Watch LIVE the focusIR May Investor webinar with guest speakers from WS Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBILB.L Share News (BILB)

  • There is currently no data for BILB

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Bilby swings to loss after cancelling P&R contracts

Thu, 19th Sep 2019 09:54

(Sharecast News) - Shares in Bilby dropped on Thursday after it swung to an annual loss as revenue stumbled on the back of trading losses suffered by subsidiary company P&R.
The gas and electrical installation maintenance provider reported a loss before tax of £10.4m in the year ended 31 March, down from a profit of £4.3m the year before, as revenue dropped 16% to £66.5m.

This fall in revenue was due to P&R's performance being impacted by exposure to two materially loss-making contracts, which have now been cancelled.

The subsidiary now has no operations and minimal costs after a restructuring programme that resulted in its profitable building services operations being incorporated into Bilby's other subsidiaries.

However, the combined expenses related to the cancellation of contracts and restructuring efforts resulted in administrative costs rising by 48% to £19.6m, which also impacted profits.

Excluding P&R, Bilby's underlying revenue increased by 5% and underlying profit before tax dropped by 4% to £4.7m.

Since the end of the year, the company said it is operating in line with expectations after having secured new contracts, driven efficiencies and already benefited from the start of centralising functions.

Chair Sangita Shah said: "Having taken decisive action to resolve the poor performance of one subsidiary, I am confident the business has the solid operational footing to grow. The operational and financial review that has been ably spearheaded by our new chief executive, David Bullen, and backed up by the board, has already ensured we are operating more efficiently, and each subsidiary is benefitting from being a more closely integrated part of the group."

Bilby shares were down 9.62% at 23.50p at 1007 BST.
More News
16 Jun 2021 17:30

IN BRIEF: Bilby changes name to Kinovo in corporate rebranding

IN BRIEF: Bilby changes name to Kinovo in corporate rebranding

Read more
10 May 2021 15:01

EXECUTIVE CHANGES: Hansard Global hires new CEO; Argentex co-CEO back

EXECUTIVE CHANGES: Hansard Global hires new CEO; Argentex co-CEO back

Read more
6 May 2021 19:25

TRADING UPDATES: Superdry optimistic; Virgin Wines toasts demand surge

TRADING UPDATES: Superdry optimistic; Virgin Wines toasts demand surge

Read more
6 May 2021 09:32

Bilby puts on 'strong' H2 performance, margins impacted by higher costs

(Sharecast News) - Building services provider Bilby said on Thursday that it had put on "a strong performance" in the second half but cautioned that margins were affected by higher operational costs.

Read more
1 Dec 2020 11:56

UK EARNINGS SUMMARY: Topps Tiles In Solid Start To New Year After Loss

UK EARNINGS SUMMARY: Topps Tiles In Solid Start To New Year After Loss

Read more
13 Nov 2020 14:19

Bilby Hails "Robust" Performance Despite Drop In First-Half Earnings

Bilby Hails "Robust" Performance Despite Drop In First-Half Earnings

Read more
13 Nov 2020 11:01

First half revenue, earnings fall at Bilby

(Sharecast News) - Gas heating, electrical and building services provider Bilby updated the market on its trading on Friday, reporting that despite the challenges of Covid-19, it delivered a "robust" performance in the six months ended 30 September.

Read more
11 Sep 2020 14:37

IN BRIEF: Bilby Non-Executive Director Johnson Steps Down

IN BRIEF: Bilby Non-Executive Director Johnson Steps Down

Read more
7 Sep 2020 16:02

UK Shareholder Meetings Calendar - Next 7 Days

UK Shareholder Meetings Calendar - Next 7 Days

Read more
27 Jul 2020 10:50

Bilby Swings To Profit Under New Boss Thanks To P&R Restructure

Bilby Swings To Profit Under New Boss Thanks To P&R Restructure

Read more
26 May 2020 14:14

UK TRADING UPDATE SUMMARY: Yourgene To Enter Covid-19 Testing Space

UK TRADING UPDATE SUMMARY: Yourgene To Enter Covid-19 Testing Space

Read more
7 May 2020 16:13

UK DIRECTOR DEALINGS SUMMARY: ThinkSmart Non-Exec Buys 500,000 Shares

UK DIRECTOR DEALINGS SUMMARY: ThinkSmart Non-Exec Buys 500,000 Shares

Read more
24 Apr 2020 13:09

UK TRADING UPDATE SUMMARY: SpaceandPeople Hit By UK, Germany Lockdowns

UK TRADING UPDATE SUMMARY: SpaceandPeople Hit By UK, Germany Lockdowns

Read more
24 Apr 2020 10:34

Bilby pulls 2021 guidance, cuts executive pay

(Sharecast News) - Gas heating, electrical and building services provider Bilby pulled guidance for 2021 and cut senior management salaries as some customers deferred contracts amid the coronavirus pandemic.

Read more
19 Dec 2019 13:17

Bilby jumps following restructuring success, profit tumbles

(Sharecast News) - Shares of Bilby surged on Thursday as it claimed to have resolved issues relating to its P&R business but reported a dive in interim profits.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.