The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Added today. Seems cheap.
Conditional Acquisition Billington Holdings Plc, one of the UK's leading structural steel and construction safety solution specialists, today announces it has conditionally agreed to acquire property located at Shafton, from Sabler Enterprises Limited for £2.5m and equipment and other assets, also located at Shafton from Sherling Steel (UK) Ltd for £2.38m (together the "Acquisition"). In the short term, the planned acquisition would give Billington access to new machinery and increased capacity. After completion, the facilities will be adapted for optimum production and, within three years, the directors believe that the new facilities will significantly increase the output of Billington's structural steelwork divisions. At 30 June 2015 Billington had a cash position of £6.36m. The Acquisition will be partially funded through the Company's own cash resources and partially from a commercial mortgage from the Company's bankers, HSBC. The directors believe the commercial mortgage, currently agreed in principal, along with current agreed facilities, provides the Group with adequate facilities to service its growth strategy and additional working capital requirements as volumes increase. Sabler Enterprises Limited ("Sabler") Billington has entered into a conditional agreement to acquire a 25 acre site from Sabler. The site contains two industrial buildings with a combined useable area of 181,000 sq ft. The site is partially occupied by several long term tenants. The Acquisition agreement is contingent upon a number of conditions being satisfied including completion of satisfactory environmental due diligence and the transfer of the existing leases along with the grant of certain new leases on common market terms. Sherling Steel (UK) Ltd ("Sherling") Billington Structures Limited, the wholly owned subsidiary of Billington, has entered into a conditional agreement to acquire equipment and other related assets. The acquisition is conditional on the completion of the acquisition agreement with Sabler set out above. The key assets are steel processing machinery and associated lifting equipment that the Directors believe will further enhance the Group's capabilities and ability to offer additional products that complement the current portfolio. The directors believe the consideration reflects the current value of the property and the operating assets. Commercial Proposition It is proposed that Billington will utilise the site and equipment at Shafton to complement its structural steel divisions located at Barnsley and Bristol. The directors believe the acquisition of the property, equipment and other assets represents an excellent opportunity for the Company to further service its client portfolio and presents opportunities for diversification of its current activities. Assuming the Acquisition completes, there would be a period of transiti
wowsers...really stunning results! cash increaing nicely!
At least this share seems rock solid while all around is sinking - Let's hope rocks don't sink.....As long as everyone holds and there's no panic selling it should stay up - ready for the great results at the end of Sept.
Worth adding that this is also a dividend paying stock too Not updated on the lse site page
Quietly going abouts business!!! Excellent trading update ahead of expectations an results due soon so worth keeping a close eye on!!
Another quality rns.... Brilliant little company
how under-rated is this company! another top rns!
incredible results! it was always undervalued!!!
Good - double expectations since 2013 - however MCAP als more than trippled since start of 2013. So in line...?
Time will tell I suppose but considering it was in long downtrend on back of series of poor results, I think it will be interesting to see how it reacts to improving results and work environment. Haven't looked at ev/ebit etc but pe is irrelevant since its on back of turnaround, no?
hmmm...but has not the sp not already priced most if not more than recovery in already? ...what is the ready reckoner current EV/EBIT? (p/e looks high. no?)
BILN - in turnaround mode Financials mirroring share price brilliantly: 2008 net profit = 3.2M 2009 net profit = 1.6M 2010 net profit = 0.8M 2011 net profit = -1.7M 2012 net profit = -0.4M mirrored by decline in share price from ~£2.00 to 40p, however.......... 2013 interims net profit = 0.18M and share price now recovering! brilliant turnaround/recovery play.
Now in turnaround mode. Let's see where this goes!
Shares in construction safety firm Billington Holdings fell on Tuesday as revenues dropped and the company again said it would pay no dividend. For the second year in a row the firm "reluctantly" decided there would be no interim dividend, pushing shares down 10% in morning trading. The company said the decision was taken in order to maintain cash reserves "in what continues to be an unstable market". Group revenue fell by 12% on the equivalent period in 2011 to £20.1m, primarily as a result of reverting back to a single shift arrangement in its main business, Billington Structures. However, the company cut its losses back to £200,000 from the £555,000 it made in the first half of last year. This resulted in a reduced loss per share of 1.3p, an improvement on the 3.5p loss it made in the first half of 2011. Chief Executive Steve Fareham said the firm was looking to the future with cautious optimism and expected a medium-term recovery. "Although the markets in which we operate remain challenging, the board feels that the actions taken this year and last, in response to the strategic review that the group carried out, have resulted in a more efficient business that is well placed to build on the strong position we hold in the structural steel market," he said. "Our focus now turns to restoring the group to post-tax profitability by gaining market share and seeking additional, alternative markets that offer our group growth potential," he added.
Billington cancels interim dividend Date: Tuesday 13 Sep 2011 LONDON (ShareCast) - Shares in Billington Holdings, the structural steel and engineering firm, fell 8% this morning after it posted losses and cancelled its interim dividend. Revenue was £22.8m, up from £21.3m, in the six months to the end of June. But the company posted a pre-tax loss of £600,000, down from a £1.1m profit in the same period last year. Billington said it would not pay an interim dividend "because of the current sustained difficult economic environment and a desire to maintain cash resources within the group". "Protracted and difficult economic conditions in the UK remain, and, the directors believe that when combined with a capacity imbalance of steelwork contractors, this has resulted in margins remaining poor," the firm said. "We are under no illusions, even though we expect margin pressures to ease in 2012; we realise that the construction market recovery will be a slow one," it added. However, Billington said the launch of its joint venture with Bourne Steel, BS2, would enable it to bid for larger projects. "The introduction of a third player into the large project environment seems to have been well received in the market and it is hoped it will yield opportunities in the very near future," the firm said.
Commenting on the results, Steve Fareham, Chief Executive of Billington Holdings, said: "Throughout the first six months of 2011 the markets have remained challenging, but I am happy to say that we have managed to grow revenues, albeit at tight margins. We have made a number of decisions, which we believe will position us well for the long term growth of the business, including the formation of BS2 and the acquisition of Peter Marshall Steel Stairs Limited. The formation of BS2 was well received by the industry and will enable us to bid for bigger projects, whilst the acquisition of Peter Marshall was timely and complemented our own business. "We are under no illusions, even though we expect margin pressures to ease in 2012; we realise that the construction market recovery will be a slow one. We remain cautious going forward, whilst positioning ourselves for growth. We have a strong balance sheet, the industry knowledge and relationships, to provide us with a degree of confidence in the current market conditions and look to 2012 with cautious optimism."
Highlights · Results in line with expectations · Seven per cent increase on revenue growth, albeit at depressed margins, is an indicator of the Group's growing market share · Joint Venture with Bourne Steel to form BS2 enables the Group to bid for larger projects · Acquisition of Marshall Steel Stairs, a complementary business with an excellent reputation · Sustained growth in 'easi-edge' and 'hoard-it' due to high utilisation of products and continued growth in market share.
http://www.investegate.co.uk/Article.aspx?id=201109130700080868O
Profits dive at Billington 15/03/2011 Robert Tyerman Structural steel and engineering group Billington (BILN) sees 'light at the end of the tunnel' after pre-tax profits down 73 per cent to £1.4 million. The Barnsley-based AIM company, which supplies building contractors serving the retail and other sectors, saw turnover drop 26 per cent in 2010 to £42.3 million, which chief executive Steve Fareham argues was 'a reasonable performance in a particularly dire market'. With demand weak and raw material prices rising 20 to 30 per cent — and still showing no signs of imminent easing — Billington disposed of its loss-making 'non-core' businesses, Dosco Overseas Engineering and Hollybank Engineering, and slashed losses from discontinued operations from £2.25 million to £135,000. The company, which pruned staff with redundancies and curbed pay, ended the year with cash 42 per cent lower at £4.9 million, after earnings down by three quarters to 8.3p a share and a similar cut in the proposed dividend to 2.75p a share. Fareham and executive chairman Peter Hems stress Billington held its market share of approximately 3 per cent and took various measures to mitigate the squeeze, such as developing its less cyclically-vulnerable specialist activities and retail markets. But, however tough, last year had some cushioning from contracts fixed in a better environment in 2009, which will not apply in 2011. Even so, Fareham and Hems say the cycle has bottomed and argue company's competitive position is improving, with some weaker brethren quitting the market and a reduction in the frequency of 'suicidal' bids. House broker WH Ireland sees Billington moving into losses this year, before recovering strongly in 2012 and 2013. At 95p, down from a 12-month high of 155p, Billington shares value the company at nearly £14 million and yield 2.9 per cent. They represent a recovery punt for the brave.
Signs of upturn for Billington Date: Tuesday 15 Mar 2011 LONDON (ShareCast) - AIM-quoted structural steel supplier Billington Holdings has reported lower revenues and profit for 2010 but there is hope for the longer-term. Management says that there are signs of an upturn in the structural steel market but margins are coming under continued pressure. Revenues from continuing operations slumped from £57.2m to £42.3m in 2010, mainly due to lower structural steel revenues. Pre-tax profit slumped from £5.34m to £1.37m. Many of the contracts fulfilled in the period were gained when margins were better but these have been worked through and more recent contracts are at lower margins. Group revenues are likely to grow this year but margins are coming under even more pressure. Steel costs are rising which is putting even more pressure on margins. The new tubular steel business has done even better than expects. There is less competition in this area because of the complex and small nature of contracts. The easi-edge steel barrier edge protection systems supplier continues to add to its market share and it has developed a similar product for timber structures. The business is investing in more systems to rent to customers and it is opening a new depot in Bristol. The interim dividend was cut from 3.25p a share to 2.75p a share and there is no final dividend. It is possible that there will be no dividend in 2011 because Billington wants to conserve its cash. Net cash has fallen from £8.49m to £4.85m in the year to December 2010. There is a small pensions surplus at the end of 2010. New house broker WH Ireland forecasts a small loss for 2011.
Commenting on the results, Peter Hems, Executive Chairman of Billington Holdings, said: "2010 was another challenging year for the construction and structural steelwork industry. Despite this we have remained profitable and ended the year with a net cash balance of £4.9 million. "The disposal of our loss making non-core assets, Dosco and Hollybank last year, allowed us to focus on our main business of structural steel and related building safety systems, which we believe leaves us better placed for recovery." Commenting on the results, Steve Fareham, Chief Executive, added : "I am under no illusion as to the difficulties we face in 2011, but I believe with the support of a strong and focused management team, an excellent workforce and a robust balance sheet, Billington is in good shape to weather this storm and emerge as an even stronger entity."
Highlights · Robust set of results in challenging conditions with an overall profit of £0.8 million · Focused on its core business, following the disposal of non-core, loss making Dosco Overseas Engineering Limited and its subsidiary Hollybank Engineering Company Limited · Well placed to exploit opportunities and grow market share · Increased activity levels and order book visibility to six months · Strong balance sheet providing a degree of security in current difficult market conditions
http://www.investegate.co.uk/Article.aspx?id=201103150700089182C
Late night? Shares small hold at 178, div ladt paid oct 08 £6.67....wooo!., bought on a tip from a friend...ooh something is happening, share price will be double by end of year la de da, he should have known his stuff by the way if you know what I mean, bought about a year ago. Looked at reports and they are good, profitable, so just don't get it really x I'm bored of watching them just sit, I know it's construction and the market is low in general but I can't help feeling this one is dead