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49.20 0.35 (0.72%)

Bid:

48.90

Ask:

49.20

Spread: 0.30 (0.613%)

Market Cap: £158.50m

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Brickability 'cautiously optimistic' after solid first half

Wed, 19th Oct 2022 12:03

(Sharecast News) - Construction materials distributor Brickability Group said in a trading update on Wednesday that group revenue for the first half was expected to be Â£353m, making for a year-on-year increase of 58%.

The AIM-traded firm said that adjusting for the impact of acquisitions, group revenue on a like-for-like basis for the six months ended 30 September represented an increase of 10% compared to last year.

As a result, the board said it currently expected reporting adjusted EBITDA for the six months of at least Â£25m, compared to Â£18m in the same period a year ago.

It said performance in the first six months continued to be "strong", with sales and profit growth across each of the group's four divisions, notwithstanding continued high energy costs and inflation.

Growth in the bricks and building materials division was achieved despite the normalisation of performance in the timber business, following "exceptional highs" in 2021.

The macroeconomic conditions in the UK and the impact on the UK housebuilding market of rising interest rates was bringing new challenges, the board said, but the group was looking to the near future with "cautious optimism" as it continued to actively manage headwinds.

Brickability said its order books remained in line with management expectations, as it believed that the group's diverse multi-business product offering would continue to enable it to navigate the challenges ahead.

The directors said they remained confident in delivering market expectations for the full year to 31 March.

"The strong first half performance is testament to the group's diversity, strength and ability to meet changing demands, manage pressures and seize opportunities," said chief executive officer Alan Simpson.

"We have an experienced management team, a diverse business model and a strong balance sheet; however, we remain vigilant of market pressures."

At 1043 BST, shares in Brickability Group were up 1.82% at 74.84p.

Reporting by Josh White at Sharecast.com.