Billington’s annual results for 2019 show revenue increased by 36% to £104.9m (2018: £77.3m) and profit before tax up 20% to £5.9m (2018: £4.9m).
Net assets on the balance sheet grew during the year from £23.5m to £28.1m and gross cash balance on 31st December 2019 was £17.9m (2018: £9.3m).
Chief executive Mark Smith said: "I am very pleased that we have delivered a record performance in 2019, although these results will inevitably be overshadowed by the current global Covid-19 pandemic. As a business we continue to follow the UK government's advice and direction, but until the situation stabilises it is not possible to forecast the ultimate impact on our business.”
He said: “To date, Billington has been able to remain operational, with the majority of construction sites open and customer projects continuing after some temporary interruptions.
“Whilst we remain operational the Covid-19 outbreak has inevitably led to some reductions in volumes across the group although more prevalently in our Easi-edge, Hoard-it and Peter Marshall Steel Stairs businesses. To minimise the impact on the company, we have taken the decision to furlough a number of staff in these businesses as well as within Billington Structures.”
He added: “The Covid-19 pandemic will inevitably have an impact on our industry and customers, and whilst the ultimate outcome is uncertain, Billington is in a strong position to navigate the difficulties ahead and remain a significant player in the structural steel and safety solutions markets.”
Larger projects undertaken by Billington Structures during 2019 included:
- Circle Square, Manchester
- 4 Wellington Place, Leeds
- Large data centre development, Europe
- Barnsley town centre redevelopment scheme (The Glassworks)
- First Way, Wembley
- Pinewood Studios, Buckinghamshire
- Large fulfilment centre, northeast of England
Chairman Ian Lawson said: “During the year our structural steel businesses, Billington Structures and Shafton Steel Services operated at near full capacity, delivering a number of exceptional projects, improving productivity and further increasing the range of services we can offer our clients. The conclusion of 2019 noted an increasingly competitive market and as Covid-19 has become more prevalent a small number of contract commencements have been deferred.”