Billington Holdings swings to annual profit

25th Mar 2014 10:10

Construction materials company Billington Holdings swung to an annual profit, following a turnaround of the steel business. The group achieved a pre-tax profit of £929,000 in the year through December 2013, compared to a pre-tax loss of £133,000.The structural steel business, which accounts for 84% of revenue, made progress as the group underwent a major restructuring. Turnover from the division was at a similar level to the previous year but an improvement in margin was achieved through cost reductions and operating efficiencies.The overall earnings per share for the year increased to 4p from a loss of 3.6p in 2012.Billington benefitted from a restructuring activity and a pick-up in trading conditions."The improvement in Billington's financial performance in 2013 is testament to the extensive efforts that have been made restructuring all group operations in the recent past. Revenue fell slightly to £37.6m from £38.2m amid a challenging market but the firm said it has entered 2014 with its strongest order book for five years relative to output capacity.The board decided against a final dividend at this time in order to preserve cash for working capital requirements. RD