Brickability pulls guidance, reopens sites

(Sharecast News) - Construction materials group Brickability pulled guidance and said it had reopened sites as the government started a cautious easing of its coronavirus lockdown>
Brickability said it expected to deliver revenues of approximately ?188m for the full-year, driven by both organic and inorganic growth, while adjusted underlying earnings were projected to be ?19.4m.

The AIM-listed group also highlighted its cash position of ?27m, with overall net cash of roughly ?2m.

Brickability also highlighted that it had re-opened its sites following government announcements on construction work but noted that it was continuing to monitor the situation and flex costs in line with demand.

"It is still too early to predict with any certainty how quickly our markets will recover, and we, therefore, remain unable to provide market guidance at this time," said the firm.

"However, we have a fundamentally robust business with traditionally strong cash flow and a strong balance sheet which gives the board confidence in the group's ability to prosper in the long term."

As of 0920 BST, Brickability shares were up 3.48%% at 47.60p.