In a trading update today Billington said that “it has now become evident that the completion of certain key projects will not take place by year-end, thus impacting the profitability, and to a lesser extent revenue, in the current financial year”.
Market expectation for 2021 pre-tax profit will not be met, the company said.
On the flip side, 2022 is looking better because profits expected to have been banked in 2021 will be taken next year instead.
Chief executive Mark Smith said: "2021 has been dominated by the continued challenges arising from the pandemic for both Billington and its clients alike. The construction sector is suffering material and labour supply constraints that have affected the delivery of projects and delayed anticipated completion dates. As a result, this has adversely impacted this year's profitability. However, tendering opportunities remain buoyant and of a good quality, together with a good orderbook provides an increased degree of confidence for 2022 and beyond."
Got a story? Email news@theconstructionindex.co.uk
