Last checked at 20 Apr 2021 07:00
Brickability Group plc
("Brickability" or "the Group"),
Pre-Close Trading Update
Brickability Group plc (AIM: BRCK), a leading construction materials distributor, is pleased to provide the following update on trading for the year ended 31 March 2021.
In a financial year which commenced during the first national lockdown and significant operational challenges due to the COVID-19 pandemic, the Group delivered a solid trading performance and expects to deliver revenues for the period of approximately £180 million and adjusted EBITDA in excess of £17 million, ahead of previous expectations.
As indicated in the Trading Update of 9 February 2021, throughout the past year the Group has maintained its strong focus on margins and cost control whilst also recently strengthening its sales team to satisfy ongoing demand. Furthermore, the Group has benefitted from the positive contributions of recent acquisitions, including McCann Logistics, and continues to pursue a growth focused acquisition pipeline. Pleasingly, the Group has seen no great impact to operations from the UK Government's latest lockdown measures or from Brexit. The McCann Logistics acquisition has provided Brickability with its own pan-European transport network ensuring security and control of supply lines and reducing exposure to third party freight providers at a critical moment for UK imports and exports.
Outlook
Order books indicate confidence in the robustness of the homebuilding market, and underlying optimism that demand will remain strong for quality building materials. We remain conscious of the impact of the pandemic to the broader economy and potential uncertainty as to the strength of its recovery, however the Group fundamentally believes that the underlying demand for UK housing remains robust and expects to deliver further growth in revenue and profitability during the current financial year.
The acquisition pipeline remains strong with the Group assessing a number of potential opportunities in line with the Group's stated strategy to provide geographic and product expansion whilst focusing on improving profitability.
The Group will notify the date of its full year results for the twelve months ended 31 March 2021 in due course.
*Adjusted EBITDA is defined as earnings before interest, tax, depreciation, amortisation, exceptional and acquisition costs.
-ENDS-
This announcement contains inside information.
Enquiries
Brickability Group plc John Richards, Chairman c/o Montfort Communications | |
Cenkos Securities plc (Nominated adviser and broker) Max Hartley / Max Gould (Nomad) Julian Morse (Sales) | +44 (0) 20 7397 8900 |
Montfort Communications James Olley Miles McKechnie | +44 (0)20 3770 7916 |
About Brickability
Brickability is a leading construction materials distributor, serving customers across the UK for over 25 years through its mainstream and local networks. The Company supplies over 300m bricks annually and already has 25 sites and sales offices, employing approximately 285 people throughout the UK. Across its three divisions, the Group supplies bricks, roofing, heating, flooring, doors and windows to meet UK housebuilder demand.