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(Alliance News) - Brickability Group PLC on Thursday reported a fall in annual profit and revenue for its most recently ended financial year but maintains the UK construction market is "robust and improving."
Pretax profit for the year that ended March 31 was GBP11.2 million, down 8.4% from GBP12.2 million in financial 2020.
The Bridgend, England-based construction materials distributor posted revenue of GBP181.1 million, a fall of 3.2% from GBP187.1 million.
The company has entered into an agreement to extend its borrowing facilities, increasing the limit to GBP60 million from GBP30 million.
The construction market is "robust and improving" and the company continues to review acquisition opportunities having acquired Taylor Maxwell and Leadcraft in June and August respectively.
Brickability declared a final dividend 1.09 pence per share, giving total dividend 1.95 pence, unchanged from last year
Going forward, construction output is forecast to rise 14% in 2021 and 4.9% in 2022. Trading in the first quarter of financial 2022 was "encouraging", the company said.
"The fundamentals for house building remain strong in both the private and public arenas with both benefiting from government support. Current demand is such that many building materials are on extended availabilities and while this presents the group with challenges, the strength of our supplier relationships and supply chains enables us to continue to provide reliable product supply," the firm said.
Shares in Brickability were down 3.3% to 100.10 pence each in London on Thursday at midday.
By Amrit Sahota; newsroom@alliancenews.com
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