Revenue and profit fall sharply at steel firm
Listed steelwork contractor Billington saw revenue and profit tumble in the first half with the firm blaming jobs delayed and cancelled by the covid-19 pandemic for the falls.
Income slumped 30.5% to £32.8m in the six months to June with pre-tax profit crashing 77% to £610,000 from £2.7m.
But the firm said trading had improved towards the end of the period with its average cash balance improving to £14.7m from £8.5m.
Speaking before details of the latest covid restrictions were announced, chief executive Mark Smith said: “We anticipate improved Group financial performance in the second half of the year, before hopefully moving to more normal trading conditions in 2021 assuming the economy stabilises and commences its recovery from the pandemic.”
It added that its structural steelwork business Billington Structures, which has sites in Barnsley and Bristol, was now operating at near full capacity. The business normally produces over 40,000 tonnes of steel per year.