Billington adds 2024 profit to beat previous expectations
Steelwork contractor Billington has said its exposure to the impact of ISG鈥檚 collapse is limited because of a credit insurer paying out.
The firm, which had a turnover of 拢133m last year, said it had been working for various ISG companies when the business collapsed in September.
In a trading update this morning, Billington said 鈥渁ll contracts with ISG, and its trading subsidiaries, were substantially complete鈥� when the firm sank.
>> See also: Downfall of ISG: how and why it collapsed
It added: 鈥淸Billington] has received an interim payment from its credit insurer and subject to formal acceptance by the insurer of an independent assessment of the remaining claim, the financial impact on Billington is expected to be materially restricted to the excess on the Group鈥檚 credit insurance.鈥�
Billington said it was expecting its 2024 profit to beat market expectations when it publishes it results next April. Pre-tax profit in 2023 was 拢13.4m.
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