Billington surges as it lifts hikes profit expectations

14th Dec 2022 13:04

(Sharecast News) - Structural steel and construction safety specialist Billington described a "strong" order book at improving margin levels in a trading update on Wednesday, as well as a "significant" pipeline of opportunities, providing an improved outlook for the second half of 2022 and into 2023.

The AIM-traded company said trading continued to improve in the second half of the 12 months ending 31 December.

As a result, it now expected adjusted profit before tax for the year to be "significantly ahead" of its previous expectations, with revenue remaining unchanged.

The order book, combined with further opportunities, also provided increased confidence for 2023, with the board now expecting adjusted profit before tax for the year ending 31 December 2023 to also be significantly ahead of its previous expectations.

"The recovery in activity we experienced in the first half of 2022 has continued into the second half," said chief executive officer Mark Smith.

"We have been focussed on implementing efficiency improvements throughout the group that are now being realised.

"I am therefore pleased to report that whilst revenue will be in line, I expect the group to achieve profits for the current year and for 2023 significantly ahead of the board's previous expectations."

Billington said it would announce its results for the year ending 31 December next April.

At 1527 GMT, shares in Billington Holdings were up 29.96% at 292p.

Reporting by Josh White for Sharecast.com.