ended 31 December 2022. The cash position of the Group remains
strong and the Company is well positioned to be able to take
advantage of the significant pipeline of opportunities
available.
Mark Smith, CEO of Billington, commented:
"2021 has been dominated by the continued challenges arising
from the pandemic for both Billington and its clients alike. The
construction sector has suffered material and labour supply
constraints that has affected the cost and timing of projects.
However, tendering opportunities continue to remain buoyant and the
quality of our pipeline provides confidence for 2022 and
beyond."
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
For further information please contact:
Billington Holdings Plc Tel: 01226 340 666
Mark Smith, Chief Executive
Trevor Taylor, Chief Financial
Officer
WH Ireland Limited Tel: 020 7220 1666
Chris Hardie
Fraser Marshall
IFC Advisory Limited Tel: 020 3934 6630
Tim Metcalfe
Graham Herring
Zach Cohen
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END
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