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Billington Holdings’ revenue increased by 53.0% in 2023 to £132.5m (2022: £86.6m).
Profit before tax jumped to £13.4m, up from £5.8m in 2022.
Cash balances doubled during the course of the year, from £11.6m to £22.1m, and the company is now debt free.
The results were driven by several high value contracts across a variety of sectors including manufacturing, data centres, energy from waste, distribution and commercial office developments.
And with steel prices now softening and orders coming in, the business is well set.
Billington Holdings’ core business is Billington Structures but it also includes Peter Marshall Steel Stairs, Specialist Protective Coatings, Easi-Edge and Hoard-it.
Chief executive Mark Smith said: “2023 was an exceptional year for Billington, with an excellent trading performance across the group, despite continuing macroeconomic challenges and against the backdrop of demand for structural steel in the UK remaining at a similar level to 2022. I believe Billington is increasingly being seen as the steelwork contractor of choice and the growth in Billington's market share in 2023 is particularly noteworthy. Whilst there inevitably remain further challenges ahead and market uncertainties are likely to remain for some time, the group has made significant investments for the future and currently has a record order book. I am therefore confident that with our strong balance sheet and order book Billington will continue to perform well and in line with current market expectations.”
Billington shared industry statistics that show the overall consumption of structural steelwork in the UK in 2023 remained at a similar level to 2022. However, certain markets were more buoyant than others, with the consumption of structural steelwork in industrial buildings falling by 2.2% and for commercial offices rising by 6.8%. The overall market is expected to see a reduction in demand in 2024 of approximately 5% before stabilising and returning to growth in 2026.
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