LONDON (Alliance News) - Gas, electrical and building services holding company Bilby PLC on Wednesday said its pretax profit fell in the first half due to higher costs, though it still declared a maiden interim dividend.
The company, which floated in London in March, said its pretax profit fell to GBP70,000 in the six months to the end of September, down from GBP690,000 a year earlier. This was mainly due to the company booking amortisation and acquisition costs in the half.
The acquisition costs related to the purchase of property services company Purdy Contracts Ltd, which it agreed to buy in July for GBP8.1 million. This will add to its existing P&R Installation Co Ltd unit, which provides gas heating and building services.
The Purdy acquisition meant revenue in the first half slightly more than doubled to GBP11.6 million from GBP5.7 million, with this complemented by new contract wins for the P&R business.
Bilby said it will pay a maiden interim dividend of 0.75 pence per share.
"In addition to organic growth being achieved and targeted, we continue to see significant opportunity for further acquisitive growth in London and South East England and continue actively to review a number of opportunities. Accordingly we look to the future with confidence," said Phil Copolo, the executive deputy chairman of Bilby and the founder of P&R.
Shares in Bilby were up 9.2% to 130.00p.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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