Billington optimistic for future prospects despite fall in revenue

STRUCTURAL STEEL group Billington recorded a fall in revenues and profits last year due to the pandemic, but the company said it was cautiously optimistic about its prospects.

Billington Holdings Plc, which is one of the UK’s largest structural steel and construction safety companies, has announces its audited results for the year ended December 31, 2020.

As a consequence of the impact of the Covid-19 pandemic, combined with completing a number of large projects in 2019, group revenue decreased by 37.1 per cent to £66.0m. The statement said: “The group remained profitable, but profit before tax decreased 71.2 per cent to £1.7m.”

The group said it had a strong cash balance of £15.1m at the year end with an average gross cash balance of £15.3m throughout 2020.

The group said the current market outlook remained competitive as a result of the continuing impact of Covid-19, but significant contracts have been secured for 2021, with a good pipeline of future opportunities.

Mark Smith, chief executive officer, commented: “After a strong year for the group in 2019, as for everyone, 2020 was dominated by the impact of the Covid-19 pandemic.

“Billington entered the year in a strong position to navigate the turbulent environment and remains a profitable and major supplier to the structural steel and safety solutions markets.”

Mr Smith added: “The major disruption caused by the Covid-19 pandemic in the first half of 2020 and through the summer months did subside and we enjoyed a return to more normal trading conditions in the later part of the year, which has continued into 2021.

“We have a strong order book for the remainder of 2021 and our facilities are operating at full utilisation.

“However, the market remains very competitive and continued price escalation and the availability of some raw materials remains a concern.

“Our strong partner relationships combined with strong controls and mechanisms ensures the group is able to substantially mitigate these headwinds.”