2 Dec 2015 09:03
Bilby Plc
("Bilby" or the "Group")
Pre close trading update & Directorate change
Bilby Plc (AIM: BILB.L), the holding company for P&R Installation Company Limited ("P&R") and Purdy Contracts Limited ("Purdy"), announces the following trading update ahead of the announcement of its interim results for the 6 month period ended 30 September 2015 which are anticipated to be released on 9 December 2015.
Following the acquisition of Purdy in July 2015, the Group is pleased to confirm that the integration has been a success with Bilby beginning to benefit from its increased scale. The Group will continue to target and realise customer synergies and opportunities that exist for P&R and Purdy.
During the period the Group has continued to deliver strong growth and has won a number of new contracts in its core South East market. Furthermore, contracts have been extended with four current clients reflecting both P&R's and Purdy's high standard of service.
P&R recently commenced work for Greenwich Council under a new contract, which was originally expected to start in August 2015. During the delay, P&R did however undertake some additional but lower margin work with Greenwich Council. Based on anticipated work under existing contracts, this will result in P&R's trading performance to be marginally below the Board's expectations for the year ending March 2016.
Since the period end, Bilby is delighted to announce that P&R has won a significant framework tender process for gas support work for the South East Consortium (SEC), a consortium of housing associations responsible for over 140,000 properties in South East England. P&R was ranked as the first placed contractor and offers the potential for the largest scope of prospective work in its history. The framework period is four years, with contracts starting in 2016 and able to run for a period of up to seven years. In addition, Purdy was awarded second supplier of choice by SEC for electrical services. The combined success offers Bilby significant new revenue opportunities in 2016 and beyond.
Directorate Change
Bilby is pleased to announce the appointment of Katie O'Reilly as Finance Director. David Ellingham, who has held the position since IPO, will assume the new role of Managing and Business Development Director focusing on Bilby's buy and build strategy. Darren Dunnett will step down as Managing Director of Bilby to focus on servicing P&R's expanding order book.
Katherine O'Reilly (age 38) is a Fellow of the Institute of Chartered Accounts in England and Wales and was awarded the ICAEW's Corporate Finance qualification by experience in 2010. Katherine began her career as an auditor of SMEs before transitioning into Corporate Finance in 2004. Since then, Katherine has worked on over 50 transactions as reporting accountant or due diligence provider, many of which have included assisting her clients with 'buy and build' strategies post IPO. Katherine has also advised clients on the integration of target businesses post-acquisition, providing input and guidance in the selection and implementation of systems and controls.
The following additional information is provided in accordance with AIM Rule 17 and Schedule Two, paragraph (g) of the AIM Rules for Companies:
Current directorships/partnerships
21/21A Thirsk Road Management Company Limited
Enquiries:
Bilby Plc 020 8300 0300
Phil Copolo, Deputy Executive Chairman
David Ellingham, Finance Director
Panmure Gordon (UK) Limited 020 7886 2500
(Nominated Adviser and Broker)
Mark Taylor
James Greenwood
Hudson Sandler 020 7796 4133
Charlie Jack
Emily Dillon