Barnsley-based structural steel and construction firm Billington Holdings Plc said its revenue increased by 25.3% to £82.7 million in the year ended December 31, 2021, “as activity levels improved following the peak of the pandemic shutdowns experienced in 2020.”
Underlying profit before tax slipped to £1.3 million from £1.7 million, and a dividend of 3p per share will be down from 4.25p in the previous year.
“In the first half of 2021 Billington resumed the payment of dividends with the declaration of a final dividend in relation to the year ended 31 December 2020 of 4.25 pence per share amounting to £550,000, which was 2.66 times covered by 2020 earnings,” said the company.
“The board feels it is appropriate for Billington to continue dividend payments, albeit at a modest level, whilst the impact of Covid-19 continues and markets remain challenging.”
Billington Holdings CEO Mark Smith said: “2021 was a year of partial recovery for our markets as the worst effects of the Covid-19 pandemic abated.
“However, the group continued to face challenges from the continuing impact of the Covid-19 pandemic, raw material price increases, together with supply constraints for certain materials and labour.
“Despite these challenges we operated our facilities at full utilisation and remained profitable as a company.
“Whilst the market remains competitive, and market conditions and the macroeconomic environment remain challenging, Billington’s order book continues at a consistently high level, comprising both delayed and new projects, and the group has good visibility of significant further prospects.
“I anticipate an improvement in the group’s financial performance in 2022 and I am confident about the future prospects for the group.”