FY trading update22 May 2024 07:46
Looks solid with order book ahead of last year:
Full year 2024 expectations in line
Group revenue for the year is expected to be £140m, approximately 6% below the previous year including five months contribution from the acquisition of Rock & Alluvium Limited, or 12% lower on a like-for-like basis. This is in line with expectations and reflects the impact of prevailing market conditions, with the housing and infrastructure sectors being impacted by lower levels of demand and delays.
During the Period, the Group continued its focus on operational performance, whilst controlling its cost base, and as a result expects to report profit before tax in line with market expectations1.
The balance sheet remains strong with a healthy cash balance. Net cash as at 30 April 2024 (excluding IFRS 16 property and vehicle lease liabilities) decreased to £5.5m (30 April 2023: £7.5m) reflecting increased investment in the year. During the Period, the Group made the final consideration payment of £0.7m for the acquisition of ScrewFast Foundations Limited, the initial consideration of £1.8m for the acquisition of Rock & Alluvium, and early repayment of variable rate hire purchase contracts of £1.1m.
The Group's funding facility of £11.0m is unused, providing significant liquidity headroom. The Board continues to appraise new M&A opportunities in the Group's core and adjacent markets.
The order book as at 31 March 2024 was £36.8m (30 April 2023)