Billington Holdings plc share price, company news, analysis and interviews
Billington Holdings plc (LON:BILN) is a UK based group of companies focussed on its structural steel and engineering activities throughout the UK and European markets.
Group companies pride themselves on the provision of high technical and professional standards of service to niche markets with emphasis on building strong, trusting and long standing associations with satisfied clients.
BILLINGTON STRUCTURES
Billington Structures is one of the UK’s leading structural steelwork contractors, established for over 70 years’ with a professional and dynamic team.
EASI-EDGE
Easi-Edge have the expertise and experience to supply the most innovative and most effective temporary edge protection solutions to ensure the safety of a client’s workforce.
PETER MARSHALL STEEL STAIRS
Marshall Steel Stairs is a specialist company principally engaged in the design, fabrication and installation of highly engineered steelwork, staircases and balustrade systems.
TUBECON
Tubecon is one of the UK’s leading structural steel fabricators specialising in (AESS) and other complex structures work for the UK Construction and Rail Infrastructure markets, where a high level of collaboration with the design team is required.
HOARD-IT
Hoard-It produces a unique re-use temporary hoarding solution that is environmentally sustainable and which also benefits clients through reduced project costs.
SHAFTON STEEL SERVICES
Shafton Steel is a large independent steel services and processing centre. It quickly established itself as major regional supplier to the fabrication, engineering and manufacturing sectors specialising in the supply of profiled plate, bars and fittings.
Billington Holdings Plc has reported its 2024 financial results, showcasing a robust performance despite challenging market conditions, with a focus on growth and stability.
Billington Holdings Plc (LON:BILN), one of the UK’s leading structural steel and construction safety solutions specialists, has announced its unaudited interim results for the six months ended 30 June 2024.
Unaudited six months to 30 June 2024
Unaudited six months to 30 June 2023
Percentage Movement
Revenue
£57.90m
£60.15m
-3.7%
EBITDA*
£5.32m
£5.67m
-6.2%
Profit before tax
£4.64m
£4.60m
+0.9%
Cash and cash equivalents
£21.87m
£10.82m
+102.1%
Basic Earnings per share (EPS)
27.6p
28.8p
-4.2%
* Earnings before interest, tax, depreciation and amortisation
Highlights
•
Revenue of £57.90 million (H1 2023: £60.15 million)
•
Profit before tax increased by 0.9 per cent to £4.64 million (H1 2023: £4.60 million)
•
Strong cash and cash equivalents balance of £21.87 million as at 30 June 2024 (31 December 2023: £22.08 million and 30 June 2023: £10.82 million)
•
Increased macroeconomic confidence, combined with price stability of construction materials, resulting in deferred projects restarting
•
Record order book at 30 June 2024 spanning multiple market sectors and a positive pipeline of opportunities provides confidence for FY24 and 2025
•
It is anticipated that due to the timing of deliveries on certain significant contracts the Group’s revenue will be stronger in the second half of the year
•
FY24 profits are now expected to be ahead of current market expectations
Mark Smith, Chief Executive Officer of Billington, commented:
“The first half of 2024 saw Billington continue to deliver a resilient performance across all its business units. The Group has been successful in securing a number of significant contracts, with further opportunities expected to be realised in the short term, providing confidence for the delivery of a strong performance in H2 2024 and in 2025.
“I believe the economic environment has begun to stabilise following a challenging period and indications are for the industry to return to regular, steady growth, allowing the Group to look forward to the remainder of 2024 and 2025 with optimism and positivity.”
CHIEF EXECUTIVE STATEMENT
Introduction
The first half of 2024 was a strong performance by the Group, across all its business units. The comparative period in 2023 was a record performance by the Group and it is pleasing that similar levels of revenue of £57.90 million (H1 2023: £60.15 million) and profit before tax of £4.64 million (H1 2023: £4.60 million) were achieved.
The Group has been successful in securing a number of significant contracts and has a strong order book spanning multiple market sectors. The programmed delivery of a number of these contracts is such that the Group is expecting a continued strong financial performance in the second half of the current financial year.
Whilst we remain mindful of the continuing challenging macroeconomic environment and subdued market this year, we have increased our share of the market. The economic outlook, moving into 2025, is starting to show signs of optimism, with the current downward trajectory of interest rates expected to continue and industry consumption forecast to return to regular growth.
Group Companies
Billington Structures
Billington Structures is one of the UK’s leading structural steelwork contractors with a highly experienced workforce capable of delivering projects from simple building frames to complex structures in excess of 10,000 tonnes. With two facilities in Barnsley and a further facility in Bristol and with a heritage dating back over 75 years, the business is well recognised and respected in the industry with the capacity to process over 50,000 tonnes of steel per annum.
Billington Structures made further good progress in the first half of the year, with a particular highlight being the award of the Group’s largest ever contract with Acciona for the North London Heat and Power (NLHPP) project. Billington has built a strong position in the energy from waste sector and is well positioned to win further business in what is a complex market with reduced competition.
Whilst the business continued to operate at near full capacity, continued benefits are being seen from increases in capacity following efficiency and process improvements, driven by the Group’s investment in capital equipment and skilled workforce. The Group is currently in year four of its five year capital investment and modernisation programme and further investment is planned that will continue this progress.
The business continues to serve a wide variety of markets, with a good spread of customers. Particularly strong demand is being seen in the high-tech manufacturing, infrastructure, data centre and defence sectors, in addition to energy from waste. Other sectors, such as distribution warehouses and film studios, are seeing projects restarted, presenting further opportunities.
Billington Structures has a very healthy order book, at record levels at 30 June 2024, covering a longer period than historically, providing good visibility into 2025. The business is well placed for a strong performance in the second half of the year and into 2025.
Shafton Steel Services
The Shafton facility operates in two distinct business areas. The first undertakes activities for Billington Structures. The second, Shafton Steel Services offers a complete range of steel profiling services to many diverse external engineering and construction companies, providing further opportunities for growth as well as allowing for the supply of value added, complementary products and services enhancing the comprehensive offering of the Group.
In the first half, Shafton Steel Services, utilised its market leading processing capabilities to undertake a number of sizeable projects for customers outside of the Group which included large plate profiling and cutting, countersinking and the manufacture of specialist large fittings. The business has a strong orderbook and a healthy pipeline of future business with new and existing clients.
Tubecon
Tubecon is one of the UK’s leading structural steel fabricators specialising in Architecturally Exposed Structural Steelwork (AESS), complex steel structures and bridges in a number of sectors including retail, commercial, public buildings, education, health, rail, sport and leisure, artworks, and infrastructure projects across the UK.
In April 2024 the Group undertook an ‘acquihire’ of specialist bridge fabricator employees from S H Structures when it was placed in administration. This has significantly increased the capacity and capability of Tubecon to provide a full service from concept to delivery of steel bridges and Tubecon continues as a significant supplier of other complex architectural steelwork. The business is actively targeting infrastructure projects, building on its position in the market, and recent orders provide confidence for the future in a growing market.
On behalf of the Board I welcome the S H Structures employees to the Group and look forward to seeing the division progress.
Specialist Protective Coatings
Specialist Protective Coatings Ltd (“SPC”), formed in March 2022 following the Company’s acquisition of the trading assets of Orrmac Coatings, focusses on surface preparation and the application of protective coatings for products across a variety of sectors. During the first half projects were undertaken in the power generation, water, infrastructure, commercial office and data centre sectors.
The business has made excellent progress since its formation and it is now fully integrated within the Group, servicing both internal Billington work and a growing base of external customers. During the period SPC operated at near full capacity, enabling the business to focus on performance enhancing work. In addition, the Group has continued to expand its dedicated on-site painting service to enable SPC to be a one-stop-shop for the painting requirements of the structural steel sector. The addition of SPC to the Group offering and it’s improving efficiency has significantly improved the overall performance of the internal companies that utilise its services.
Peter Marshall Steel Stairs
Based in Leeds, Peter Marshall Steel Stairs is a specialist designer, fabricator and installer of bespoke steel staircases, balustrade systems and secondary steelwork for both Billington Structures and those contracts being undertaken by others. It has the capability to deliver stair structures for the largest construction projects and in the period, supplied projects including commercial offices, power generation, data centres, distribution warehouses and leisure schemes.
Peter Marshall Steel Stairs had an extremely successful first half, maintaining robust margins and operating at increased capacity at times, utilising partner companies to assist in the successful delivery of it’s significant workload. Peter Marshall Steel Stairs is expected to have a record year, boasting a strong order book for the remainder of 2024 and into 2025, with a further strong pipeline of opportunities for 2025. Options are being investigated to increase capacity to meet the expected future demand.
Easi-Edge
Easi-Edge is a market leading site safety solutions provider of temporary perimeter edge protection and fall prevention systems for hire within the construction industry. Health and safety is at the core of the business, which operates in a legislative driven market. Easi-Edge is a founder member of the Edge Protection Federation (EPF) and has developed a training course to qualify personnel working in the construction industry and explain the requirements of edge protection on site. As falls from height remain one of the main causes of injuries and fatalities within the industry, installing edge protection correctly is fundamental to site safety.
In the first half of 2024 Easi-Edge continued as a significant contributor to Group profits, with an improved performance reflecting changes within the business and increased utilisation rates. During the period projects were secured in a variety of sectors including commercial offices, distribution warehouses, data centres, leisure, health and education.
Easi-Edge’s product range is undergoing a modernisation and improvement programme, with all barrier stock expected to be replaced over the next 18 months. This will enable the business to provide it’s clients with an improved product which will protect and promote its market position and long term margin generation, together with providing access to additional revenue streams. The Easi-Edge business has a bright future and the investments being made should ensure it has a sustainable position for the future.
Hoard-it
Hoard-it designs, fabricates and manages a specialised range of environmentally sustainable, re-usable, temporary hoarding solutions which are available on both a hire and sale basis, tailored to the requirements of its customers. The Hoard-it offering is complimented by Brand-It, providing an on-site graphics solution utilised on both Hoard-it’s own products and increasingly on those installed by others as Brand-it expands its product offering.
Hoard-it again enjoyed a very strong performance in the first half of 2024, with continued growth and margin improvement, as new clients, so hence new projects were secured in sectors ranging from residential to manufacturing, commercial and retail developments.
Hoard-it has benefited from its investment in stock levels in advance of anticipated demand, enabling rapid deployment of its solutions. This strong performance is expected to continue in the second half of the year and the Group is looking to secure additional premises for Hoard-it to accommodate future growth.
Financial Results
Revenue and Profit Before Tax
Group revenue decreased by 3.7 per cent in the period to £57.90 million (H1 2023: £60.15 million), reflecting the timing of deliveries on a number of the Group’s larger contracts combined with a reduction in some of the Group’s primary input costs and associated revenue. Profit before tax for the period improved marginally to £4.64 million (H1 2023: £4.60 million).
Basic Earnings per Share (EPS)
Basic earnings per share for the first half of the year decreased by 4.2 per cent to 27.6 pence (H1 2023: 28.8 pence), with diluted earnings per share decreasing by 4.1 per cent to 25.9 pence (H1 2023: 27.0 pence).
Liquidity and Capital Resources
The Group continues to enjoy a strong cash balance, with cash and cash equivalents of £21.87 million as at 30 June 2024 (31 December 2023: £22.08 million and 30 June 2023: £10.82 million). Post period end, on 2 July 2024, £4.1 million was utilised for the 2023 dividend declared earlier in the year. In addition to the Group’s cash resources, the Group has entered into an agreement with HSBC, the Company’s bankers, for a £6.0 million Revolving Credit Facility (RCF) for three years to provide enhanced flexibility to capitalise on acquisition opportunities should suitable and appropriate prospects be identified.
Inventories and contract work in progress decreased to £15.32 million (30 June 2023: £20.44 million) and trade and other receivables increased to £18.38 million (30 June 2023: £17.56 million), primarily as a result of the timing of certain larger contracts being undertaken by the Group.
Capital Expenditure
During the period the Group continued its planned capital expenditure programme to facilitate efficiency improvements, increase certain manufacturing capacities and to replace obsolete equipment. The largest project undertaken in the period was the delivery and installation of a Cutlite Penta plate laser cutting machine at Billington Structures’ Wombwell facility, at a cost of £0.78 million. Other significant capital expenditure projects in the period included £0.30 million invested in Hoard-it and Easi-Edge hire stock.
Further orders have been placed for additional machinery that will be delivered, installed and commissioned in the second half of the year.
The Group is now in year four of its planned five year capital investment and modernisation programme and will continue to actively invest in appropriate areas, whilst being mindful of the returns achievable from capital investment. It is expected that capital expenditure will be approximately £3.5 million in both 2024 and 2025, with £2.0 million of this year’s expenditure being invested in the first half.
Production Resources
Billington, alongside the wider steel industry has faced challenges with the recruitment of sufficient skilled production labour at its facilities. In order to address these issues, the Group has focussed on the enhancement of locally based training, in particular to increase the recruitment of skilled fabricators and welders. Billington, in combination with Betterweld, a specialist training provider, and Barnsley College and Department for Work and Pensions, set up a regional training centre to provide fabrication/welding training at the Group’s Shafton facility. This training centre opened in Q4 2023 and is already providing the Group with trained personnel for the Group’s two Barnsley based facilities. It is the Group’s intention to replicate this model in Bristol and establish a regional training facility there to provide additional local skilled staff.
Dividend
In the first half of 2024 Billington declared a final dividend in relation to the year ended 31 December 2023 of 33 pence per share, comprising an ordinary dividend of 20 pence per share and an additional exceptional amount of 13 pence per share reflecting the outstanding performance of the Group in 2023. This dividend was paid on 2 July 2024, amounting to £4.1 million, which was 2.56 times covered by 2023 underlying earnings. This dividend represented the largest ever dividend declared by the Company. No interim dividend for 2024 has been declared (2023: nil), a policy consistent with prior years.
Market and Economic Outlook
During the period the steel price fell to its lowest level since the Covid-19 pandemic and although some price rises have been experienced recently, the price remains below the level seen for some time. Projects have returned to the market as a result of the stabilisation of steel and other building material prices, providing further confidence for the sector as we move into 2025. During the period the Group continued to be able to hedge its steel requirements for secured contracts, providing price certainty. The Group also enjoyed an increased degree of stability on the supply side and this stability is expected to remain for the foreseeable future.
The Group continues to benefit from significant projects in energy from waste, high-tech manufacturing, infrastructure and data centre facilities, achieving a record order book at 30 June 2024. In addition, some of the other markets in which Billington operates such as large office developments, industrial warehousing development, film studio and leisure facility construction are seeing projects restarted and are providing a growing pipeline of opportunities. These growth areas are expected to more than offset any impact on the Group from any deferment of government expenditure and the slight softening of the structural steel market this year.
We are conscious that a number of the main construction contractors continue to operate under significant pressure. The Group insures its exposures with the maximum available cover, in a continuing difficult credit insurance market, and focuses on projects with the more financially robust, larger contractors, that can deliver an appropriate margin. We have a robust process in place to assess the risks associated with individual projects on a case-by-case basis to reduce and mitigate the associated risks where possible.
Prospects and Outlook
I am very pleased with the performance across the Group in the first half of 2024 and I believe that Billington has continued to be seen as the steelwork contractor of choice. The Group’s investment in efficiency improvements, the latest capital equipment and skilled people, coupled with the Group’s strong market position and increased offering, is enabling the Group to grow market share, achieve attractive margins and to focus on those sectors that can deliver better returns.
Despite some softening in the market this year compared to 2023, the large contracts secured in the first half of the year and a strong pipeline of opportunities provides confidence for the 2024 full year and into 2025, with FY24 profits now expected to be ahead of current market expectations.
We also continue to assess acquisition opportunities as they arise and the Company’s strong balance sheet provides the ability for the Group to undertake complimentary acquisitions. The Group is currently debt free with a very strong cash balance, and the three year £6.0 million Revolving Credit Facility entered into with HSBC provides additional flexibility to capitalise on acquisition opportunities should suitable and appropriate prospects be identified.
In closing, I would like to thank Billington’s Board, employees, shareholders and all stakeholders for their continued support.
Billington Holdings Plc (LON:BILN), a top UK structural steel and construction safety specialist, to release its interim 2024 results on 17 September 2024.
Billington Holdings PLC (LON:BILN) CEO Mark Smith and CFO Trevor Taylor join DirectorsTalk Interviews to discuss interim results for the six months ended 30 June 2022.
https://vimeo.com/754678503
Trevor talks us through the finacial highlights for the first half. Mark discusses the market conditions, explains what a strong current order book, significant volumes of new work post period end at improved margin levels means for the group, the sectors this demand is coming from and the outlook for the remainder of the year and into 2023.
Billington Holdings PLC is a UK based group of companies focused on its structural steel & engineering activities throughout the UK and European markets.
Billington Holdings (LON: BILN) CEO Mark Smith joins DirectorsTalk to discuss its unaudited interim results for the six months ended 30th June 2019. Mark talks us through the highlights, the successful delivery of a large European project, why in an uncertain market Billington remains positive, H2 and the outlook for the company.
https://vimeo.com/361987367
Billington Holdings Plc are focused on Structural Steel and Safety Solutions and is incorporated in England which is its main country of operation.
Billington Holdings Plc (LON: BILN), one of the UK’s leading structural steel and construction safety solutions specialists, CEO Mark Smith joins DirectorsTalk to discuss its audited results for the year ended 31 December 2018. Marks talks us through the highlights, explains what has driven the strong growth across its subsidiaries, the key drivers, opportunities, how 2019 has started and confidence for the year ahead.
https://vimeo.com/329312366
Billington Holdings Plc, one of the UK’s leading structural steel and construction safety solutions specialists, is a UK based group of companies focused on its structural steel and engineering activities throughout the UK and European markets. Group companies pride themselves on the provision of high technical and professional standards of service to niche markets with emphasis on building strong, trusting and long standing associations with partner clients.
Billington Holdings plc (LON:BILN) Chief Executive Officer Mark Smith and Chief Financial Officer Trevor Taylor caught up with DirectorsTalk to discuss highlights from H1, market conditions, what sectors are seeing the strongest demand and the outlook for the company going forward.
Q1: Trevor, you’ve announced your interim results this morning. Could you just talk us through the highlights of the first half?
A1: Pleasingly, revenues increased 22% relative to same period in 2021, and at a level comparable with 2019, the last period before trading was impacted by the pandemic.
More pleasingly, EBITDA and Profit before Tax has also increased comparable with the level of turnover, with EBITDA being 5.1% of turnover, increasing 36% from the same period in 2021. Profit before tax on a statutory basis is at £1.3 million for a half year, forecast to be £3.6 million for the full year, upgrading forecasts from the period prior and gives a measure of the confidence of improved trading in the second half.
Q2: Mark, how have you found the market conditions during the period?
A2: We were still recovering from the effects of the pandemic and the Russia/Ukraine conflict, that’s really reflected in the H1 results. That seems a story of gradual recovery and H2 is now predicted as being far more robust.
So, from that point view, hence the upgrade, we’re looking at delivering a number of projects in more robust sectors and so we are very optimistic about the opportunities that lie ahead and I guess that’s what we’re delivering in these interim results and the upgrade going forward.
Q3: Now, you announced that the group has a strong current order book and has secured significant volume of new work post period end, and also at improved margin levels. What does this mean for the group and in what sectors are you seeing the strongest demand?
A2: Well, we’re underpinned at the moment in, as I say, the robust sectors.
Primarily, we successfully delivered energy from waste project more recently for our principal client Hitachi, and we’ve now got two more projects to deliver them that underpins the order book. We’re in the data centre market so, again, the significant data centre providers, which most people would recognise, and again, we’ve got two very large data centre projects on for delivery at the tail end of ‘22 into ‘23. The good thing is that these projects also have further phases so we’re hopeful that those will then extend that order book further.
The other sector that’s been very strong for us, we have a foothold within delivering film studios so we’re delivering for very large names in film studios at Pinewood and at Shepperton, as well as other new ventures on greenfield sites.
So, those sectors are very, very strong. The results have also been improved because we’ve been bringing in a plan of strategic CapEx expenditure, which has mutated into new machineries, that’s then improving our efficiency and effectiveness as well as production capacity through our Billington Structures and Shafton Steel Services business.
Also, the work that we are securing within those sectors also are adding to the workload of our in-group companies as well. So, Peter Marshall Steel Stairs is benefiting as well as our new start-up company Specialist Protected Coatings, which is going to be providing the services of application of intumescent fire resistant treatments. This business is very exciting for us because it’s the first time we’ve had this facility within our group.
Q4: Just looking forward, how would you describe the outlook for Billington and for the rest of the year and into 2023?
A4: We’ve got visibility to the end of the year because that workload is already secured. We are looking at, I think it’s in indicated on some of our information in the market, an order of magnitude but we’re confident about Q1/Q2 2023 workload. We’re seeing good volumes into that and we’re looking at opportunities then that stretch to Q3/Q4. Some of the projects are in discussion, again, in those sectors, we’ll see the work project into’ 24.
We are conscious of the fact that steel availability and steel price increases, that’s been well publicised, we are managing those impacts. We have good steel supply partners to have a balanced supply and a lot of these costs are passed through and managed by ourselves.
So, as I say, we’re confident with what we see but mindful that we’re still under pressures, but those sectors seem strong. That’s what gives us confidence and visibility to announce the upgrade to the year end at ’22 and then we’re hopeful of going very strongly with a good order book that’s underpinned by a very strong balance sheet and very little debt through into ‘23.
Billington Holdings (LON:BILN) Chief Executive Officer Mark Smithcaught up with DirectorsTalk for an exclusive interview to discuss the main highlights of their interim results, the large European project, the company remaining positive in uncertain markets and the outlook going forward.
Q1: Congratulations on your results today,
can you talk us through the main highlights?
A1: H1 has seen a record turnover, we were
successful in securing a number of large significant contracts in late 2018
that we’ve been fulfilling throughout the course of H1 2019.
For a number
of years, we’ve been advising of a programme of renovation and capacity
expansion of our Shafton works, we know beginning to see the realisation of
these plans.
We also announced the award of our largest contract to date, a data centre project in Europe, that’s a significant milestone for the business and this presents further opportunities for the business.
Q2: Can you
talk to us about your successful delivery of a large European project and what
this entails for the future?
A2: We have a long history of delivering projects
in European countries over the years, having previously worked in Finland,
Holland, Belgium, Germany, Cyprus, Switzerland and Spain. However, as I alluded
to, the data centre project in Central Europe is the largest that the company
is delivering in its history, it’s circa 10,000 tonnes of complex steel frame delivered
under very tight time and budget constraints. The project also provided revenue
for our other group businesses as the company is able to offer a full suite of construction
solutions.
We’re very hopeful that this project will act as a further springboard for further opportunities across Europe and we’re looking at a number of enquiries as we speak at the moment.
Q3: Now, you
stated “the overall market continues to be uncertain yet the outlook for
Billington remains positive, could you expand on that for us?
A3: We’ve managed to maintain our strong
order booking to H2 2019 so we’re confident that we can fulfil our expectations
for the full year, however, we are aware of the general market uncertainties
created by the current political unrest.
Whereas we’re having a number of encouraging conversations with regards to potential projects in 2020, we remain cautious as do some of our clients until the current political position and the B-word is more known.
Q4: How has
the second half of the year started off?
A4: We’ve continued successfully to
deliver a large portfolio project across a broad range of sectors, as I was
saying, in UK and Europe, this mitigates the risk of being reliant on a particularly
dominant sector. That insulates us, to some degree, to short term fluctuations.
As we’ve said, full order books for the remainder of 2019 and a good level of work and opportunity into 2020. All the group companies continue to grow in line with budget and are currently performing to expectations so second half has very much continued as the same vein as H1.
Q5: So, just looking forward then, what’s the outlook like for Billington Holdings?
A5: We’re confident the business is in good shape for the future, whatever this may bring, its solid financial footing provides stability and the ability to review opportunities as it presents. We’re mindful to deliver our strategic plans going forward and look forward to a bright future for the group, as I say, with cautious optimism based on the political unrest and the conclusion of Brexit.
Billington Holdings PLC (LON:BILN) Chief Executive Officer Mark Smith caught up with DirectorsTalk for an exclusive interview to discuss their full year results and having confidence for the year ahead.
Q1: First of all, Mark, I’d just like to say well done on another strong set of results. Can you talk us through the highlights of those results?
A1: We’re very pleased with the performance of the Group that has managed to achieve a consistent year-on-year growth.
The 2019 results represent a record turnover and profit for the company in its present form, the turnover has risen to £77.3 million which generates a Profit Before Tax of £4.9 million and a margin 6.3%, that’s an 11.4% increase over the previous year.
We’re very pleased that the Earnings Per Share have increased to 33.6p enabling a dividend payment of 13p per share and that represents a yield of 4.8%.
Q2: Now, during the year Billington Holdings saw strong growth across all of its subsidiaries, can you tell us a bit more about what has driven this?
A2: Well, all group companies have grown organically on the back of a buoyant market benefitting from the capital investment made in the previous years, in both tangible assets and individual skillset. Each company has expanded into new markets and we’ve experienced an increase in the average size of contract across the board. We’ve also identified new associated products that we’re able to offer as construction solutions and there’s been an ongoing focus to cross-sell all of our group companies across the group as well.
Q3: So, what are the key current drivers in the steel industry and where are you seeing the most opportunity?
A3: The largest part of the group is Billington Structures and they contract across all sectors nationwide from commercial, industrial, education to leisure and everything in between. In particular, we’ve experienced an increase in the industrial market resulting in the construction of large distribution warehouses.
Other areas of growth, large multi-storey commercial developments that we’ve noticed particularly in the regions and the construction of large data centres that house online document storage.
Every year, we’ve been involved in the continual investment in education and last year was no different, we experienced a construction of a number of secondary schools as part of a partner framework.
Q4: How has 2019 started for Billington Holdings and do you remain confident for the year ahead?
A4: Yes, 2019 has started with an unprecedented order book for the group which sees production spanning deep into 2019 and some projects beyond in Q1 and Q2 of 2020.
Enquiries and opportunities received into the company remain at a level that allows us to be optimistic about forward workloads towards the conclusion of the year and, as I say, looking forward to 2020.
The company has an increasing reputation for its ability to deliver construction solutions for the most prestigious and demanding of projects for its partner clients.
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