Brickability Group PLC Trading Update (3288D)
October 19 2022 - 1:00AM
UK Regulatory
TIDMBRCK
RNS Number : 3288D
Brickability Group PLC
19 October 2022
Brickability Group PLC
LEI: 213800SK28MWXB3K3P26
19(th) October 2022
Brickability Group plc
("Brickability" or "the Group")
Trading Update
Brickability Group plc, the leading construction materials
distributor, today announces a trading update for the six-month
period to 30 September 2022.
Group revenue for H1 2022 is expected to be approximately
GBP353m, an increase of c.58% compared to H1 2021. Adjusting for
the impact of acquisitions, H1 2022 Group revenue on a
like-for-like basis represents an increase of c.10% compared to the
prior year.
As a result, the Board currently anticipates reporting adjusted
EBITDA* for the six months to 30 September 2022 of at least GBP25m,
which compares to GBP18m in the prior corresponding period.
Performance for the first six months of the year has continued
to be strong, with sales and profit growth across each of the
Group's four divisions, notwithstanding continued high energy costs
and inflation. Growth in the Bricks and Building Materials division
was achieved despite the normalisation of performance in our timber
business following the exceptional highs of 2021.
The macro-economic conditions in the UK and the impact on the UK
housebuilding market of rising interest rates brings new challenges
however, the Group looks to the near future with cautious optimism
as it continues to actively manage the headwinds.
Our order books remain in line with management expectations, and
we believe that the Group's diverse multi business product offering
will continue to enable the Group to navigate the challenges ahead.
The Board remains confident of delivering market expectations for
the full year ending 31 March 2023 ("FY23")**.
The Group will notify the expected date of publication of its
unaudited interim results for the six months ended 30 September
2022 in due course.
Alan Simpson, Brickability's CEO, said:
"The strong first half performance is testament to the Group's
diversity, strength and ability to meet changing demands, manage
pressures and seize opportunities. We have an experienced
management team, a diverse business model and a strong balance
sheet; however, we remain vigilant of market pressures."
*Adjusted EBITDA is defined as earnings before interest, tax,
depreciation and amortisation, share option expense, acquisition
costs and exceptional items.
**FY23 market expectations as at the date of this announcement
of adjusted EBITDA of GBP44.5 million, following the recent ET Clay
acquisition.
- Ends -
For further information please contact:
Brickability Group plc via Montfort Communications
John Richards, Chairman
Alan Simpson, CEO
Mike Gant, CFO
Cenkos Securities plc (Nominated adviser
and broker)
Ben Jeynes, Max Gould (Corporate Finance)
Julian Morse, Alex Pollen (Sales) +44 (0) 20 7397 8900
Montfort Communications
James Olley
Georgia Colkin +44 (0) 203 514 0897
About Brickability
Brickability is a leading construction materials distributor,
serving customers across the UK and Europe for over 36 years
through its national and local networks. The Group supplies over
550m bricks annually and has over 55 locations across the country
with over 600 employees.
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END
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