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 拢5.8m in 2022 from just 拢200,000 鈥� a rise of 346% 鈥� on revenue up 5% to 拢87m.
Major jobs it carried out last year included work on Wates鈥� 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 拢11.6m, from 拢10.4m last time. It said: 鈥淭he 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.鈥�
It added that the remaining 拢750,000 it owed on its factory in Barnsley had been repaid at the start of this year.
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