LONDON (Alliance News) - Bilby PLC on Wednesday said the integration of the Purdy Contracts Ltd business it acquired in July is progressing well and said its existing P&R Installation Co Ltd business has won a new framework deal, though delays on P&R's contract in Greenwich mean P&R will miss expectations for the full year.
Bilby, which is a holding company for gas heating and building services provider P&R Installation, said the integration of Purdy, which it acquired for GBP8.1 million in July, has been successful and the company is benefiting from the increased scale the deal has brought.
In the half to the end of September, Bilby said it has won a number of new contracts in the south east of England, its core market, and extended contracts with four existing clients.
P&R recently started work on its new contract with Greenwich Council in London, which had been delayed from its original start date in August, though the group said it carried out other, lower-margin work for the council in the interim. However, due to the delays, P&R overall performance for the full year to the end of March 2016 is likely to miss the company's expectations.
Since the end of the half, P&R won a significant gas support work contract with the South East Consortium, a group of housing associations in the south east, boosting its revenue outlook for 2016 and beyond.
The group also said it has appointed Katie O'Reilly as finance director, replacing David Ellingham, who has been in the role since the company floated in London in March.
Shares in Bilby were down 18% to 113.65 pence on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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