In a trading update today, Billington said that its 2023 financial results will be ahead of previous market expectations.
In September the Barnsley-based company posted record first-half results, with revenues up 30% to £60m and a threefold increase in pre-tax profits. [See previous report here.] Today it reports that trading has continued to be strong across the group, “with further good quality orders secured and increased volumes being delivered in the second half of the year”.
Improved manufacturing efficiencies were continuing to yield benefits and the final determination of contract values were working in its favour.
Chief executive Mark Smith said: “The strong performance we achieved in the first half of 2023 has continued into the second half. The benefit of efficiency enhancements implemented throughout the group, combined with a diverse range of successfully delivered contracts in 2023, means that I am pleased to report that I now expect the group to achieve revenue and profits for 2023 ahead of previous market expectations.
“Going forward into 2024 we have a healthy pipeline of further opportunities. However, we do remain mindful of continuing inflationary pressures and an uncertain macroeconomic outlook, but with our strong balance sheet I do believe the group is well positioned for the future.”