Bilby PLC Pre-close Trading Update and Change of Adviser (2528C)
April 12 2017 - 1:00AM
UK Regulatory
TIDMBILB
RNS Number : 2528C
Bilby PLC
12 April 2017
12 April 2017
Bilby Plc
("Bilby" or the "Group")
Pre-close Trading Update and Change of Adviser
Bilby Plc (AIM: BILB.L), the holding company for P&R
Installation Company Limited (P&R), Purdy Contracts Limited,
Spokemead Maintenance Limited and DCB (Kent) Limited, a group of
companies that provide gas heating, electrical and building
services, gives a pre-close trading update ahead of its final
results for the year ended 31 March 2017.
Bilby is also pleased to announce the appointment of Northland
Capital Partners as nominated adviser and broker to the Group with
immediate effect.
Since the period ended 30 September 2016, Bilby has continued to
make considerable progress in its core London and South East
markets. It is pleased to announce that as a result of P&R
finishing first in the framework tender for gas support work for
the South-East Consortium (SEC), giving it access to over 140,000
properties in South East England, it has now been awarded a
contract by Walterton and Elgin Community Housing. The seven year
gas servicing contract recently commenced and includes over 400
properties.
Additionally, following its appointment to Fusion21's GBP200
million Heating Framework in 2016, P&R has now won a three year
gas servicing contract, with a two year extension option, with
Sussex and Hampshire housing association Saxon Weald. This contract
has now started and covers over 4,000 properties.
In December 2016 Bilby reported that it had won contracts with
the London boroughs of Lambeth and Bexley as well as the housing
associations Phoenix and Paradigm and East Kent Housing, work on
all of which is now underway. The Group is also pleased to announce
that the scope of work for the significant gas servicing contract
with East Kent Housing has now been expanded. The contract now
covers 16,700 properties and will run for eight years and will
include a range of building maintenance and electrical works as
well as the installation of 1,500 new boilers each year throughout
the Canterbury, Dover, Thanet and Shepway regions.
Following these major contract wins, companies within the Bilby
Group now service more than 300,000 properties, significantly
increasing the Group's revenue visibility.
Bilby continues to maintain a strict focus on delivering
operational efficiencies and synergies throughout the Group. This
has resulted in a strengthened positive cash position at the
year-end.
Phil Copolo, P&R Founder and Executive Deputy Chairman of
Bilby plc, said:
"As a result of our focus on exceptional customer service, Bilby
continues to make excellent progress by both winning significant
new contracts and extending the scope and size of existing
contracts. This progress, coupled with the resulting revenue
visibility, underpins the board's confidence for 2017 and
beyond."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
Enquiries:
Bilby Plc 020 8269 3777
Phil Copolo, Deputy Executive Chairman
Northland Capital Partners 020 3861 6625
(Nominated Adviser and Broker)
Corporate Finance:
Patrick Claridge
David Hignell
Matthew Johnson
Margarita Mitropoulou
Sales & Broking:
Bob Pountney
John Howes
Hudson Sandler 020 7796 4133
(Financial PR)
Charlie Jack
Emily Dillon
This information is provided by RNS
The company news service from the London Stock Exchange
END
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