Bigger jobs and operating efficiencies sees bottom line jump
Bigger contracts and factory efficiencies helped steelwork contractor Billington turn in an improved set of results last year.
The AIM-listed firm said pre-tax profit jumped to £5.8m in 2022 from just £200,000 – a rise of 346% – on revenue up 5% to £87m.
Major jobs it carried out last year included work on Wates’ aquatics centre in Sandwell that was used for the 2022 Commonwealth Games in Birmingham and a new stand going up at the home of rugby league club Wakefield Trinity where the main contractor is Morgan Sindall.
The firm said its cash balance at the year-end was £11.6m, from £10.4m last time. It said: “The robust cash position of the Group allowed it to take advantage of advanced purchase of steel to mitigate some of the price escalations during the year and mitigate margin pressure.”
It added that the remaining £750,000 it owed on its factory in Barnsley had been repaid at the start of this year.
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