(Alliance News) - Billington Holdings PLC on Tuesday said revenue was up, as pretax profit surged due to large contracts and increased efficiency.
The Barnsley, England-based structural steel and engineering activities firm reported revenue of GBP86.6 million in 2022, increasing 4.7% from GBP82.7 million in 2021.
Billington said the firm's results are "significantly ahead" of its expectations at the start of the year.
Pretax profit was GBP5.8 million, multiplying from from GBP200,000 a year ago. The firm said the increase in profit was due to the completion of larger contracts in "robust market sectors", as well as improved efficiency.
The firm declared its largest ever dividend of 15.5 pence per share, multiplying from 3.0p per share in 2021.
Looking ahead, Billington said that despite macroeconomic headwinds, notably the effect of the war in Ukraine on material availability, it is seeing a "consistent stream of opportunities at improved margins and have a very healthy order book."
Chief Executive Mark Smith said: "Continued delivery across the Group of our capital investment programme has shown significant efficiency gains. The resolution of some outstanding legacy contracts, combined with the delivery of high quality, large contracts in robust market sectors have all assisted in 2022 being a successful year for Billington.
"While being mindful of the uncertain economic outlook for the UK, we look forward to the remainder of 2023 with a strong orderbook and a pipeline of significant high quality prospects."
Billington shares fell 5.8% to 372.00 pence each in London on Tuesday morning.
By Harvey Dorset, Alliance News reporter
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Billington (BILN)