Bilby PLC Trading Update (8137R)
March 05 2019 - 1:01AM
UK Regulatory
TIDMBILB
RNS Number : 8137R
Bilby PLC
05 March 2019
5 March 2019
Bilby plc
("Bilby" or the "Company")
Trading Update
Bilby Plc, a leading gas heating, electrical and building
services provider, announces the following trading update for year
ending 31 March 2019.
The second half has seen a continuation of certain challenging
customer circumstances originally announced in the interim
statement in December 2018.
As previously announced P&R, one the five companies within
the Group, gave notice of termination of its contract to supply
building maintenance services for Ministry of Defence properties
and is still subject to dispute and resolution proceedings.
Additionally, delays to a major gas installation contract have
continued and the Company remains in active discussion with the
organisation regarding a resolution. As a result, P&R, through
which the Company was undertaking both contracts, will now report a
significant loss for the full year. Accordingly, the Board expects
the trading losses and associated write offs at the division to
lead to the Group reporting a positive EBITDA of between GBP2.0 to
GBP3.0 million before non-underlying restructuring costs and losses
associated with the termination of the contract for Ministry of
Defence properties. Whilst the future of gas services within the
P&R division is now being reviewed, it remains a core service
for the rest of Group.
The other divisions of the Group continue to trade well and in
line with management expectations for the current year.
Sangita Shah, Chairman of Bilby Plc, commented:
"We are extremely disappointed that certain specific P&R
customer engagements will have a material impact on the Group's
results for the year ended 31 March 2019. These isolated instances
are not reflective of the robust trading within the other four
Bilby companies that continue to trade in line with management
expectations. The Group is undertaking a detailed review of the
P&R division and will update the market in due course."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
Enquiries
Bilby plc
Sangita Shah, Chairman +44 (0)20 7796 4133
(via Hudson Sandler)
Canaccord Genuity Ltd (Nominated Adviser
and Joint Broker) +44 (0)20 7523 8000
Corporate Broking:
Bobbie Hilliam
Georgina McCooke
Sales:
Jonathan Barr
Stanford Capital Partners (Joint Broker)
John Howes/ Bob Pountney +44 (0)20 3815 8880
Hudson Sandler (Financial PR) +44 (0)20 7796 4133
Charlie Jack
Bertie Berger
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END
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