Billington鈥檚 annual results for 2019 show revenue increased by 36% to 拢104.9m (2018: 拢77.3m) and profit before tax up 20% to 拢5.9m (2018: 拢4.9m).
Net assets on the balance sheet grew during the year from 拢23.5m to 拢28.1m and gross cash balance on 31st December 2019 was 拢17.9m (2018: 拢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.聽 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.鈥�
He said: 鈥淭o date, Billington has been able to remain operational, with the majority of construction sites open and customer projects continuing after some temporary interruptions.
鈥淲hilst 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.聽 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.鈥�
He added: 鈥淭he 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.鈥�
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: 鈥淒uring 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.鈥�
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